The downward trend in the cryptocurrency market continues today, with difficulty finding a balance. The total value of the crypto market to date is estimated at $918 billion. This is far from the $959 billion that was recorded over the past few days.
It must be admitted that this unfavorable climate can be explained by several factors. One of the most important is the US Federal Reserve’s announcement to raise interest rates. This news plunged investors into a climate of mistrust, prompting them to be more cautious in investing.
However, many analysts believe that the market will recover in the fairly near future. Certain cryptocurrencies will set the tone and therefore should be followed ready when recovery occurs. Here are the top 10 digital currency trends today.
The hottest cryptocurrency trading today
boom
Prosper has started an upward curve today and is trading at $1.10. Its price has increased by 28.68% in the last 24 hours. However, PROS is still down 28.83% in the market over the past seven days.
Its increase is due to the increase in trading volume as well as the market value, which is estimated at $21,085,479.
Crypto is thriving and strong fundamentals are showing. However, risky framing clips have been released in the past few days. The crypto might not be the one to play in the next few days but it could be profitable in the long run.
Bitcoin (BTC)
The BTC token is trading at $19,159.15 today. This represents an increase of 1.54% over the past 24 hours. Over the past 7 days, the trend has been down by 4.79% and in one month, its price is down more than 10%.
Bitcoin is a far cry from what it was last year. Like the market as a whole, it has not resisted the macroeconomic events of recent months. The current energy crisis is not helping to fix things.
However, Bitcoin is the number 1 cryptocurrency in the market. The play is used to holding its own, and there is no doubt about its strong comeback.
Ripple (XRP)
XRP is trading at $0.4278 today. It is one of the few cryptocurrencies that have shown an upward trend since the market crash.
Over the past 24 hours, its price has jumped by 6.73%. In one week, it increased by 26.23% and 26.34% in one month.
There is no doubt that Ripple is holding up well in the market due to its institutional aspect. However, this piece still has time to see its price go up.
The case between XRP and the SEC is about to end with a result that is bound to affect the future of cryptocurrencies. So changes in its course are to be expected.
Ethereum (ETH)
ETH continues to drop as the coin is unable to get out of its bad period for the time being. Its price at $1,288 decreased by 2.86% in the last 24 hours. In one week, this is already a decrease of 19.51% and a decrease of 19.24% from last month.
The transition to the Proof of Stake protocol has not yet borne fruit. However, analysts are still positive about the upcoming rebound from ETH.
The fact that its now deflationary token will play a huge role in ETH’s rally. It is a symbol of the future.
Swap pie (cake)
The CAKE token is priced at $4.30, which represents an increase of 0.87% over the past 24 hours. The coin remained in a good momentum of 4.99% in one week. Within a month, PancakeSwap has gained 10.10% in value.
This increase is explained by the positive indicators. The coin has a bullish 30-day moving average and relative strength index.
PancakeSwap is expected to gain new users as the exchange will be present on the upcoming Opera 3 web browser.
EthereumPoW (ETHW)
ETHW is down by 2.83% over the past 24 hours. It is trading at $5.89 which is a decrease of 81.01% in one week and 88.24% over 30 days.
The Ethereum fork has struggled to find a foothold since it was listed on exchanges. He faced some technical problems and attacks.
However, its RSI indicates that it is able to recover an upward curve. Additionally, investors continue to take an interest in this token.
Ethereum Classic (ETC)
ETC jumped 1.38% over the past 24 hours. At $28.72, its price has remained low over the past 7 days at 22.75% and 13.79% over the past month.
The ETC team did not want to follow through with the merger that ETH had started. However, the direction of its curve shows that the token is also experiencing a decline in the market.
However, its price can increase due to it being one of the few proof-of-work coins in the market. So demand could explode in the long term.
Terra (Luna)
LUNA is currently trading at $2.70. This represents an increase of 3.04% in 24 hours but a decrease of 9.23% in one week. Over the course of 30 days, the token is up 62.15%.
Project Terra is going through hard times. Rumors that the founder of the cryptocurrency has been at large have surfaced in the past few days, which has affected its price.
However, Do Kwon came to reassure his community. He said on Twitter that he had not fled justice and promised to shed light on the case.
Shiba Inu (sheep)
SHIB stock is up 3.24% over the past 24 hours. Its token is trading at $0.00001079, which, however, represents a decrease of 10.28% in one week and 17.32% in one month.
On the technical side, the Relative Strength Index (RSI) analysis shows that the coin is slightly oversold. So it should be able to start rising again in the coming days.
The improvements to the Shiba Inu ecosystem show its vitality. Recently, the blockchain-based card game Shiba Eternity has been welcomed by the community. It’s a step towards crypto optimization that wants to ditch the simple token meme image.
chain link (LINK)
LINK token is $7.02 in the market today. This represents an increase of 0.93% compared to the previous day. The price is still down from last week at -3.65% and -0.14% in 30 days.
Chainlink managed to hold its ground in the market despite two massive sell-offs in June and August.
Recently, investors decided to acquire LINK tokens with a value equivalent to $93.15 million. It can be predicted that the price of the cryptocurrency will rise in the future.