The cryptocurrency market rebounded positively in the last 24 hours, giving a push to the overall cap that was trading higher than the $1 trillion mark after an extended dry spell. All the popular crypto tokens, such as Bitcoin and Ethereum, were in the green, making a jump of up to 8 percent in the last 24 hours. The total cryptocurrency trading volume in the last 24 hours was $81.3 billion. Experts believe this uptick will not be persistent, but the trend will gradually pick up over the next few months. That means investors can take a sigh of relief, at least for now. Also Read - Govt panel to come up with battery certification, quality control norms to counter EV fires
Bitcoin remained the top crypto token in the last 24 hours with a dominance of 41.6 percent, while Ethereum was trading with a share of 14.9 percent, according to CoinGecko at the time of writing. The spike in the trading volumes represents a regained interest of investors, but it could also be a sign of new holders milking the current market situation. Also Read - Elon Musk's $44 billion Twitter deal in serious trouble: Report
Bitcoin saw a jump of 8 percent in the last 24 hours, taking the 7-day tally to more than 12 percent in the green. The most popular crypto token was trading at over the $22,000 mark at the time of writing, while the market cap reached $419.9 billion. For the past few days, Bitcoin was showing mixed cues and remained mostly flat, but the surge reinstates investors’ confidence. Also Read - Swiggy is rewarding Rs 5000 to anyone who can find the famous horse-riding delivery boy
Ethereum, the second-most-popular crypto coin, was in the green, as well. It was trading at over $1,255 at the time of writing, while the market cap reached $150.1 billion, according to CoinGecko. The 7-day tally stood at 18.6 percent, boosting the morale of investors who have been wary lately.
India’s crypto market is currently under tremendous pressure. While the global macroeconomic situation continues to lash the Indian crypto trading, the government’s recently implemented rule of one percent TDS has caused an adverse ripple. Since every crypto transaction is now taxed, the traders are not inclined as much. That has led the average trading volumes to shrink. But experts believe the dominant lull in the market will be over soon.