The cryptocurrency market lost $100 billion in value over the last 24 hours. It's the end of a bullish trend that saw the crypto industry grow 25% since the Russian invasion of Ukraine saw stock markets and cryptos crash in price. The industry recovered from $1.55 trillion to $1.95 trillion before falling to $1.71 as of March 8.
Macroeconomic factors have had a big impact on cryptos, with Ukraine playing a big role in both crypto's crash and recovery. Ukraine has seen over $30 million in donations to government crypto wallets, and huge numbers of Ukrainians and Russians hedging their falling currencies in crypto. Data shows high trading volumes in stablecoins like Tether, USDC, and UST. But as peace talks ended on Thursday without a deal, and calls for banning Russian crypto intensify, the market has stagnated.
So where is the crypto market heading now? Crypto's total market cap has touched the $2 trillion mark four times already in 2022. But it's not spent more than a week over this key threshold yet. Bitcoin's price has also struggled to push past $45,000. The next few weeks will be the key decider in whether the crypto winter is now over. Bitcoin is currently trading at $38,153 according to CoinMarketCap, posting a 3.5% loss over the last 24 hours.
Ethereum is also down 4.2% in the last 24 hours. ETH is currently trading at $2,538 down from figures over $3,000 on March 2. Crypto's second-largest token has posted 3% gains over the last week but ETH's sharp fall in price could negate those gains.
Cosmos' ATOM token is the only top 20 crypto posting gains in the past 24 hours – prices have risen a strong 5%. Over the past week, gains are as high as 38%. ATOM's 24-hour trading volume ($1.86 billion) is far outperforming the likes of Polygon, Cardano, and even BNB. ATOM is currently trading at $27 as prices are racing towards the all-time high of $43.
Hyper-deflationary token EverGrow Coin is not in the top 20 cryptos, but has shown impressive growth of over 24% in the past week following announcements that its new NFT Marketplace and social media platform Crator will launch in March 2022. Crator will be the world's first social media platform to pay subscriptions and tips in fiat or crypto, while profits will be pumped back into EverGrow Coin's rewards utilities that pay daily BUSD reflections (Binance USD). EverGrow Coin (EGC) is currently trading at $0.0000005317. Since its launch, EverGrow Coin has already distributed more than$35 million in rewards.
WAVES is another crypto token outside the top 20 that's shown impressive gains – 5% in the last 24 hours and 105% over the last seven days. Waves is a multi-purpose blockchain platform supporting DApps and smart contracts. It was founded by Ukrainian-born scientist Alexander Ivanov. However, its recent rise can be linked to Binance's announcement it will accept WAVES tokens as collateral on its loans platform.
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