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The Crypto Market Takes Off, Have the Bulls Arrived?

The crypto market is dyed red, what are the reasons?

There are several financial markets in the world. However, the crypto market appears to be the most unpredictable, spontaneous, and volatile of the lot. Be it stocks or forex, no other financial market competes with crypto with the level of profit potential it promises. Obviously, the risk for losses is also as high as margins for profits. This is something that makes crypto interesting and distinctive in the global economic structure.

The cryptocurrency market is full of various tokens and coins. The market goes through spells of bull and bear runs. There are instances where the market crashes miserably, and there are times when the market records gains that are never seen before. The constant tug of war between bulls and bears keeps investors at bay.

However, in the latest trading hours, the cryptocurrency market has gained significantly. Most major tokens and coins have posted long green candles, and have closed daily positions at much better valuations. The global crypto market cap has also experienced an upward stride by gaining 5.27% over the last day to cross $2.14 Trillion.

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Bitcoin and altcoins turn green in the crypto market

In the last 24 hours, Bitcoin has gained 5.80% to touch $47,500. BTC’s price is 16.16% ahead of its last week’s price. A positive trend is also followed in the token’s market cap and 24-hour trading volume. Bitcoin’s market cap has crossed $901 billion, and its trading volume is $37 billion. The most popular crypto token in the market has made a huge stride forwards toward the crucial $50K mark. Therefore, a wave of momentum is experienced all across the crypto market.

On the other hand, the leading altcoin, Ethereum, has crossed $3,350 in the market. Following a similar trend, other altcoins, including BNB, ADA, SOL, and XRP have also posted strong gains. In the last 24 hours, LUNA, AVAX, DOT, and MATIC have also experienced considerable gains to show against their names. Most of these coins were struggling in the market lately. Thus, this growth can revamp the trends of the crypto market in the near future.

The crypto market was plagued with low trading volumes for weeks. It was a major reason for the lack of momentum in the market, as investors were reluctant to put their capital in the fluctuating market. The decision of the US Federal Reserve to raise interest rates and the rising tensions between Russia and Ukraine have had an impact on the growth recorded in the crypto market. Nonetheless, the next week is also crucial for these tokens to hold their positions and post further gains in the coming days.

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