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The Crypto Market Closes The Week In The Green

The Crypto Market Closes The Week In The Green

BTC and Altcoins are unlikely to crash to new lows in the prevailing Crypto winter. In the last 24 hours, the market capitalization has surpassed the $930 billion mark, and it is on course to hitting the $1 trillion mark if the rally continues.

The market cycles remain unpredictable although the BTC is unable to break out of the $19,000 – $22,000 range. On the other hand, ETH has been trading in the $1,000 – $ 1,200 range for weeks, and the value is also likely to establish an upper support level against the backdrop of renewed growth.

Bitcoin Dominance Falters Over Comparatively Low Growth

In the last 24 hours, BTC price has surged by 2.5% to $20, 900. The 7-day loss is, however, high at 6% after a sharp price drop earlier in the week. On the other hand, the market volume has significantly grown to $35.6 billion, with 1.73 million BTC tokens changing hands at various exchange platforms.

The dominance of BTC has, on the other hand, reduced from 47.49% on June 12, 2022, to 42.4% today on the backdrop of a strong rebound by Altcoins. Bitcoin hit a 2-year high of 71.89% on January 3, 2021. It is doubtful that Bitcoin may not attain such a level as the Crypto market matures and becomes more diverse.

Altcoins Are Rebounding

In the last 24 hours, the ETH price has increased by 8.82%, and the token is trading at $1,202. The sharp growth has narrowed the 7-day loss to 3.42%. Ethereum dominance has consequently increased from 15.7% at the beginning of the week to 15.8% as the week wraps ups. Binance Coin (BNB) has also grown by 3% in the last 24 hours, and the 7-day loss is lower at 1.72%. XRP, SOL, ADA, and DOGE have grown in the last 24 hours by 6%, 3%, 7%, and 3%, respectively.

The value of Stablecoins is not changing as the prices hover around $1. The USDT is the most traded Crypto in the market, with a daily transaction volume of $51.6 billion. The USDC coin, on the other hand, has a daily trading volume of $5.1 million and is the 6th largest digital asset by market capitalization. BUSD is also a widely adopted Stablecoin. In the last 24 hours, traders have exchanged over 6 million BUSD tokens on various Crypto trading platforms.

Adoption of Cryptocurrencies Is Not Cooling Off

Despite the slow recovery amidst a turbulent global economy characterized by inflation and supply chain glitches, the adoption of Cryptos is growing. In the UK alone, the number of users has grown 10-fold to over 5 million in two years, and the trend is replicated in other countries.

In the USA, the Biden administration and the US Department of Treasury are no longer disincentivizing the use of digital assets. The federal government is promoting responsible growth as adoption grows organically.

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