Crypto cart was trading majorly flat during the initial hours on Tuesday. However, Bitcoin was holding firm above $23,000 on Tuesday, reflecting investor optimism in the riskier asset class. The digital asset class has not fully recovered from the multi-month bear market and a slew of debacles that had shaken investors' confidence for the fragile health of the industry.
Top crypto tokens were trading mixed on Tuesday, with little changes. Bitcoin and BNB led the gainer with more than one per cent rise, whereas Solana and Litecoin shed a per cent each. Other altcoins were almost flat.
The global cryptocurrency market cap was trading slightly higher at $1.06 trillion mark, rising about a per cent in the last 24 hours. However, the total trading volume jumped about 9 per cent, close to $56.41 billion.
"The crypto market is holding its market cap above $1 trillion since the beginning of the week. It is difficult to predict the reason behind the current price surge of digital assets but if the crypto market rally ignites enough economic activity, then we can expect the current momentum to sustain," said Shivam Thakral, CEO of BuyUcoin.
The Fed meeting next month will be crucial for the financial markets as it will chalk out the strategy of the central bank to prevent the economy from getting too sluggish. Bitcoin may test the $24,000-$25,000 level in the coming weeks owing to the demand from institutional investors, he said.
The shares of bitcoin miner Argo Blockchain rose as much as 14 per cent on Monday after the company gained listing compliance with Nasdaq, thanks to a late December deal with Galaxy Digital to avoid bankruptcy and the recent rise in the price of bitcoin.
Decentralized-finance giant MakerDAO’s community approved Monday a proposal to deploy up to $100 million in USD coin from its reserve on DeFi protocol Yearn Finance, where the deposited stablecoin will earn a yield.
Crypto Cart: In a Quick Glance (Source: coinmarketcap.com, data as of 9.00 hours, IST on January 24, 2023)
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