The global crypto market was bullish on Monday as demand for cryptocurrencies picked up. Due to strong volumes, the cryptocurrency market has offset a valuation of over $1 trillion. Extensive buying has been recorded with bitcoin in this market. The cryptocurrency leader has crossed the $22,200 mark. Meanwhile, its counterpart Ethereum contributed substantial gains to the market.
According to CoinMarketCap, at present, the global crypto The market is trading at $1.01 trillion, up 3.4% over the previous day. In terms of volume, the market registered an increase of 6.87% to $69.31 billion in transactions.
Currently, DeFi has a total volume of $6.13 billion — 8.84% of the total 24-hour crypto market. The volume of all stablecoins is currently $62.69 billion – 90.45% of the total crypto market 24-hour volume.
Bitcoin It was trading at $ 22,218.36 with a gain of 3.12%. The digital coin has touched an intraday high of $22,242.90. Its market valuation is around $424.3 billion. Bitcoin dominance jumped 0.05% to 41.97% during the day.
Ethereum was trading up 6.39% at $1,454.47. It has seen an intraday high of $1,455.06. Ether has a market cap of about $176.85 billion.
Other counterparties such as Tether, USD Coin, BNB, XRP, Binance USD, Cardano, Solana and Dogecoin are trading flat, up almost 1%.
Bitcoin’s weekly gain is now up around 9% and Ethereum has jumped over 27.5%, thanks to the stellar performance in today’s session.
In 24 hours, the top performing cryptocurrencies in terms of percentage are – Theta Fuel is up around 20%, Looping around 15, Polygon climbing over 14%, Thorchain is up over 10.5, and Apcoin is up over 10%.
Meanwhile, the top underperforming cryptocurrencies are – the Lido DAO fell over 10%, followed by the UNUS sed LEO diving nearly 4%, and the Fei USD down nearly 1%.
The top trending cryptocurrencies are Terra Luna, Polygon, Terra Classic, WETH, Ethereum, Bonfida, Bitcoin, BIDR, Shiba Inu and Sushi Swap.
There was some respite in the cryptocurrency market from bears amid positive global equities. However, investors are now focusing on the policy results of the US Federal Reserve, with another rate hike on the cards. In addition, investors will be keenly watching the European Central Bank, which is expected to hike key interest rates for the first time since 2011 later this week.
There has been a correlation between the cryptocurrency market and global equities amid macroeconomic uncertainties. The US has seen inflation of 9.1% – the highest since November 1981. The cryptocurrency market took the brunt last week in the form of panic selling.
The market is currently facing liquidity crunch. Celsius – which halted withdrawals in June due to heavy losses resulting from a deep depression in the crypto market – has voluntarily filed for bankruptcy this week. Other exchanges such as Binance, Coinflex, Wold and Voyager Digital have also halted their withdrawals. Also, the markets face the liquidation of hedge funds such as Three Capital Arrows (3AC).
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