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Highlights
- The global crypto market experienced some relief as prices of major cryptocurrencies saw a climb after witnessing a downward trend for a while now.
- Inflationary pressures and rising interest rates made the investors stay away from riskier assets.
- Bitcoin, Ethereum, Avalanche, Terra and many other cryptos saw a rally in their prices in the last 24 hours.
Cryptocurrency investors took a sigh of relief as the crypto market witnessed solid gains on 21 December amid Omicron fears, rising inflation and the fierce outlook of the Central Banks worldwide, which has kept the investors at bay.
A Quick Read: Why did the global crypto market slump again during the weekend?
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Which cryptos are witnessing a rally in their prices?
Most of the major coins are trading higher and witnessing a climb in their prices.
Bitcoin, the numero uno digital token, has surpassed the US$47,000-mark once again and is currently trading at US$49,502.76, with nearly a 1.3% rise over the past week. This upward rally in its prices is bolstered by a price push during the Asian trading hours, in spite of the US market being dormant during the Christmas holidays.
The second-largest coin, Ethereum, crossed the 4,000 mark and is priced at US$4,069.27 at the time of writing.
Related Read: Why is Ethereum price going up?
Other altcoins like Solana, Cardano, Avalanche, Terra and Polygon zoomed past their previous day’s prices and posted a growth of 3.38%, 4.13%, 11.80%, 11.53% and 15.83%, respectively.
Interesting Read: Avalanche moves up the crypto ladder, unseats Dogecoin
On the other hand, meme currencies like Dogecoin and Shiba Inu too recorded a price increase.
Must Read: Why is Dogecoin the flavour of the season?
Other top gainers on 21 December were CryptoMafia, CashBackPro and Silva Token, while Moontography was the top loser in the overall crypto market.
What's cooking up in the global crypto market space?
The global crypto market experienced some respite after being at a downward trend for some time now. However, it saw a sharp rise, reaching the US$2.21-trillion-mark on Tuesday. Also, the volume of the total crypto coins traded was US$95.67 billion, up by 8.93%, on 21 December.
Moreover, the volume of all stable coins rose by 79.33% and amounted to US$75.89 billion.
Bottom Line
Though the cryptocurrency market is witnessing positive signs as of now, the fear of volatility continues to haunt individuals. Hence, a thorough analysis is required before considering these ever-fluctuating virtual currencies.
