Today, the Crypto market has finally recovered, and there has been a speedy influx of capital, which pushed the global market cap value by 5.67% over the last day.
The value of Bitcoin and altcoins also rose considerably as the influx of capital continued to increase. The price recovery has finally given a boost and hopes to cross the current threshold level. If the current bullish sentiment continues, it can definitely set new highs.
Recently, CoinShares CSO Meltem Demirors said on CNBC that Bitcoin may extend its “downward correction” in the near term but it will make a new all-time high “in the next 24 months.”
Here is a quick overview of the current market situation, analyzing the performance of the top 5 Altcoins of the week.
1. Aave Jumps by 18%
AAVE, the native token of the crypto lending platform Aave, has surged by over 18.17% in the last 24 hours. It is presently hovering at $92.31 with a market cap of $1B.
Recently, Aave announced the launch of its own stablecoin, GHO. Following the most horrifying Terra collapse, the Defi platform Aave touts numerous ways to protect GHO from a collapse.
2. MATIC Remains Bullish
MATIC, the native token of the Polygon blockchain has also seen an impressive price spike over the last 24 hours. The price of Polygon’s MATIC has soared by almost 10% to $0.68. The current CoinMarketCap ranking is #16 with 24-hour trading volume of $1,451,005,800.
This week, Polygon was selected to participate in Disney’s Accelerator Program to help boost its Web3 experiences.
3. Ethereum Price Up by 13%
ETH, the second largest cryptocurrency by market cap has also gained over 13.36% in the last 24 hours. It is currently priced at $1218 with a circulating supply of 121,556,250 ETH coins.
Ethereum’s bullish price movement can most likely be attributed to the successful testing of one of the last tests before the most anticipated Merge.
4. GMT Rises by 5%
STEPN’s native token GMT is currently changing hands at around $0.94 with a price surge of over 5.77% in the last 24 hours. Precisely, GMT has succeeded to seek some momentum since 12 July. This week, GMT gained over 7.6%.
Recently, STEPN announced its quarterly analysis report, revealing a collection of over $122.5 million in profits through transaction fees. The firm commits to using 5% of reserved profits in the employment of the buyback and burn program for its native token, GMT.
5. Ripple Continues to Improve
XRP also managed to make speedy gains as the investors are bullish on it. The latest data from Coinmarketcap shows that it has added 6.51% over the last day. This bullish momentum has helped its price value reach $0.33.
As the legal battle between SEC and Ripple Labs continues, lately, the Blockchain company has accused the SEC of attempting to hide the identity of the agency’s expert witnesses.
The global crypto market remained highly bullish today. The speedy capital inflows addition has taken the global market cap value to $937.92B.