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Bitcoin and Ethereum Trade Sideways, EverGrow Deploys $35 Million: Top Crypto News
Where is the cryptocurrency market going now? Pay attention to major cryptocurrency news
The cryptocurrency market has lost $100 billion in value in the last 24 hours. It’s the end of an uptrend that has seen the cryptocurrency industry grow 25% since Russia’s invasion of Ukraine saw stock markets and cryptocurrencies plummet in price. The sector recovered from $1.55 trillion to $1.95 trillion before plummeting to $1.71 on March 8.
Macroeconomic factors have had a large impact on cryptocurrencies Ukraine playing an important role in both the collapse and recovery of cryptocurrencies. Ukraine has received over $30 million in donations to the government’s crypto wallets, and large numbers of Ukrainians and Russians have hedged their falling currencies into cryptocurrencies. The data shows high trading volumes in stablecoins such as Tether, USDC and UST. But as peace talks ended Thursday without a deal and calls to ban Russian cryptocurrencies intensified, the market remained stagnant.
So where is the cryptocurrency market going now? The total market capitalization of cryptocurrencies has hit the $2 trillion mark already four times in 2022. But it has yet to surpass this key threshold for more than a week. The price of Bitcoin also struggled to surpass $45,000. The next few weeks will be decisive in determining whether the cryptocurrency winter is now over. According to Bitcoin, it is currently trading at $38,153 CoinMarketCaprecording a loss of 3.5% in the last 24 hours.
Ethereum also fell by 4.2% in the last 24 hours. ETH is currently trading at $2,538, down from $3,000 on March 2. Cryptocurrencies’ second-largest token has posted gains of 3% over the past week, but the sharp drop in ETH’s price could wipe out those gains.
Cosmos’ ATOM token is the only one of the top 20 cryptocurrencies to post gains in the last 24 hours: prices increased by a strong 5%. In the last week, gains have reached 38%. ATOM’s 24-hour trading volume ($1.86 billion) far exceeds that of Polygon, Cardano, and even BNB. ATOM is currently trading at $27 while prices are racing towards an all-time high of $43.
The hyperdeflationary token EverGrow Coin is not among the top 20 cryptocurrencies, but it has shown impressive growth of more than 24% in the last week following the announcement that its new NFT Marketplace and social media platform Crator will launch in March 2022. Crator will be the first social media platform to pay subscriptions and tips in fiat or cryptocurrencies, while profits will be reinvested in EverGrow Coin reward utilities that pay daily BUSD (Binance USD) reflections. EverGrow Coin (EGC) is currently trading at $0.0000005317. Since its launch, EverGrow Coin has already given out more than $35 million in prizes.
WAVES is another crypto token outside the top 20 that has shown impressive gains: 5% in the last 24 hours and 105% in the last seven days. Waves is a multipurpose blockchain platform that supports DApps and smart contracts. It was founded by Ukrainian-born scientist Alexander Ivanov. However, its recent growth can be linked to Binance’s announcement that it will accept WAVES token as collateral on its lending platform.