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Cryptocurrency Market Highlights: After a severe drop, Bitcoin stabilises; leads the market rebound

Cryptocurrency prices rose on Thursday following a period of high volatility in the digital coin market. Over the last 24 hours, the massive selloff has calmed, and analysts predict the virtual market will pick up steam in the coming days.

Cryptocurrency Market

Bitcoin, the world’s most popular cryptocurrency, was trading at $43,000, about 2% higher than it was at 3:20 p.m. 24 hours earlier. Earlier in the day, it was trading over 4% higher.

The market capitalization of the most popular cryptocurrency has exceeded $810 billion once more, but the 24-hour trading volume has dropped to $974.2 million.

Ether’s value has also increased in the last 24 hours, and it is now trading at $2,990, up 1.60% from its previous price. The market capitalization of Bitcoin has risen to $351 billion, with a 24-hour trading volume of $993.94 million.

Most other cryptocurrencies climbed as market momentum recovered following days of weakness, including XRP, Polkadot, Stellar, Dogecoin, Chainlink, Polygon, and Litecoin.

Expert Takes

“Bitcoin witnessed a great recovery from $41,000 support yesterday, pricing is headed towards $45,000, which is the next major resistance level to watch out for,” Hitesh Malviya, a cryptocurrency and investing specialist, said of the cryptocurrency market.

“Ether has also recovered from support and is now trading above $3,000 per unit. We’re still in an ambiguous pricing zone, so we’ll have to wait for further price action to develop before making any trades,” he added.

“The selloff in the cryptocurrency market appears to have finally come to an end,” Edul Patel, CEO and Co-founder of Mudrex, a worldwide algorithm-based crypto investing platform, stated. The overall market cap increased to about $1.96 trillion in the last 24 hours, and the total traded volume increased as well.”

CryptocurrencyPrice (US Dollar)24-hour changeMarket cap (Billion)Volume (24 Hours)
Bitcoin43,178.072.22%$813.03$974.21 million
Ether2,992.442.45%$351.11$993.94 million
Dogecoin0.2008960.43%$26.41$841.16 million
Litecoin150.812.93%$10.35$102.89 million
XRP0.9346301.36%$93.48$4.35 billion
Cardano2.09-1.46%$67.65$242.66 million

Read More: Cryptocurrency Market Highlights: Bitcoin and altcoins struggling today as the selloff continues

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.