Cryptocurrencies are trading in red presently. According to Coingecko, this trend had started earlier in the week. The past few days, market capitalization took a 5% plunge.
Bitcoin dipped below its support level after it had tested the price mark for five weeks straight. The dip resulted in a drop from its ATH. Amidst the disarray in price and value for dominant cryptocurrencies, HUH Token and Dogecoin rose.
Ethereum, Dogecoin, and Shiba Inu, apart from Bitcoin, were other digital currencies that took a plunge. Dogecoin especially dipped Tuesday, but has since recovered following Elon Musk comment about the Doge coin that added 30% to its price value.
The world’s richest man said Dogecoin has a greater transactional value which can be used to purchase Tesla items.
Shiba Inu was another digital currency that suffered a 5.7% dip. Ethereum plunged 5.2% the last 24 hours. Its value stood at $3779.56. market capitalization rose up to $2.24 trillion. CoinGecko claims trading volume reached $115 billion in the last 24 hours. Bitcoin took more out of the rankings, with 39.4% of the market capitalization. Ethereum followed closely behind earning 20% of the market capitalization of cryptocurrencies.
Low Market Capitalization of major Assets
Low Market capitalization results from Bitcoin dip. This decrease persisted for a month. Around the world, digital tokens are traded every hour of the day unlike other conventional assets that are traded at specific periods. This exposes the digital currencies to unregulated markets and exchanges all over the world. Bitcoin earned a small increase on Friday. The minor recovery of the digital currency resulted from consumer prices in the US, showing that demand has climbed up. Another contributory factor is the lending capacity of the digital asset. Investors think they can hedge it against inflation.
Earlier, bitcoin token took 21% dip before recovering half of its deficit. Investors are sad that Bitcoin prices remained at 30% last month before hitting $69000. The HUH token is a fresh one which launched on Monday. Presently, 10000 investors hold the tokens in their wallets. Over a few days, the price of the token resulted in 6000% massive gains.
The rising trend is a positive indicator which has been predicted to break ATH.
The token is showing no signs of slowing down due to its smart contract referral system. The referral system perpetuates while the market swings between bull and bear. It keeps going by transferring a code to HUH buyers that is used on their website. Once the code is used by another holder introduced to the platform, the initial owner receives 10%. The owner then takes the ten percent reward to Binance to withdraw. The team is planning to offer more liquidity pools via other cryptocurrencies.
HUH token is ramping up on communities where it hopes to create a community focused on social influence. They plan to do this with their social media network, metHUH, for sentiment analysis purposes. Crypto advocates believe that the uniqueness of cryptos and NFT assets allow them to be used as hedges against uncertainties in several parts of the financial market.