Cryptocurrencylistings Markets: A majority of cryptocurrencies experience minor upticks
The cryptocurrency market is trending upward, yet it remains quite volatile.
Bitcoin has seen a small price uplift of only 2.08%, successfully surpassing the $20k threshold, now trading around $20,108.88. Just overnight, its value surged by over $2,600 before retracting again.
Ethereum's ether has recorded a modest increase of merely 0.87%, reaching $1,135.09. Meanwhile, Binance's BNB has seen a rise of over $10 since yesterday, now priced at $236.78, following a 3.76% growth. Similarly, XRP and Solana SOL are in the positive, increasing by 0.74% and 3.80%, respectively. In contrast, Cardano's ADA has slightly dipped by 0.20%. Notably, three cryptocurrencies—Convex Finance CVX, eCash XEC, and Curve DAO Token CRV—have experienced significant price jumps of over 10%, with CVX up by 13.22%, XEC by 12.32%, and CRV by 11.61%.
When it comes to major metaverse cryptocurrencies, the price increases have been considerably more pronounced. Decentraland’s MANA has surged by 5.60% in the past 24 hours, reclaiming its top position among metaverse digital assets. In contrast, Flow is slightly down, dipping less than 1%. The Sandbox SAND has skyrocketed by an impressive 10.47%, while ApeCoin APE, Tezos XTZ, and Theta Network are enjoying more modest gains of 3.17%, 4.44%, and 1.06% respectively.
There have also been remarkable price surges among other coins. VIMworld VEED has surged an incredible 29.99% today, Gem Exchange and Trading GXT is up by 25.78%, and SuperRare RARE has climbed by 14.22%. The Metaverse Index MVI has recorded a modest rise of 1.14%, now trading at $38.27.
The ongoing cryptocurrency winter has many investors questioning the practicality and future utility of digital currencies. Bill Powers, a former PIMCO executive and current advisor at Arca,
pondered whether bitcoin functions as 'a store of wealth or merely a repository for excess wealth.' pondered Arca's CFA, Jeff Dorman, noted, 'For the last decade, we haven’t needed to differentiate the two perspectives, but as central banks work aggressively to combat inflation through negative wealth effects, clarity may soon emerge. The evidence on this matter thus far is quite concerning. Bitcoin does not react favorably to financial tightening.'
Currently, it appears that bitcoin serves predominantly as a haven for surplus wealth, with its valuation reflecting the likelihood of broader acceptance, as articulated by Dorman. This, however, doesn't imply that its applications are static or won't evolve over time. At present, bitcoin has limited use cases, rendering it a 'valuable asymmetric call option.' Legislative developments could significantly influence the increase of decentralized finance and cryptocurrency adoption.
Cryptocurrencylistings Markets: Major cryptocurrencies see rising prices
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In line with the Trust Project guidelines Karolina is a writer and journalist with expertise in literary studies. She has a passion for innovative technological solutions and the arts, finding that NFTs often encapsulate the essence of both. When she's not writing, Karolina enjoys being a plant mom, hunting for vintage fashion treasures, and gaming.
