By Bentley Kapoor (India)
In the past day, the total market capitalization of the crypto market has increased by a total value of $22 billion. This happened as Bitcoin once again regained value and went up to reach $10,400, following the increases that were seen on Wall Street on Wednesday. As is the norm, once there is a rise in Bitcoin, most of the other cryptocurrencies also go in the green. There was an almost 10% increase in value for Ethereum, Chainlink, and Polkadot. However, the real gains were seen in the DeFi tokens, where YFI managed to regain its price of 3BTC.
Throughout the last week, there was a massive drop in the global finance industry as a whole and there had been some severe losses witnessed in the altcoin market, in particular. Nonetheless, as things are picking up once again, the altcoins have managed to go in the green, which is a positive sign. There was a 4% rise in the price of Ripple, as its value is now just shy of $0.25, whereas Ethereum’s price surged by 10%, as it is once again trading at a price of $370. As far as Chainlink is concerned, it has successfully managed to maintain its position in the top 5 crypto. A 10% surge in its price allowed it to hit $13.
Also read:However, Polkadot and Bitcoin Cash seem to be breathing down Chainlink’s neck, as the former saw an increase of 10.5% whereas the latter recorded growth of about 2.2%. When it comes to Litecoin, it was able to see an increase in value of 3% whereas the Binance Coin (BNB) also experienced a growth of about 4.5%. But, the most impressive gains that happened because of the market’s recovery were in DeFi tokens. They had already suffered significantly a week before, but this one turned out to be good for them.
There was a 75% increase in the value of Ampleforth, as it went up to reach $1.15. It is expected that AMPL holders will have a positive daily rebase for the first time in a very long time. There were some other DeFi tokens that also recorded substantial gains, which include Loopring gaining by 30%, Yearn. Finance by 38% and Solana by 55%, from lowest to highest. Other than the top four are Aave and Ren, which both saw an increase of 28%. In other news, the governance token of SushiSwap known as SUSHI also surged by almost 27% after the project moved ahead with the migration of liquidity that is locked in the protocol.
As of now, it seems that SushiSwap seems to be on the winning side of the liquidity war with UniSwap. There were numerous other altcoins that managed to rise in the double digits. This includes DFT. Money by 20%, THETA by 18%, Synhetix Network and Bitshares by 21%, Algorand by 24%, and Hyperion by 22%. Due to all these increases in price, the cryptocurrency market saw its total cap rise by $22 billion as its valuation reached $340 billion, as opposed to yesterday’s value of $317 billion.
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