7 October 2022
Cryptocurrency Market Witnessed Massive Gains In 24 Hours
As per the report by CNBC, there was a huge gain in the total cryptocurrency market value. In the last 24 hours, the market capitalization saw massive gains of around fourteen billion US dollars ($14 billion).
The coronavirus outbreak has turned all the markets into the darkness. Among this, cryptocurrencies markets also went down which weaken the spirits of investors and traders.
There was a plunge in oil prices on 8th March 2020 that affected the selling pressure and also the market of cryptocurrency fell over ninety-three billion US dollars ($93.5 billion) within one day and the price of bitcoin crashed to 48%. However, one of the executives from JPMorgan said that stock markets can flourish by the start of 2021 once the US government can overcome the spread of the virus.
The last 24 hours show steady gains in the crypto market. The leading cryptocurrency, Bitcoin was up by ten percent compared to the last one day and trading around six thousand five hundred US dollars ($6569). Ethereum price also saw gains by seven percent (7%), and then followed Ripple which saw five percent (5%) increase. The rise in the price of leading cryptocurrencies leads the cryptocurrency market value to over one hundred and eighty billion US dollars ($182 billion).
It proves that cryptocurrency prices moved simultaneously with the equity market.
The head of the business development department at the digital assets exchange Luno has told CNBC that a sudden surge in the price of bitcoin and altcoins has given a ray of hope to investors.
