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Cryptocurrency Update: The global cryptocurrency market saw an increase in value on Thursday (January 20th) after a steady decline for several days. This comes amid a volatile market recording consecutive losses over a long period due to a host of reasons including the Covid-19 pandemic. The prices of digital tokens, which were undergoing corrections, had fallen especially after the Fed meeting where a hawkish view towards them was observed. However, on Thursday, the prices of most major crypto coins rose which ultimately had an effect on the market capitalization which was seen in green.
The market capitalization of the cryptocurrency stood at $1.99 trillion, according to data from global crypto-tracking website CoinMarketCap. This has increased by 1.19% in the past 24 hours. Global crypto volume, however, dropped significantly over the past day as more traders held their coins. The total volume of coins traded stood at $50.97 billion in the last day. That’s up 37.15% in the past 24 hours, according to the data.
Bitcoin prices rose for two straight days in the day, with its value remaining above $42,000 according to the data. At the time of writing, bitcoin prices stood at $42,201.12 according to CoinMarketCap. That’s up 0.98% in the past 24 hours, but 3.62% in the past seven days, the data shows.
“Bitcoin price has risen nearly 2% and is trading at US$42,000. Bitcoin’s current market dominance is 40.24%. Big crypto investors seem to be hoarding BTC amid fixed-price action. We should see if this critical support can overcome the resistance level in the coming days,” said Edul Patel, CEO and co-founder of Mudrex.
Ether prices also rose in the past 24 hours after suffering a drop. At the time of writing, the price of an Ethereum coin stood at $3,149.24, up 1.72% over the past day.
“Theta network grew by around 14%, and other cryptos such as Terra, Fantom, FTX Token achieved decent growth. Overall, the market recovered slightly from the previous day,” Patel added.
NinjaFloki became the top crypto pack winner on Thursday. In the last 24 hours, the value of a coin has increased by 714.17%. One token was priced at $0.000009534, according to data from CoinMarketCap. Sakura Bloom and SHPNG were the other two winners who took the next top spots of the day.
Top 6 Cryptocurrency Gainers in the Last 24 Hours (According to Data from CoinMarketCap)
NinjaFloki: $0.000009534 – up 714.17%
Sakura Bloom: $0.0002201 – up 556.85%
SHPNG: $0.08216 – up 453.47%
veDAO: $0.3152 – up 389.07%
Samurinu: $0.00000008356 – up 152.71%
SMART SHIBA: $0.0008105 – up 148.10%
Top 6 cryptocurrency losers in the last 24 hours (according to data from CoinMarketCap)
En-Tan-Mo: $0.001948 – down 88.74%
METABULLRAGE: $0.00004489 – down 83.98%
Micro Santa Coin: $0.00000000003604 – down 81.91%
BrowniesSwap: $0.00008193 – down 81.11%
MiniTesla: $0.0000000004449 – down 69.06%
CryptoSword: $0.109 – down 68.91%
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