• Thu. Feb 29th, 2024

The recent market actions see the overall crypto cap dropping beneath $2 trillion after losing 5% yesterday. Meanwhile, the global cryptocurrency market volume surged 4% to $127.11 billion.

Wednesday’s early intraday sessions saw top digital coins in red as most cryptocurrencies dropped between 8 and 10% of their values. Excluding US Dollar pegged assets, all the top-ten cryptos dropped as of today morning. Dogecoin (DOGE), Ripple (XRP), and Polkadot (DOT) lost around 10%.

On the other hand, the total market capitalization lost about 5% over the previous day to hover beneath the $2 trillion levels. At the same time, the overall market volume increased by 4% to $127.11 billion.

The crypto space has seen fluctuations over the past 24 hours. As BTC and other cryptocurrencies such as Cardano, XRP and Ethereum struggled with slight losses, Solana retained its gains, performing well. According to Sharan Nair, CoinSwitch Kuber Chief Business Officer, most investors are shifting to alternative coins to enjoy substantial returns as BTC initial investors did.

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Digital currencies appear to launch significant comebacks as top crypto leads the pack. Meanwhile, most altcoins outperformed the leading coins like Ethereum and Bitcoin due to the recent catch-up rally.

On Tuesday, Bitpanda, an Australian crypto broker, said it raised $263 million in funding led by Peter Thiel’s Velar Venture, a venture capital company.

Mudrex founder Edu Patel said that the overall crypto ecosystem had seen profit-booking over the previous 24 hours. Bitcoin, the leading asset, plunged beneath its psychological resistance at $45,000.

With such moves, Ether traded around $3,000. Mudrex executive stated that the minor sell-off appears to worry traders for now. Patel added that the next 24 hours might witness indecisiveness.

Polygon (MATIC) Tech View

Polygon (MATIC) surged around 150% over the last month. That way, the altcoin managed to outperform both Ethereum and Bitcoin. MATIC remains a popular alt at the moment. The crypto showcases enough momentum for uptrends. Moreover, the increased volume supports the asset’s upside movements.

The newly added plasma chain offers higher scalability. With over 80 new apps integrated since last month, MATIC has proven a reliable coin for most investors. DeFi investors look optimistic as far as Polygon and its related projects are concerned. That is a vital fundamental in the network activity.

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