Today, the digital asset market has maintained its recovery pace. Its market capitalization rose by 0.62% to currently stand at $2.75 trillion. While this is a slight rise, it is an important rebound. Further, its transaction volume decreased by 39.80% to $45.48 billion over the past 24 hours. Meanwhile, the fear and greed index today decreased to 30, still showing low market sentiment among investors.
Slow recovery in financial markets
The market’s modest recovery has been boosted by several factors including Gold’s market resurgence, stock market recovery, and Bitcoin’s stability.
Over the past three days, Gold price soared by over 3%, climbing to an AHT of $3,000 per ounce. Bitcoin is strongly correlated with Gold. As a result, the recent Gold’s impressive market performance triggered confidence and a V-shaped recovery for BTC.
Also, the US stock market experienced a slight recovery by 2.61% over the past 24 hours after the drastic plunge earlier in the week. The stock market’s rebound sparked an indirect positive impact on the crypto market.
Lastly, BTC has proved its resilience amidst the ongoing downtrend in the broader digital asset market. BTC’s stability, persistently holding its value above the $80,000 mark is reflected in the overall market’s rebound.
As a result, today, BTC’s value is trading at $84,292, after seeing a 0.27% increase over the past 24 hours. Ether is also up currently standing at $1,920 following a surge of 0.04%. BNB, SOL, and DOGE are up also by 2.32%, 1.02%, and 1.13% respectively.
Top gainers today
Toncoin (TON) emerged as the top performer in today’s virtual currency market. The asset recorded a price rise of 19.92% over the past 24 hours. The token’s value surged massively after the announcement of Telegram founder Pavel Durov’s release from France. Other key reasons for the asset’s impressive performance today include rising demand for the asset, robust market sentiment, and heightened transaction volume.
It was followed by PancakeSwap (CAKE), which recorded an increase of 8.97%. The token is doing well today due to the bullishness of its transaction volume, suggesting a recent increase in activity within its network. CAKE’s trading volume rose by 108.40% over the past 24 hours. The altcoin has been embracing an upward movement lately. Its price has been up 10.80% over the week.
Mantle (MNT) took the third position with a price growth of 8.61%. The asset is currently in an uptrend. Its value has been up 7.6% and 13.5% over the last two weeks and seven days ago respectively. Its trading volume is also up 56.80% over yesterday, indicating increased participation from traders and investors in its network.
Helium (HNT) secured the fourth spot with a price hike of 8.50%. This growth is due to its recent rebound. HNT has been witnessing an impressive period of late, with a 5.9% price rise over the week. This uptrend has been accompanied by an increase in buying pressure, meaning buyers entering the market.
Lastly, Zcash (ZEC) settled on position five with a 6.82% price jump. The sentiment around Zcash has been bullish recently. Despite seeing the above-stated price growth today, ZEC’s value has been up 6.5% over the week. This signifies that the altcoin is experiencing increased adoption and demand.
