The past 24 hours have seen top cryptocurrencies holding value. However, the leading alternative coin, Ethereum, witnessed a price spike.
When writing this content, ETH gained over 7% since yesterday to break above $2,100. As a result, the second-largest asset in value trades 9% up since last week. The promising performance by most digital coins in the top-100 assets after the solid gains in the last 24 hours might indicate the market maturing after the recent stiff crypto regulations.
Remember, on Sunday, Bitcoin’s hash rate dropped to the lowest zone since 2020 May following the cryptocurrency mining ban by China. After all, what is the cryptocurrency hash rate? Well, this is the computational power needed to secure and verify the blockchain system. Keep in mind that China hosts over half of the miners in the globe.
Meanwhile, FCA, the financial regulator, banned Binance, the world’s best cryptocurrency exchange, operating in the United Kingdom. At the moment, Bitcoin hovers beneath $35,000, the Monday and Friday trading level. The asset’s value is 6% up in seven days. Binance Coin increased to $294 after a 3% surge. The asset uptick by 5% in one week.
XRP has surged by 2% since yesterday to trade at 65 cents. The Ripple’s token has its seven-day value increasing by 6%. Cardano trades at $1.33 following a 1% increase. As a result, ADA’s price is 11% up in the past seven days.
Dogecoin, the famous internet meme asset, remains beneath 26c, a level it has been at the start of Monday. The meme asset had high volatility in the past week that saw the coin incurring massive losses followed by gains.
In the last 24 hours, the total crypto market increased by 2% to a value of $1.4 trillion. Kusama, Elrond, and Compound gained by over 20% in the past day. Quant’s 6% losses and Celo’s 3% drops account for the significant value declines in the top-100 cryptocurrencies.
For now, the overall crypto market has bullish sentiments. Market players expect recoveries from the recent crash. If you plan to invest now, you may need to be careful with your moves.