Over the past day, the cryptocurrency market has fully recovered from the sharp drop in quotes due to the collapse of bitcoin. The main assets are slowly starting to grow, and the main engines of the market are approaching historical records. Crypto assets managed to avoid a correction, which indicates a high level of confidence and a positive mood of market participants. Thanks to this, over the past day, the cryptocurrency market has risen by 6.5% and is again approaching the $2.5 trillion mark.
Ethereum is recovering its position faster than others. Over the past day, the asset rose by 7% and again broke the $4,000 mark. At the same time, daily trading volumes remain at an average level, around $78 billion, and the local dynamics of price changes become more positive (+2%). As before, the main success of the altcoin is associated with the growing institutionalization, as well as the gradual renewal of the asset network. The cryptocurrency is located between two important infrastructure updates, which will significantly reduce fees on the ETH network, as well as gas costs. In addition, the growing interest of large companies is due to the fact that ETH 2.0 involves the introduction of a consensus model with proof of stake, which will make the asset more independent and resistant to various events in the market. In the near future, the asset will continue to grow, despite a certain fear of market participants. The main catalyst for growth will be a new audience, which entered the cryptocurrency at around $3,700.
LTC and XRP have absolutely identical situations. Cryptocurrencies have once again climbed to safe borders and do not plan to withdraw from there. Litecoin is quoted at $327 and XRP at $1.41. It is these indicators that have become familiar to these altcoins lately. Since there are no powerful signals for the growth of both the entire market and these assets separately, their fluctuations in these areas are beyond doubt.
The roller coaster continues with the quotes of the DOGE/USD pair. Over the past day, the asset has risen in price by a whopping 31.5% and returned to 4th place in terms of capitalization. At the same time, daily trading volumes exceeded the $20 billion mark, which was a direct consequence of several important events. First of all, Elon Musk recently announced that work is underway to improve the transaction system. However, the main news that significantly influenced market participants was the announcement of the Dogecoin listing on the Coinbase crypto exchange. It will be possible to trade cryptocurrency on the main crypto platform in 6-8 weeks. As a result, the asset flew into space and has already returned to the $0.525 mark, and will continue to grow in the near future.
Another altcoin that showed good growth was Polkadot. The asset not only rose in price by 5% per day but also managed to significantly increase the volume of daily trading. As of 12:00 UTC, the cryptocurrency is quoted at $41.10. This is primarily due to the fact that the derivatives platform dTrade, which is based on Polkadot, was able to attract an investment of $6.5 million. It is worth noting that the decentralized platform continues to grow its audience and expand the circle of investors. At the same time, the current investment in the DOT project is not enough to compete with Ethereum.
In the near future, the cryptocurrency market will continue to increase its turnover, but there is no reason to hope for long-term and significant growth. This is because negative news color prevails on the market, and only some altcoins have enough personal safety margin to continue their growth. For example, the US authorities have launched a verification procedure for the Binance crypto exchange due to the possibility of money laundering on the platform. The Central Bank of India has gone further and asks banks to refuse to cooperate with bitcoin exchanges. Due to the ambiguous news background, only a slight increase in crypto assets can be expected, but the bulls can fix the situation if they manage to arrange a "weekend rally" while the bulls and the markets are sleeping.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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