The global crypto market capitalization surged approxmately2% over the past 24 hours to $1.92 trillion. On the other side, crypto trading volume gained nearly 17% to $79.69 billion.
Bitcoin and other cryptos traded with lucrative gains today, Wednesday. The digital market had sentiments turning positive over the past few sessions.
Crypto funds saw massive outflows last week, accounting for a 2nd successive week, redeeming nearly $97 million. Such developments emerged as BTC became increasingly sensitive to the interest rate decision.
Excluding XRP and dollar-tied USDC, other crypto-assets traded with decent leg-ups on Wednesday. Solana surged more than 6%, while Terra’s LUNA gained over 4%. Also, Avalanche zoomed 3% on the day.
The overall crypto spectrum flashed healthy actions. The global crypto market cap jumped to $1.92 trillion, following a 2% uptick over the past day. On the other side, crypto trading volume saw a 17% surge to $79.69 billion.
LUNA was the day’s newsmaker as the alt recorded the highest 24-hour surge since hitting an ATH some weeks ago. Coinstore marketing head Bommi Hua said that LUNA’s uptrends could trigger upswings in the altcoin market.
He added that the cryptocurrency industry could stay volatile because of different macroeconomic factors within the global financial space. The escalating tension between Ukraine and Russia will affect the crypto and traditional markets.
NFTs sales saw upside trends in January this year, touching $4.6 billion. However, non-fungible tokens have seen a fading interest since February, dropping towards the $1.3 billion lows in April. That is according to reports by WazirX Trade Desk.
The current global events have dented the larger cryptocurrency market. WazirX added that the NFT market has seen its trading volume registering significant drops. Remember, trading volume is a vital indicator to mean market health.
BuyUcoin’s Tech View
LUNA outshines Cardano to be the eighth largest digital coin. Terra’s altcoin has attracted investor attention because of the LFG’s massive BTC reserve. LUNA surged nearly 10%, trading around $94.93 at this publication.
Analysts expect LUNA to sustain its upward momentum, but the approaching US tax return deadline can translate to some retracements. UST also benefited from LUNA’s upsurges, becoming the third-largest stablecoin as far as circulation is concerned.