Cryptocurrency markets move in cycles. On Tuesday, there’s been a boost in the market after a recent correction. But now investors are growing cautious as cryptocurrency activity is not what it used to be. With the cryptocurrency market still in its infancy, traders are taking profits. Solana is one of the few cryptocurrencies that is doing well by adding 17%.
The total crypto market cap is now at $2.06 trillion and still going up.
“The cryptocurrency markets have been doing poorly for the last 24 hours. Bitcoin, the largest cryptocurrency by market cap, is barely holding at $47,000 and will turn bearish if it falls below this mark,” said Edul Patel, CEO, and co-founder of Mudrex
“Among all cryptocurrencies, Solana has shown the least correlation with the rest of the market. SOL crossed $115 and had a 550% return in only 1 month,” he added.
Nigeria is now partnered with Bitt to help launch the “eNaira” Nigeria’s central bank just declared their intentions to launch crypto as well.
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Bitcoin bears have been keeping BTC at $50,000 or below for the past week. BTC surged to $49,500 last week and was prevented from reaching $50,000 by the asset’s psychological resistance.
‘Some key macroeconomic developments this week are scheduled, namely the US private sector employment data and non-farm payroll data,’ it wrote. It added: ‘Investors and traders will remain cautious.’
Younger cryptocurrency tokens are on the rise. They’re outperforming their older counterparts in times of rally, despite seeing a major slump, and continue to rank higher than older ones in terms of market capitalization at a time when nobody really pays attention to them.
Disclaimer: The above references an opinion and is for information purposes only. It is not intended to be investment advice. Seek a duly licensed professional for investment advice.