Today’s Crypto Market Update
One factor that stands out in today’s crypto market is the sudden spike in trading volume. The volume of cryptocurrency transactions increased by a notch in the last 24 hours. The second prominent feature of the market is that Bitcoin has finally slid below the $30k mark. BTC has been trading sideways for most of the month, and several spikes in between. However, Bitcoin gave in to the bear and is currently on a downward trend. At the moment, its price is slightly below $29k. However, there are speculations that it could be a bear trap that precedes a price rally. Nonetheless, there is a need to take a deeper look before making a decision right now. In the meantime, what are the best crypto to buy now? Before delving into the details, below is a snippet of the cryptocurrency market in the last 24 hours according to CoinMarketCap.
Key Points:
– Reduction in global crypto market cap in the last 24 hours (down 0.58%)
– Increase in trading volume (up 19%)
– Defi constitutes 8.9% of total crypto trading volume in the last 24 hours
– Thug Life project is one of the best-performing cryptos to buy now
– SUI token has seen a recent uptick in price and trading volume
SUI (SUI)
SUI’s performance has been an uptick in the past 7 days after a month-long decline. The token price increased by nearly 15% in the said period. In the last 24 hours alone, the price of SUI jumped by nearly 7%, making it one of the highest gainers today. Besides the pumping price of the asset, the trading volume of SUI is also receiving a pump right now with over 350% increase in the last 24 hours. SUI is a relatively new crypto project with a quick growth in visibility. As of today, the platform has completed over 244 million transactions since inception. SUI is a layer 1 blockchain with smart contract integration.
Chainlink (LINK)
Chainlink is also doing well today with 24-hour gains of over 8% in price. Likewise, it’s receiving a pump in its trading value, scoring over a 200% increase in the last 24 hours. This is not the first increase recorded by Chainlink. The token has been on the rise in the last 30 days. Its gains have reached above 150% in the said period. Moreover, it has finally ended its year-long decline with a final rise into an upward trend. With its recent interoperability initiative, there’s a likelihood that the trend increases even further. Chainlink recently launched the much-anticipated Cross-chain Interoperability Protocol (CCIP). The project aims at bridging traditional finance with blockchain-powered systems.
Flow (FLOW)
FLOW is also on the uptrend with an increase of over about 4% in the last 24 hours. FLOW’s trading volume also increased by 167% in the last 24 hours. After suffering a massive price decline since the end of last year, Flow has been trading sideways in the range of $0.5 – $0.6. The gains in value have continued, however, the overall gains in the last 30 days are close to almost 30 days now with an overall increase of close to 57%. The recent pump in the value of FLOW comes mostly from the Ripple effect which seems to impact the entire crypto market and influence the perception of certain cryptocurrencies that have looked like they’re potential targets. FLOW is described as a developer-friendly platform that provides a decentralized blockchain-based platform for the design and deployment of games and other applications.
XDC Network (XDC)
XDC network has been making efforts towards expanding its influence in the crypto industry. The incessant effort is currently resulting in the consistent improvement of the asset. In the last 7 days, the price of XDC increased by almost 10% and it kept the growth steady for nearly 30 days. The bulk of its growth stems from collaboration with other crypto-related platforms. For example, XDC recently established a partnership deal with SBI, which now lists XDC as a supported asset in its staking service. The deal opens up Japan to the network and expands the reach of the platform.
Hot Take:
The crypto market is experiencing fluctuations in trading volume and the prices of different cryptocurrencies. While Bitcoin is currently on a downward trend, there are speculations of a potential price rally. SUI, Chainlink, Flow, and XDC Network are among the best-performing cryptos to buy now. Each of these tokens has seen recent upticks in price and trading volume, with promising developments and partnerships that could drive further growth. As always, it’s important to conduct thorough research and analysis before making any investment decisions in the crypto market.
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