Cryptocurrency Update: Top cryptocurrency tokens saw gains as the market for cryptocurrencies staged a sluggish comeback on Tuesday following the failure of the FTX exchange. Ethereum was at ease close to the $1,200 levels, while Bitcoin continued to hold below the $17,000 level.
Popular tokens are getting up
Except for Tron and stablecoins tethered to the US dollar, all other popular crypto tokens were up. XRP jumped 11% while Solana rose 13%. Uniswap and Polygon both increased by 10%.
In the last day, the market capitalization of all cryptocurrencies increased by more than 4%, reaching $843.89 billion. The overall trading volume did, however, increase by about 36% to $82.61 billion.
Cryptocurrency Update: Comments from Elon Musk
Elon Musk’s incisive remarks on the crypto market on Monday caused the majority of cryptocurrencies to increase. Following the demise of FTX, the cryptocurrency market volatility increased, according to Edul Patel, CEO and Co-Founder of Mudrex.
Ethereum, on the other hand, rebounded off the $1,180 support level. It is probable that ETH may merge,” he stated. “The pullback may lead to the test of the $1,300 zone this week,” he continued, “if buyers can keep the newfound initiative.”
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