Cryptocurrency

Crypto Market Adds Momentum As Its Surges By $86 billion

The Crypto market regains ground as buying powers significantly increased the crypto market cap from a number of high nets worth entities, marking gains to jump to $86 billion value.

Brandnewsday understands that after some hodlers (holders) reduces panic selling as the world most-sought-after commodity, Bitcoin shrank past $50, 000.

After Bitcoin price retrace after months of steady increase, it brought a measure of relief, as BTC bullish by 4.8% on the day to about $55,000, allowing the world’s most popular crypto to reclaim its losses from the past few days.

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Bitcoin’s price is currently $55,224.50.

Crypto Market Adds Momentum As Its Surges By $86 billion

At the time of writing this report, the crypto market was valued at $1.74 trillion posting a gain of 4.94% for the day.

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Interestingly, the total crypto market volume over the last 24 hours is $120.53 billion which makes an 8.04% decrease.

READ: BTC: 9 Exclusive Risk Of Bitcoin Investment And How To Avoid Them (Note 5)

The total volume in DeFi (Decentralized Finance) is currently $8.75 billion, 7.26% of the total crypto trading market daily volume.

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Moving on, the volume of all stable coins is now $89.37 billion, which is 74.15% of the total crypto market daily volume.

Bitcoin’s dominance is currently 59.40%, a decrease of 0.08% over the day.

READ: Cryptocurrency: Top 9 Cryptos That Could Earn You Fortune In 2021

In addition, buying pressure in Ethereum helped the crypto market upside momentarily as it traded around $1,665.8, posting a gain of about 4% for the day.

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According to Mike McGlone, senior commodity strategist at Bloomberg Intelligence, the year 2021 could be the turning point for the world’s most popular crypto asset in gaining higher momentum, thus, possibly hit the $400,000 mark in about three years time.

READ: Bitcoin To Become World Most Financial Valuable; Surpassing Gold And Diamond

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Adebayo

Adebayo is a Content Developer and website manager who loves to learn, unlearn and relearn. He has a knack for exploring the tech world. He is always thirsty to learn as the tech ecosystem evolves every day.

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