By Franklin Smith
The crypto space showed impressive runs within the past day. Altcoins led the upside party, with the likes of Polygon surging over 13%. Also, Ethereum gained more than 7% to topple the $1,450 mark.
The leg up saw the overall cryptocurrency market capitalization soaring approximately 4% to reclaim the coveted $1 trillion. Moreover, the total cryptocurrency market volume gained 8% within the past day to $70.38 billion.
The crypto space recorded a massive recovery over the past week, with some digital tokens gaining up to 70%. The world’s leading crypto climbed beyond $22,000 on Monday.
Nevertheless, the altcoin market stole the show, with assets like Polygon surging over 13%. The last day saw Ethereum gaining over 7% to overcome $1,450 within the day.
The global crypto market capitalization surged around 4% to regain the $1 trillion level. Meanwhile, the crypto market volume gained more than 7% over the previous day to $70.38 billion.
The crypto spectrum has struggled so far in 2022 due to rising inflation, failing projects, rate hikes, looming recession fears, and geopolitical worries.
Is the worst finally gone? Market players trust it’s early to say tides have turned in market favor as the industry stares at a prolonged winter, which could extend as more pessimism news emerge.
Do Not Catch Falling Knives
Financial experts urge investors to avoid handling falling knives and familiarize themselves with tokens’ fundamentals before investing.
Unicoin CEO and co-founder Sathvik Vishwanath advised investors to learn to escape falling knives within a bear market. He urged market players to study global markets.
Vishwanath stated that assessing tokens could be challenging by understating its team, utility, and underlying technology could be helpful. He trusts that investors that purchased coins following a fully-launched project enjoyed more steady returns.
Nevertheless, some analysts remain confident about constructive and bright cryptos’ long-term projections, though the short-term outlook stays murky with more projects possibly readying for bankruptcy.
Koinbasket CEO & Co-founder Khaleelulla Baig believes more crypto projects, especially those tailored around massive interest yields within the DeFi sector, could bust. That would trigger tighter regulations.
Stay tuned for upcoming cryptocurrency news.