The Fluctuating Global Cryptocurrency Market
The global cryptocurrency market has seen some fluctuations in its key metrics, with decreases and increases observed across various parameters. Currently, the total market capitalization of cryptocurrencies stands at $1.42 trillion, reflecting a slight decline of 1.22% in the last 24 hours.
Increase in Trading Volume and Dominance of Stablecoins
However, within the past 24 hours, the overall trading volume in the crypto sphere has significantly surged to $43.62 billion, marking a substantial increase of 48.03%. A noteworthy aspect of this surge is the dominance of stablecoins in trading activity, accounting for approximately 90.87% of the marketβs 24-hour trading volume.
Bitcoin’s Dominance and Expectations for the Next Cryptocurrency to Rise
Bitcoin’s dominance currently stands at 51.44%, indicating a marginal increase of 0.07% throughout the day. The next cryptocurrency expected to rise gradually through the week.
Asian Stocks Decline
Asian stocks experienced a decline on Monday due to anticipation of critical inflation data from the United States and Europe later in the week. Additionally, oil producers are scheduled for a meeting that could impact oil prices. Gold, however, surged to $2,009 an ounce.
Next Cryptocurrency to Explode: Axie Infinity (AXS)
Axie Infinity (AXS) token has sustained its upward trajectory on Monday, reaching a peak value of $8.27. This represents its highest value since April of this year and marks an impressive 112% increase from its lowest point earlier this year.
Axie Infinity’s Ecosystem Metrics
Over the past seven days, the count of Unique Active Wallets (UAW) has increased by over 24%, network transactions have soared by more than 42%, and the overall volume has surged by 65%. These metrics indicate a revitalization of the ecosystem concurrent with the rebound in cryptocurrency prices.
Meme Kombat (MK): An Enticing Opportunity
Meme Kombat (MK) is currently in its presale stage, offering traders and gamers an opportunity to acquire MK tokens at a discounted price. The presale also allows for staking MK tokens with a substantial reward of 452% APY. Traders seeking the lowest MK price should act swiftly before subsequent price increases.
The Graph (GRT): Surging Amid AI-driven Market Rally
The Graph’s native cryptocurrency, GRT, has experienced gains since Friday, surging by 8.27% in the last 24 hours. AI-related tokens, including Fetch AI (FET) and SingularityNET (AGIX), have also seen notable price increases after being listed on the OKX crypto exchange.
Maker (MKR): Strong Price Performance
Insa’s extensive background in the financial realm encompasses roles as a writer, trader, and personal finance coach. Her proficiency spans a wide spectrum, ranging from commodities and indices to forex and cryptocurrencies.Insa’s specialization lies in furnishing strategic investment advice tailored to the fintech investment niche.
