Why Is Crypto Market Up Today? BTC, Ether, Solana, DAO Setting Uptrends
With the collapse of FTX, one of the largest cryptocurrency exchanges, the entire crypto market plummeted. However, we got to see some productive results yesterday as the coins like Ether and BTC were finally out of the red zone. The coins traded in the green on Wednesday, signaling positivity in the Crypto world.
Reason for the crypto market recovery
The optimism in the Crypto might be a sign of recovering the Crypto market after the FTX collapse rippled Crypto verse. Thanksgiving did not end up on a good note for crypto investors. With Black Friday being tomorrow, investors are going to take a lot of interest. The crypto market will flow like a wave with the demand and supply, up and down.
Bitcoin and Ethereum were up by 0.85% and 4.09% respectively. Curve DAO was the biggest gainer with almost 45% pick up. The global market cap was up by 5.9% and stood at $838.5 billion. The crypto market volume decreased by 2.3% and stood at $65.2 billion.
The 5 coins that are up:
1. Bitcoin was up by 0.85%
Launched in 2008 anonymously, Bitcoin has become one of the most well know Cryptocurrencies in the world. Bitcoin is out of the control of any single individual or entity. It is not real money, but a virtual currency that acts as money. Bitcoin has been growing remarkably since its launch. BTC gained 0.85% in the last 24 hours, a gain with a market cap of $320 billion. Each token stood at $16,695. During the day it was trading low at $15,698, later increased by 3.9%.
2. Ethereum was up by 4.09%
Ethereum’s trading volume increased by 4.09% in the last 24 hours making its market cap $148.4 billion. The token was trading at $1209.87. Ethereum was launched in 2015. It is a decentralized software platform based on blockchain technology. Popularly known for its native cryptocurrency ETH, it can be used by anyone for secured digital technology.
3. Solana was up by 10.91%
Solana’s market cap stood at $5.397 a total of 10.91% gain. The price of 1 token is $14.50. Solana is a blockchain platform built by Solana Labs based in San Francisco. It gives competition to Ethereum in the terms that its transaction speed is more and charges less for every transaction.
4. Curve DAO token was up by 6.23%
Curve DAO is the utility token of Curve.fi, a DEFI platform that enables the exchange of ERC-20 tokens and stablecoins. In this token, people are in charge as the token is completely non-custodial. With a 6.23% jump, CRV stood at a $363.7 billion market cap. For purchasing each token one needs to pay $0.68.
5. Avalanche was up by 3.01%
A rise of almost 3% takes Avalanche token price to $13.13. The market cap stood at $3.972 billion. According to reports, the Avalanche blockchain can take up to 4500 transactions per second. It is a cryptocurrency and a blockchain platform with Ethereum as it’s a major contender.
With the slight recovery in the Crypto world, we can expect the coins to bounce back soon. However, it will be too early to predict if the crypto market is getting rid of all the damages caused by FTX.
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