By Franklin Smith
The global cryptocurrency market capitalization dropped 4%, plunging under $2.50 trillion. On the other hand, the total cryptocurrency market volume surged by nearly 65% to $187.6 billion.
Thursday had most crypto assets losing their value. Excluding the new canine-themed crypto Shiba Inu (now the 7th largest coin by market capitalization), other alts traded in the red. Barring SHIB and dollar-tied stablecoins, seven of the top ten digital assets hovered lower early today. Polkadot, Cardano, XRP, Solana lost 8 – 10%, while Shiba Inu gained 74%.
The overall crypto market value plunged by 4%, plummeting under the $2.5 trillion level than the previous day. On the other hand, the crypto market volume increased by 65% to $187.64 billion.
The world’s largest crypto has lost more than 10% in the past seven days, sliding under the psychological level at $60,000. That catalyzed plummets across the altcoin market. Meanwhile, CoinDCX Team stated that US regulators show increased interest in adding crypto into traditional capital markets. It also added that positive developments and institutional support would heighten demand and traction for the cryptocurrency space.
On the other side, the total non-fungible token has dropped over the past three weeks. As most NFT collections secure support, market players might see the market consolidating in the coming few weeks. Itsblockchain.com founder Hitesh Malviya said that recovery would also follow soon.
Meanwhile, the crypto enthusiasts find the recent SHIB rally mind-boggling due to Musk snubbing the meme crypto. The Tesla boss confirmed that he does not own SHIB tokens.
Technical View
Terra is a stablecoin-supported Layer1 network that addresses challenges facing conventional blockchains – speed and scalability. Dubbing itself as programmable internet money, it allows yield generation, low fees, and instant settlements.
Terra’s native asset LUNA has enjoyed an impressive bullish run, surging to $22 from $0.12 in less than one year before May 2021 cryptocurrency market crash. The crypto gained an ATH of more than $50 from July to October.
For now, LUNA has its value at $40. The alt seems ready to rise to another ATH near $52. However, the crypto has to overpower multiple MAs in the $41 to $42 range for upward progress.