Cryptocurrencies are slowly becoming the hottest topic on everyone’s mind right now, as it has been growing at an incredible pace for quite some time now. Even countries like Switzerland are making the effort to better understand the importance of understanding cryptocurrencies and investing in them.
And with the number of investors in the market continuously growing, the total market cap has reached an incredible value of over $2 trillion. And making up a bulk of that market cap is the poster child of the crypto market, Bitcoin.
Bitcoin has recently found itself unable to break through $50,000, with its current price residing at almost $46,000. Its dominance over the market has fallen by 0.4%, leaving it at 40.8%, which is a significant drop over the years.
The 24 hour trading volume of cryptocurrency declined by 19.96% leaving the volume at a little over $108 billion. Despite the overall market volume falling, Altcoins saw a major increase. The total volume of stable coins throughout the market is 77.4% of the entire market volume; standing at $84.2 billion
Furthermore, the apast week has been a rocky one for cryptocurrencies to say the least. On Saturday alone, the market lost 1.5% of its total cap overnight. That day alone sent many investors into frenzy, and made them quite worried. However, despite the incredible loss, it was not enough to stop the growth of altcoins like Algorand, Terra, and Solana. Overall, investors are holding out hope for many altcoins to power through this rough patch that they are currently in.
While altcoins seem to be stabilizing throughout the market, tokenized equities are still having trouble finding their footing. Regardless though, the lack of a solid foundation has not stopped them from striking some impressive deals with other companies throughout the crypto space.
The marketplace OpenSea saw an incredible rise of $4 billion in its sales volume throughout the month of August. OpenSea is the largest NFT market place in the world, and is responsible for some of the most popular NFTs around. They have also seen a return to form in the past week.
Although Ethereum is still trying to climb up from its initial fall, it still has a long way to go. It recently saw its prices drop by almost $400, which can be attributed to a lot of factors. However, many investors believe that the main reason that its price is dropping so much is that it is losing a lot of its customers to Solana. Despite rising to $3,418, it still has a long way to go before it reaches its former price of close to $4,000.