Bitcoin sees a slight loss of 2% as Cardano and Polkadot gained up to 7%.
Most of the cryptocurrencies traded higher today, Friday. However, the leading digital token, Bitcoin, saw profit-booking by investors. Excluding stablecoins and Bitcoin, all assets in the top ten traded with gains early today. Bitcoin lost 2% as Cardano and Polkadot witnessed their values increased by almost 7%.
The overall cryptocurrency market cap eased to $2.28, marginally low compared to yesterday. At the same time, the global crypto volume dropped by 16% to stand at $124.75 billion. Most analysts believe the crypto market will sustain surges, at least for the near term.
CoinSwitch Kuber Chief Business Officer Sharan Nair stated the rise in Ethereum and Bitcoin prices boosted investor confidence. Keep in mind that positivity in these two crypto leaders means the correct sentiment in the total market.
Investment management companies such as Soros Fund Management have supported the cryptocurrency industry, catalyzing the rally. With that, the crypto market might experience increased adoption by financial institutions and businesses in the upcoming weeks.
Meme cryptocurrencies enjoyed upticks recently following a tweeter post by Elon Musk, Tesla’s executive. The photo that depicted Shiba Inu saw most tokens in the meme asset space recording surges, led by SHIB that witnessed remarkable upsurges.
Cryptocurrency market euphoria appears to settle down for now. Digital assets traded in consolidation attitude in the last 24 hours. The traded volumes plunged, and investors took the opportunity to book their profits.
On the other hand, Lisa Monac, the US Deputy Attorney General, revealed new Justice Dpt. Enforcement initiative, targeting government contractors that fail to unveil cyber breaches and cryptocurrencies.
Tech View
Stellar is an open ecosystem facilitating the movement and storage of funds. XLM has trended in the financial space since a few days ago. That came after MoneyGram, a financial transfer firm, declared using the Stellar network to allow its customers to convert fiat into USDC.
Lumens, the native token’s network, makes it cheap to complete cross-borders asset transactions and challenges payment providers charging higher fees for similar services. XLM ranks 23rd, with its live market capitalization standing at $8,098,862,152.
Feel free to share your thoughts related to the current crypto market conditions.
