Crypto market crash and its affects.
Crypto market crashed on the 12th May 2022, wiping out billions of dollars from the market. As the market crashed, all the cryptocurrencies around the world lost their value and were trading below 50% of their recorded value. Even though the market went into bearish phenomenon, there were a lot of investors, who believed that the rise of the crypto again to reach higher value is inevitable. Though a lot of money was lost in the market, the investors went on to invest in cryptocurrencies assuming that the prices will rise again. Their strategy of investing in crypto did pay off partly as the prices of major cryptocurrencies are rising after 3 weeks of facing the down trend.
Crypto Market’s revival.
The top cryptocurrencies such as bitcoin, Ethereum, Solana, Polkadot, Avalanche and other cryptocurrencies started rising in this week. The market value of cryptocurrency was at around $1.25 trillion, which was 4.43% more over the last day. Following a steep market down fall and pessimistic approach from investors, the market was struggling to move up for the past several weeks. The market’s revival can be certainly allied to the growth of bitcoins. The rise in bitcoins assures that the bearish phenomenon has come to an end and the bull market is in rise again.
Cryptocurrencies and their market values.
Bitcoin increased to above $30,000 after 3 weeks for the first time. It noticed 4.27% rise in the last few hours. The total volume of crypto market increased by at least 4.74% to $53.47 trillion. DeFi captured 10% of the total market volume which recorded a value of $5.55 billion. Even though the cryptocurrency prices are on the rise, the investors are still evidently pessimistic about LUNA 2.0. After the devastating performance from LUNA and Terra’s UST, investors are not keen in investing in the stable coin and are moving towards other coins.
Rise in crypto prices.
- Ethereum – The price of Ethereum increased to $1873 with an indication that, it grew about 5.9% in the last 24 hours.
- Binance Coins – Binance coins price also inflated by at least 4.5% to $315
- XRP – XRP also witnessed rise in price by at least 4.9%
- DogeCoin – The most popular meme coin also revived back after the market crash. The price inflated by 5.41%
In the event of a crash of an industry, generally it takes a lot of time, efforts and backing from the people in the industry to revive back. Fortunately for Crypto, even after a backlash of such a huge degree, the market was able to get back to its week within 3 weeks. This truly justifies the trust, the interest of the investors, users and companies in cryptocurrencies.