The entire cryptocurrency market saw a dip during the weekend, with Bitcoin nose-diving to its lowest levels in a month. However, today the market recovered slightly and saw some moderate gains in most of the major cryptos.
The cryptocurrency market is showing signs of recovery as the market cap is slowly creeping back up. The market cap decreased below the $800 billion level but during today’s trading session, the market cap is sitting at $806.9 billion.
Cryptocurrencies record Minor price movements
Looking at the price movements of various gainers and losers in crypto today, most of the cryptocurrencies are following Bitcoin’s and Ethereum’s declining trend. Bitcoin is trading at $16,729.66 and is likely to break above the last week’s support level of $17,000.Bitcoin fell below this key support level and since then it has been exhibiting a bearish trend. Ethereum also recorded a similar performance and is currently trading at $1,180.16.
Looking at the altcoin performance, the worst-performed altcoins are MINA, GMX and UNUS SED LEO.MINA is down 5.09%, trading at $0.4622; GMX is down 5.5.03 trading at $45.25.
On the positive side, some of the top gainers in crypto today are Toncoin, XDC and ZEC. Toncoin is currently trading at $2.68 which is up by 4.43% from the previous day’s close. XDC is trading at $0.02442 which makes it one of the top gainers today, up by 3.34%. ZEC, on the other hand, is trading at $44.10 which makes it one of the best performers today, up by 2.31%.
Government laws, institutional investments, and technological breakthroughs are some of the main variables that will likely influence the path of the cryptocurrency market in the future. Cryptocurrencies had a difficult day as the market assessed further contagion and continued to grapple with the effects of the FTX catastrophe. Investors are still processing this week’s Federal Reserve meeting, which was the central bank’s last of the year.
Binance has recently experienced issues, first with customer withdrawals, and is currently attempting to demonstrate its solvency. It recently engaged the Mazars Group to perform a kind of financial audit and provide a “proof of reserves” report demonstrating that it has sufficient reserves to cover consumer withdrawals.
Despite CEO Changpeng Zhao’s best efforts to dispel what he called “FUD,” ongoing worries about Binance, the largest global exchange, dominating the atmosphere. Longtime cryptocurrency traders shared this skepticism regarding the veracity of the “craziest stories” regarding the cryptocurrency exchange industry.
The current environment in the crypto space is one of volatility and the crypto markets are still in a bearish trend. While there are some positive indicators, such as the entry of institutional investors and bullish news from Binance, the overall trend is still one of bearishness.
