- Crypto market cap is up 0.80% after marginal 24-hour gains in the crypto market.
- XRP, Terra, and Stellar dropped in price during the same time period.
- Growing fears of a recession have resulted in global markets plummeting.
Crypto prices rose marginally today as the world’s largest cryptocurrency by market cap, Bitcoin (BTC), saw its price rise by 0.80% according to CoinMarketCap. The slight price increases seen across the board have boosted the global crypto market cap by 0.80% as well – taking the total market cap to $925.30 billion at press time.
The second biggest crypto project and biggest altcoin, Ethereum (ETH), also rose by 1.84% over the last 24 hours to bump the altcoin’s price to $1,311.10. Looking at meme coins, Dogecoin (DOGE) is up 0.02% to trade at $0.05922, and Shiba Inu (SHIB) rose 0.20% to see its price reach $0.00001031.
Other cryptos’ price performances today were in varying degrees. Avalanche (AVAX), Polkadot (DOT), Cardano (ADA), Chainlink (LINK), ApeCoin (APE), Solana (SOL), Litecoin (LTC), Tron (TRX), Uniswap (UNI), and Polygon (MATIC) were trading with slim marginal gains over the last 24 hours, while XRP, Terra, and Stellar slipped.
According to Bloomberg, a volatility gauge for BTC has dropped in recent days to its lowest level since April, reaching 61 on Friday. This is a far cry from the 140 it hit in May this year amid the collapse of the Terra Stablecoin ecosystem.
In addition, global financial markets have sunk in the past few months as central banks around the world raise interest rates to curb surging inflation. Being a risk asset, cryptocurrencies have been hit hard especially as the recessionary fears continue to rise.
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