After many cryptocurrency markets fell more than 25% last week, the prices of Bitcoin and many digital assets have been consolidating this week. The entire crypto economy is hovering just below the $1 trillion mark, reaching $987 billion, an increase of 1.3% in the past 24 hours.
Crypto asset market integration
A large number of cryptocurrency asset markets have been in a state of integration, and in recent days, some tokens have achieved significant growth. At the time of publication, the trading price of Bitcoin (BTC) was $36,400 per unit, and the total market value was approximately $677 billion. Compared with all existing alternative digital currency valuations, the market value of BTC provides a 66% dominance of the encrypted asset. At current prices, BTC has risen 4% in the past 7 days, 54% in 30 days, 209% in the past three months, and 324% in the past 12 months.
Ethereum (ETH) is trading at US$1,236 per ether, and today’s market value is approximately US$141 billion. ETH traders are still in the green, with a 15% increase this week, a 90% increase this month, a 239% increase over a 90-day span, and an increase of more than 651% in the same period last year. The stablecoin tether (USDT) has today’s third largest market capitalization, but below the tether market is the digital asset polkadot (DOT).
Today, Polkadot’s market capitalization ranks fourth, and the swap price of each token is $17 per unit. Below the DOT market value is XRP, which currently trades at $0.28 per coin. XRP dropped by less than a percentage in a week, but it also dropped by more than 50% in 30 days.
Cardano (ADA) follows XRP, and the transaction price of each ADA token is $0.37 per unit. ADA has performed quite well in recent weeks, reaching 36% this week. In the past 90 days, ADA prices have risen by 108% and 266% respectively in one month. Litecoin (LTC) is currently trading at US$148 per token, and in 7 days, crypto assets have risen by more than 9%. At the time of issuance, the price of Bitcoin Cash (BCH) was $492 per unit, which has risen by more than 5% this week. The total market value of BCH is approximately US$9.19 billion, which has grown by 58% in the past 30 days.
Cumulative addresses have risen, “It is not surprising to see Bitcoin recovering relatively easily last week”
Although the price of a large number of crypto assets fell last week, mainstream experts said that the crypto economy is heading for a bear market. However, cryptocurrency analysts disagree with the bear market assessment, and the recovery of BTC last week highlights that things are still very optimistic. Simon Peters of Etoro explained in a report to investors: “It was relatively stable for most of the last week, rather than talking about the turbulent week of crashes and bubbles,” Bitcoin is relatively stable. “Bitcoin started at just $30,000, rose to $40,000 on Thursday, and then fell again over the weekend. Currently, its price is $36,389,” the market analyst added.
Although some commentators pointed out that from a technical point of view, we are currently in a bear market, but I personally do not agree with this view. This level of volatility is no different from our previous bull market trend, but because the price of Bitcoin is so high, the dollar volatility seems more obvious. In terms of percentages, they are not. Bitcoin’s background is still a supporter, so for myself and many in the community, it is not surprising to see Bitcoin recovering from setbacks last week with relative ease.
At the same time, an analyst said that BTC has a few days of integration time, and some actions may be seen in the transitional altcoins. Teddy Cleps said: “It’s three days until Bitcoin reaches the culmination of any’relevant’ – this means playing altcoins for three days. Said Pay tribute to his 51,000 Twitter followers on Saturday.
The CTO of Glassnode explained to his Twitter followers that a large amount of BTC is being sent to “cumulative addresses.”
Rafael Schultze-Kraft, CTO of Glassnode, said recently: “There are 2.7 million BTCs stored in cumulative addresses, which has increased by 17% in the past year.” Tweet. “These addresses have received at least 2 transactions and have never spent funds. Miners and exchange addresses are excluded,” the researchers added.
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