By Billie Harvill
The past 24 hours had the overall crypto market capitalization at $1.34 trillion after a 2.81% increase. Meanwhile, the global cryptocurrency market volume stood at $864.87 billion after tanking 22%.
Most digital assets continue to gain today, Friday, after the bullish push by Elon Musk. Excluding dollar-tied tokens, the top-10 cryptocurrencies traded higher earlier today. The crypto market bullishness saw virtual coins such as Polkadot and Uniswap gaining up to 10%.
As a result, the worldwide crypto market capitalization increased to $1.34 trillion after 2.81% surges since yesterday. On the other hand, the overall market volume declined by 22% to stand at around $864.87 billion.
Recently, investors appear to prefer less volatile and speculative instruments. For that reason, they are betting on stablecoins based on Blockchains, like the anticipated Diem and Tether.
Mudrex CEO and Co-founder Edu Patel said that the crypto market is in the consolidation phase. Keep in mind that most market players expected such moves. That is after the massive volatility that the cryptocurrency space had. The officials believe that the market might expect indecisiveness the next day.
Meanwhile, Solidus Labs, a crypto start-up, hired Kathy Kraninger to act as its leading supervisory official. Remember, Kraninger formerly served as a director in the US CFPB in the Trump government.
Zip, a purchase now, pay later firm based in Australia, plans to offer cryptocurrency services to its clients. That is according to Peter Gray, the company’s co-founder.
Tech View
For now, Basic Attention Token (BAT) seems to have had a smooth ride in the crypto market over the last few months. That is due to the mass adoption that the crypto experience from both institutions and retailers. Moreover, the coin will likely enjoy success as the DeFi and ERC-20 protocols prosper.
BAT saw its weekly high hit $0.60135 after correcting about 24% to stand at $0.45582 before further moves. At the moment, the asset has support near its previous low at $0.425. The token will likely enjoy new highs as long as it maintains the support at $0.425.
For now, cryptocurrencies will have to maintain above their pivot levels to gain grounds for price upticks.