The cryptocurrency market is slowly reaching stability after a recent stress. It’s clear that the negative triggers didn’t go anywhere but investors are feeling up to normalising the rates.
The situation for Bitcoin has changed over the last 24 hours. The BTC rate improved after the changes to the geopolitical sentiment. The correlation between the BTC and the NASDAQ index remains quite high and American investors were buying yesterday. Since yesterday, Bitcoin has added 11% and returned to $40,000. We remind you that earlier the BTC updated its monthly lows at $34,300.
The market is recovering in all directions. The ETH added 12%, Binance Coin – 8%. The crypto sector capitalisation is back to $1.8 trillion.
ETH: interest in NFT is growing
As for Ethereum, the most popular transactions were the ones including NFTs. In the summer of 2021, the blockchain network had about 50,000 transactions, and now this number exceeds 300,000. In general, investors’ interest in NFTs is going up.
XRP: hearings might take years
The market is back to its normal life and everyone remembered the Ripple issue, which has been simmering for years. It started in 2012 when the company’s lawyers classified the token as a security. Relevant documents were earlier provided by the law company Perkins Coie. At the end of 2020, the US SEC commenced a suit against Ripple, and this legal battle may take years.
Mem coins lost their meaning
The creator of Dogecoin attracted attention to the problem in its sector: the company believes that mem coins lost their meaning and are used for financial gains only. Billy Markus reminded us that at first Dogecoin was created to make fun of the bunch of useless coins that appeared on the cryptocurrency market. Now, everything is done just for money and attracting the attention of big companies, such as Tesla.
Source: Roboforex
