The crypto market begins to recover after the 16% drop over the weekend

The crypto market cap has recovered by 2,8% in the past 24 hours, after suffering a 16% drop last weekend. 

Bitcoin, Ethereum and the Top 10 altcoins of the market are beginning to show signs of recovery, after losing more than 25% of their value, on average, last weekend. cryptocurrencies, began to fall last Friday, following the publication of the Bank of Russia’s intentions to take a similar position to China’s on crypto assets. Russia wants to ban all cryptocurrency trading and mining activity in the country; a move that adds to the strict regulatory environment that is looming for the industry globally. 

However, despite the concerns and uncertainty that regulators have created for crypto investors, the value of the main cryptocurrencies is beginning to recover in the market. 

According to the data According to CoinGecko, the price of Bitcoin (BTC) is up 1,7% in the last 24 hours. Ethereum (ETH), Cardano (ADA), Ripple (XRP), and Avalanche (AVAX) have recovered by around 2%. Other crypto assets such as Binance Coin, Cosmos (ATOM), Kadena (KDA), Oasis Network (ROSE), Fantom (FTM), and Yearn Finance (YFI) have shown a greater recovery, between 3,3% and 9% of their value, in the last few hours. 

This recovery has raised the overall capitalization of cryptocurrencies by 2,9%, according to the same data. Currently, the entire crypto market totals more than 1,74 trillions of dollarsIt had fallen to a six-month low last Friday, with a market capitalization of $6 trillion. 

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Bitcoin exceeds $36.000 USD

Bitcoin's price fell to $34.500 per unit on Friday. It is now trading at around $36.200, showing a rise of 1,7% in the last few hours.  

The recovery of Bitcoin's value coincides with the report published by the Bitcoin Mining Council, who spoke about the sustainable mining of this cryptocurrency, confirming that Approximately 46% of the Bitcoin blockchain network is powered by 100% renewable energyAlso, there is the investment of 15 million dollars made by El Salvador, which recently added another 410 BTC to its balance sheet.  

Amid the crash, the Bitcoin network also saw a growth in its difficulty level, indicating that more miners are connecting to the blockchain. Data from Blockchain.com shows that Bitcoin's difficulty has reached an all-time high of 26,6 trillion (T). 

Ethereum, with a bearish trend

The price of Ethereum is above $2.400 at the time of writing, showing a 2% recovery in value in the last few hours. According to the data, ETH touched $2.500 yesterday at its highest point. However, analysts of this cryptocurrency remember that its price has been on the decline since last November, after reaching its historical maximum of $4.878 per ether. 

It seems that the network's scalability issues and high gas costs are discouraging both users and investors. DeFi Llama, a major blockchain monitoring site, DeFi, shows that the TVL (Total Value Locked) within the Ethereum decentralized ecosystem has dropped 30% from its all-time highs seen in November. Currently, the TVL within this blockchain is 118.000 million. 

On the other hand, JP Morgan analysts also published a report pointing out that Ethereum's share within the cryptocurrency market NFT has fallen 15% in the last 12 months, losing ground to potential competitors such as Solana, Flow and WAX. 

Cardano, DeFi and Metaverse

Although Cardano’s price remains in the red at the time of writing, analysts are pointing out that the cryptocurrency’s price may be gearing up for a new rally amid some major developments. 

Recently, the Cardano network has seen the birth of its first native DEX and Automated Market Maker (AMM) protocol, called Sundae Swap, which caused massive chain congestion, as its developers had warned, at the time of its launch. Also, Cardano developers indicated that they are improving node performance to cope with the massive demand for DeFi. The blockchain founded by Charles Hoskinson, former Ethereum developer and CEO of IOHK, also welcomed its first blockchain metaverse, called Pavia, where users can trade NFTs, referred to within the network as CNFT (Cardano NFT) and digital land. 

At the time of writing, the price of Cardano (ADA) is hovering around $1,08 per unit. 

Cosmos, Loopring and Terra lead the crypto market

At the time of writing, Cosmos (ATOM) and Loopring (LRC) are the two fastest-growing cryptocurrencies over the past 24 hours. According to data from CoinGecko, both cryptocurrencies are up over 9%, ranking 17th and 87th in the crypto market, respectively, by market cap.

Other cryptocurrencies that have recovered significantly after the market crash last weekend are Binance Coin (BNB), Terra (LUNA) and Dogecoin (DOGE), with a recovery of more than 1,5%. Solana (SOL), Polkadot (DOT), Polygon (MATIC), which are part of the Top 20 cryptocurrencies, are in the red at the time of this edition, with falls exceeding 2%.

Solana, which was ranked as the fifth cryptocurrency in the industry, has lost its position, falling to eighth place.

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