Cryptocurrency Update: Bitcoin on Wednesday, December 22, edged near the $50,000 mark days ahead of Christmas. This was the second consecutive day that the price of the world’s largest crypto coin, in terms of market value, rose after a days-long decline. The cryptocurrency market has in the recent weeks seen a slump due to rising threat of the Omicron variant of Covid-19 when traders stayed away from it. However, this week, that trend has seen a stop as the markets were back in green as the holiday season approached.
One unit of Bitcoin, the world’s largest cryptocurrency by market price, rose to $49,033.56. This was up by 0.29 per cent over the last 24 hours and 1.81 per cent over the last seven days, according to global crypto tracking website CoinMarketCap. “Bitcoin’s dominance is currently 40.41 per cent, a decrease of 0.47 per cent over the day,” mentioned the platform in a note on its website.
Ether, the world’s largest altcoin, also rose over the last seven days. One coin of Ether or Ethereum was priced at $$4,026.07 at the time of writing this article, data showed. This was up by 0.00 per cent over the last 24 hours and by 4.44 per cent over the last seven days.
“The total traded volumes dropped over the past trading session The cryptocurrency market went almost 5 per cent higher signaling a recovery across the spectrum. The largest crypto by market capitalisation, Bitcoin, surpassed the $48,500 and the largest altcoin, Ethereum remained around the $4,000 mark. Most of the other altcoins showed decent gains. Among the top 20 cryptos, Terra’s LUNA coin remained the best performer. Bitcoin dominance went marginally higher signalling a good momentum across the spectrum. We could likely witness a steady recovery over the coming few days,” said Edul Patel, CEO and co founder of Mudrex, a global crypto trading platform.
Binance, Tether, Solana, Cardano and all other major crypto coins also rose during the day. Memecoins Shiba Inu and Dogecoin also saw a rise in their numbers.
The global crypto market also felt the positive ripple effect with more investors willing to invest in the risky asset. It rose decently over the last 24 hours, as per data. The global crypto market cap was standing at $ 2.30 trillion at the time of writing this article according to CoinMarketCap data. This was a 1.70 per cent increase in the last 24 hours. However, the global crypto volume slumped significantly over the past day. The total volume of traded coins amounted to $81.69 billion over the course of the last day, falling by 13.99 per cent said data.
SwapX became the top gainer in the crypto pack on Wednesday. Over the last 24 hours, the value of one coin increased by 616.82 per cent. …….