Over the previous 24 hours, the cryptocurrency market has lost a total of $100 billion in value. It marks the conclusion of a positive trend that saw the cryptocurrency sector increase by 25 percent since the Russian invasion of Ukraine, which resulted in a drop in the value of stock markets and cryptos. According to the latest available data, the business rebounded from $1.55 trillion to $1.95 trillion before dipping to $1.71 trillion as of March 8.
Macroeconomic issues have had a significant influence on cryptocurrencies, with Ukraine having an essential part in the cryptocurrency market’s crisis and recovery. Ukraine has received more than $30 million in contributions to official cryptocurrency wallets, and large numbers of Ukrainians and Russians are using cryptocurrency to hedge their weakening currencies. The data demonstrate that stable coins like Tether, USDC and UST have substantial trade volumes. However, as peace negotiations came to a close on Thursday without a resolution and demands for the banning of Russian cryptocurrency have become louder, the market has been stagnant.
So, what is the direction of the cryptocurrency industry right now? The overall market capitalization of cryptocurrency has already crossed the $2 trillion mark four times in 2022. However, it has not exceeded this critical barrier by more than a week. Bitcoin’s price has likewise failed to break beyond the $45,000 border. The next several weeks will be vital in determining whether or not the crypto winter has come to an end. Currently, Bitcoin is trading at $38,153, according to CoinMarketCap, representing an overall loss of 3.5 percent over the previous 24 hours.
Additionally, Ethereum has dropped 4.2 percent in the previous 24 hours. ETH is presently trading at $2,538 per token, a significant drop from its previous high of nearly $3,000 on March 2. The price of crypto’s second-largest ticket, ETH, has increased by 3 percent over the last week, but the cryptocurrency’s steep decline in value may cancel out those gains.
Cosmos’ ATOM token is the only one of the top 20 cryptocurrencies to have had its price grow in the last 24 hours, by a whopping 5 percent. Gains of up to 38 percent have been recorded during the previous week. ATOM’s 24-hour trading volume ($1.86 billion) is much higher than other cryptocurrencies like Polygon, Cardano, and even BNB. ATOM is now trading at $27, with values racing towards the all-time high of $43 shortly.
EverGrow Coin, a hyper-deflationary token that is not among the top 20 cryptocurrencies, has seen exceptional growth of more than 24 percent in the previous week, after the news that its new NFT Marketplace and social media site Creator would open in March 2022. In addition, Creator will be the world’s first social media site to pay subscriptions and tips in either fiat or cryptocurrency, with earnings being reinvested into EverGrow Coin’s rewards utility, which delivers daily BUSD reflections in Bitcoin (Binance USD). At the time of writing, EverGrow Coin (EGC) is trading at $0.0000005317. EverGrow Coin has already given more than $35 million in incentives since its inception in December 2017.
WAVES is another cryptocurrency token that isn’t in the top 20 but has seen significant gains in recent days, rising by 5 percent in the previous 24 hours and by 105 percent in the last seven days. Waves is a blockchain platform that can be used for various applications and smart contracts. Alexander Ivanov, a physicist of Ukrainian descent, formed the organization. Nonetheless, its recent increase may be traced back to Binance’s announcement that WAVES tokens would be accepted as collateral on its lending platform.