TL;DR Breakdown
- Bitcoin breaks out of the $40K range and reaches $51,000.
- Ethereum goes past $4,100 as the market rides on green candles.
- Cardano records 9% growth, Terra and Shiba Inu among top gainers.
- Metaverse coins, Decentraland, and the SandBox accumulate significant gains.
The unpredictability of the cryptocurrency market has never ceased to amaze people. Its sudden price hikes and crashes make it different from other financial markets. Therefore, market volatility has always been a critical factor for investors and traders in the cryptocurrency world. With close to 16,000 crypto tokens and 447 exchanges, this digital asset industry is growing at a fast pace.
People from all over the world treat crypto as an investment class asset. They invest and trade several crypto coins to make considerable profits. Not only this, but they also use crypto for payments and transactions. The overall market cap of the market went on to touch $3 Trillion within this year, indicating the massive growth of the sector. This market cap suffered a dent recently as the market went into a dip. However, it is up by almost 5% over the last day and has reached $2.38 Trillion.
Bitcoin crosses $51,000 in a green market
Bitcoin holds immense importance and significance in the cryptocurrency realm. Being the oldest, most valuable, and the most sought-after cryptocurrency asset, Bitcoin maintains an integral position in the industry. The market dynamics can change in accordance with several factors, but the relevance of Bitcoin stays the same. Bitcoin’s market dominance is currently 40.50%, and once again, it has saved the market from going down.
The performance of Bitcoin highly influences the market. The leading crypto coin has also observed fluctuating prices over the years. Similarly, Bitcoin recorded new highs and lows in the year 2021. BTC started the year close to $25,000 went on to cross $63K, only to fall back to the $30,000 range. However, the coin recorded a new all-time high by touching $68,000 recently. Nonetheless, it retraced to $45,000. Yet, the coin has regained its lost value, and it has breached the $51K margin again.
Source: TradingView
At the time of writing Bitcoin is valued at a little over $51,100. The coin recorded a 5.50% increase in its valuation within the last 24 hours. Also, BTC is up by almost 7% over the last week or so. The 24h trading volume of the coin is over $28.50 Billion, and its market cap has also crossed $966 Billion. The coin looks to recover from the persistent bearish trends. Also, the experts believe that the token might be in for the last major pump of this year.
Ethereum takes charge, altcoins follow
Ethereum is the leading altcoin in the cryptocurrency market. It is also the second-largest cryptocurrency in terms of market capitalization. The coin maintains a strong position in the market as its dominance currently stands at 20.50%. The performance of Ethereum majorly influences the altcoin market that perceives ETH as its leader.
The coin recently topped off to reach the figures of $5,000. However, in the recent dip, ETH consolidated back to below $4,000. Nonetheless, the token has shown some positive intent by recording a 3.50% increase. Most importantly, the coin has now approached the $4,100 mark. Its market cap and trading volume have also maintained a strong position in the latest trading hours.
Source: TradingView
On the other hand, altcoins are also following the path led by Bitcoin and Ethereum. Almost the entire market has turned green, and it looks like one last pump for the year 2021. Traders and investors dealing in altcoin needed this breakthrough to stay firm with their investments. BNB has reached $545, DOT has inched closer to $30, VET crossed $0.094, and MATIC has touched $2.60 in accordance with the growth of ETH.
ADA finally breaks out, LUNA, SHIB, and CRO record huge gains
Cardano’s ADA is counted among the top cryptocurrency tokens on the market. It does not only attract huge investments but it also has a strong community backing the coin. Experts and analysts have always praised the coin for its project’s performance, fundamentals, roadmaps, and goals. Despite making huge gains throughout this year, ADA was set for a rather discouraging end to the year. It was stuck in a tight range close to $1.30.
However, the coin has surged over the last day or so by a significant 9%. ADA closed its gap from the $1.50 mark that can prove crucial for the coin’s future price trajectory. Also, the coin is about 16% up from its price last week. This also indicates that it might record more gains in the coming days.
Source: TradingView
On the other hand, XRP decreased by 2.66% in the last 24 hours. Still, it stays around $0.97, about 20% up from the previous week’s value. SOL has crossed $188 with a 4% increase. LTC, UNI, LINK, ICP, EGLD, and ALGO have also recorded considerable gains. Their trading volumes and market capitalization also indicate a positive outlook for the coin.
The list of gainers over the last day will be incomplete if Terra (LUNA) and Shiba Inu (SHIB) are not mentioned. These two recorded gains in double-figure percentages. Terra has gone up by about 12%. Surprisingly, it has gained approximately 50.50% over the last week or so. LUNA looks all set to cross the triple-digit figure. It has attracted a large consumer audience from its staggering price surge.
The meme coin, Shiba Inu, has also recorded an 11% increase in valuation. With an 18.50% increase over the last week, the price of SHIB is over $0.0000039. SHIB’s trading volume has also observed some positivity, as it surpassed $2.20 Billion. The market cap of the coin is over $21.50 Billion. Moreover, CRO has also recorded a 13% increase in its valuation, reaching $0.61 in the latest trading hours.
MANA and SAND indicate that metaverse coins are back
The fourth quarter of this year proved to be a turning point for metaverse coins. They accumulated huge gains in their prices, trading volumes, and also the market caps. Several names like MANA, GALA, and SAND made a strong statement in the consumer sector. However, the coins consolidated amid a dip in the entire digital currency market. People speculated about the performance of these coins.
Nonetheless, as the market looks to recover, these metaverse coins are also back with a bang. SAND made huge gains and accumulated about 23.20% to reach $6.30. SAND has now gained over 25% within the last week or so. At the time of writing, SAND is valued around $6.15. However, the graph below indicates how the coin has performed exceptionally well over the last day or so. SAND also looks all set to record further gains and profits for its traders and investors.
Source: TradingView
Decentraland’s MANA has recorded a staggering 17.30% increase in its value. It has reached $3.82. Its market cap is close to crossing $7 Billion, and its trading volume is over $1.53 Billion. The coin looks all set to make further gains and cross its previous high of about $3.85.
Conclusion
The market looks refreshing as a flurry of green candles has captivated the charts and graphs of several coins. In this bull market, almost every crypto token is making money, whether the leaders, Bitcoin or Ethereum, altcoins, metaverses, or DeFi. However, the next few hours will form a more precise pattern for the market. It will differentiate between the fake bull pumps and the actual gaining coins. The following week of holidays and the new year can be very decisive on recent market trends. Nonetheless, investors and traders can breathe a sigh of relief for now with these rising values.
