The cryptocurrency market cap is hovering around $1.8 trillion.
Solana and Terra, on the other hand, have made significant advances in the last 24 hours.
The present unfavorable market sentiment around Bitcoin has been exacerbated by a dramatic drop in whale activity and the overall number of active addresses (BTC). The crypto currency fell below the $40,000 price barrier for the first time in two weeks on Friday, and has been under pressure ever since.
Q4 2021 volumes have gone up or down and how much?
Bitcoin has declined nearly 8% in the last seven days. BTC remains the worst-performing digital asset among the top ten in terms of weekly performance. As a result, the total market capitalization of digital currencies has been unable to surpass $1.9 trillion.
“Bitcoin’s price rose to $44,000 at the start of the week, but fell after heightened tensions between Ukraine and Russia on Thursday. On the eToro platform, BTC fell from a high of $44,510 to trade around the $40,000 mark. On the announcement that a large NFT breach had occurred, crypto values suffered a second fall over the weekend. NFT traders’ panic on social media drove the price even down, to roughly $38,000. “At the time of writing, the price has rebounded slightly and is now about $39,000,” said Simon Peters, an eToro Market Analyst.
The story was a little different across the altcoin market. In the last 24 hours, Solana and Terra have risen by more than 6%. In the same time frame, AVAX, Cardano, BNB, and Ethereum all saw significant rises.
While altcoin prices have recovered slightly in the previous 24 hours, several of the digital assets are still down by as much as 60% from all-time highs.
“Georgia has become the latest state in the US to announce that it is willing to incentivize the crypto mining sector,” Peters said, referring to recent developments in the crypto market. What is evident is that a number of jurisdictions are now competing to be perceived as the most crypto-friendly. This is an extremely encouraging indicator for the market and the industry as a whole.”
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.