Cryptocurrency Latest Update: The cryptocurrency market witnessed a surge once again on Tuesday. Bitcoin, the world’s largest and most expensive digital currency, touched the $94,000 mark after nearly a month. However, after reaching this level, some profit-taking was observed, and by midday, it was trading around $93,504. Bitcoin’s price increased by more than one percent in the last 24 hours.
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Along with Bitcoin, other major cryptocurrencies also remained in the green. Ethereum rose by about 2 percent, while Ripple showed a jump of approximately 10 percent. Solana also strengthened by more than 2 percent. Due to this surge, the total market capitalization of the entire crypto market increased by more than 1.5 percent, reaching $3.20 trillion.
What is the connection between the Venezuela crisis and crypto?
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Experts believe that the recent developments in Venezuela and the global situation following the US military action have affected the sentiment in the crypto market. According to Ria Sehgal, Research Analyst at Delta Exchange, traders are positioning themselves at the beginning of the year, and the risk appetite in the market has increased.
Analysts also say that these events have created expectations of a potential decline in global energy prices, which could directly benefit the economy associated with Bitcoin mining. This is why investors’ interest is once again shifting towards digital assets.
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Increasing participation of institutional investors
Another important reason behind the surge in the crypto market is considered to be the increasing participation of institutional investors. In addition, regulatory clarity regarding crypto in several countries has strengthened investor confidence. According to experts, the current market sentiment remains positive, and if global indicators remain the same, further gains in crypto assets can be expected by mid-January.
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Which crypto gave how much return in a week?
Most major cryptocurrencies have registered good gains in the last seven days. Bitcoin surged by more than 6%, while Ethereum climbed over 8%. Ripple delivered returns of over 25%, and Solana strengthened by more than 11%. Dogecoin also saw a gain of nearly 20%.
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In addition, some select cryptocurrencies have given investors surprising returns. However, Canton, a cryptocurrency that recently showed a sharp increase, fell by more than 4% in the last 24 hours.
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Massive Surge in Meme Coins and New Projects
According to CoinMarketCap data, several meme coins and new blockchain projects have seen significant gains in the past seven days. Pepe Coin has given returns of nearly 65%. Render has surged by more than 80%, while Bonk has climbed by approximately 53%. Virtuals Protocol also registered a gain of over 60%. Tokens like Stacks and Floki have also seen increases of around 50%.