The global crypto market was on a bull run on Monday as demand for cryptocurrencies picked up. On the back of strong volumes, the crypto market recouped its over $1 trillion valuation. A broad-based buying has been recorded in this market with Bitcoin leading the pack. The leader of cryptocurrencies has crossed over the $ 22,200 mark. Meanwhile, its counterpart Ethereum contributed substantial gains to the market.
As per CoinMarketCap, currently, the global crypto market is trading at $1.01 trillion up by 3.4% over the last day. In terms of volumes, the market recorded $69.31 billion in transactions increasing by 6.87%.
At present, the total volume in DeFi is at $6.13 billion — 8.84% of the total crypto market 24-hour volume. The volume of all stablecoins is currently at $62.69 billion — 90.45% of the total crypto market 24-hour volume.
Bitcoin was trading at $22,218.36 up by 3.12%. The digital coin has touched an intraday high of $22,242.90. Its market valuation is around $424.3 billion. Bitcoin’s dominance jumped 0.05% to 41.97% over the day.
Ethereum was trading at $1,454.47 higher by 6.39%. It has witnessed an intraday high of $1,455.06. Ether’s market cap is around $176.85 billion.
Other counterparts like Tether, USD Coin, BNB, XRP, Binance USD, Cardano, Solana, and Dogecoin are trading between flat to around 1% upside.
Due to the stellar performance in today’s session, Bitcoin’s weekly gain is now around 9% and Ethereum has jumped by more than 27.5%.
In the 24 hours, the top performing cryptocurrencies in terms of percentage are – Theta Fuel up nearly 20%, Loopring soaring nearly 15, Polygon climbing over 14%, THORChain surging over 10.5, and ApeCoin advancing over 10%.
Meanwhile, the top underperforming cryptocurrencies are – Lido DAO plunging over 10%, followed by UNUS Sed Leo diving nearly 4%, and Fei USD tumbling around 1%.
Among the top trending cryptocurrencies are Terra LUNA, Polygon, Terra Classic, WETH, Ethereum, Bonfida, Bitcoin, BIDR, Shiba Inu, and SushiSwap.
There was some breather in the cryptocurrency market from bears amidst positive global equities. Although, investors are now focusing on policy outcomes of the US Federal Reserves under which another rate hike is on cards. Also, investors will keenly watch the European Central Bank which is expected to hike key interest rates for the first time since 2011 later this week.
There has been a co-relation between the cryptocurrency market and the global equities amidst macroeconomic uncertainties. The US has clocked inflation of 9.1% – the highest since November 1981. The cryptocurrency market did face the brunt in the form of panic selling last week.
The market currently faces liquidity scarcity. Celsius which halted withdrawals in June due to heavy losses arising from a deep depression in the crypto market — has this week voluntarily filed for bankruptcy. Other exchanges like exchanges Binance, CoinFlex, Vauld, and Voyager Digital among others have also halted their withdrawals. Also, markets face the liquidation of hedge funds like Three Capital Arrows (3AC).