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Crypto Market Cap Records New Two Month High; Is Correction Over?

Crypto Market Cap Records New Two Month High; Is Correction Over?

Sep 6, 2022

Crypto markets are currently doing numbers that have not been seen in the last two months after the entire market cap tanked below $1 trillion, a far cry from the previously recorded $3 trillion. The trend in several coins, especially over the last 24 hours indicates an uptrend.

According to CoinMarketCap, global cryptocurrency market cap recorded over 6.63% percent increase over the past 24 hours which shoots it to $1.16 trillion, a level that has not been reached in the past 2 months.

The market has also been largely green over the past day as BTC crossed $24k, trading as high as $24,660, a significant 6.41 increase, before reverting back to $24,460 as at press time. Second largest cryptocurrency ETH, also rallied 12.72 per cent.

ETH’s price increase is attributed to the success of the Goereli testnet merge, the increasing anticipation of the main merge which is just a month away and positive cues from CPI data. ETH crossed $1900 in the last 24 hours but currently trades at $1884 per CoinMarketCap.

USDT Tether and USDC maintained their $1 pegs and each registered a 0.01 uptrend over the last 24 hours.

Other coins like Binance’s BNB token gained 5.11 per cent, trading as high as $336 but currently trades at $331. Ripple’s token XRP also recorded 5.38 per cent from its value 24 hours ago.

SOL token, native to Solana blockchain, is up 11.69 per cent and is trading at $44.4. Cardano blockchain’s ADA token is now the seventh most valuable cryptocurrency surpassing binance stable coin after gaining 7.04 per at its 24 hour high.

These trends are extremely bullish and seem very indicative of a bullish run. However the crypto contagion which has seen several top firms liquidated still seems to be on and this trend might be only just fleeting.


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