After a sharp drop in the main cryptocurrencies on the market, the capitalization of the entire crypto industry has begun to recover, growing by around 6,3% in the last few hours.
So far this year, the market capitalization of the entire crypto industry has grown by nearly 330%. By the beginning of 2021, the total value of this market was close to $715.000 billion. To date, the crypto market exceeds $2,37 trillion in capitalization and reached an all-time high above $3 trillion last November. In the last few hours, the total value of cryptocurrencies has grown by nearly 6,3%, recovering from a correction caused at the beginning of the month by fears about the emergence of a new Covid variant and inflation levels.
Source: CoinGecko
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Bitcoin recovers 5% of its value
The price of Bitcoin (BTC), the market-leading cryptocurrency, has recovered 5,5% of its value in the last few hours and nearly 6% in the last week, trading above $49.000 per unit at the time of this writing. For analysts, such as Samson Mow, CSO of Blockstream, the sustained selling pressure on Bitcoin from markets in China could decrease next year, giving room for the cryptocurrency to recover.
Although Bitcoin was expected to surpass $100.000 per unit by the end of 2021, the estimate has now been moved to 2022. Mow considers Once cryptocurrency exchanges, pressured by China's strict regulations, completely close their peer-to-peer operations and services and the Chinese New Year ends, the cryptocurrency will be able to recover and surpass the value it held at the beginning of November, when it reached its historical maximum of $69.000 dollars per BTC. “There is uncertainty at the moment about trading venues and access to trading. People are selling and sitting on RMB (the Chinese yuan)”, Mow said.
Altcoins are also growing
The price of Ethereum (ETH) has also recovered 5,3% in the last week. At the time of this writing, the price of the second most important cryptocurrency on the market is trading above $4.060 per unit. Other altcoins, such as Solana (SOL) and Ripple (XRP) have rallied between 11% and 18% in the past 7 days.
Decentralized finance tokens (DeFi), such as The Graph (GRT), Curve Finance (CVR), Terra (LUNA), Yearn Finance (FYI) have rallied between 15% and 73%.
Stablecoins with $161.700 billion in market cap
The market for stablecoins has also grown exponentially over the past year. According to data from CoinGecko, the total capitalization of stablecoins grew by nearly 600% this 2021, accumulating value totaling $ 161.700 million dollars, with Tether (USDT) and USD Coin (USDC) leading the way. This week, the TerraUSD (UST) stablecoin, built on the Terra blockchain, became the industry’s fourth-largest stablecoin by market cap and the first decentralized stablecoin on the market.
The tokens associated with the NFT Metaverses, which have become a global trend within the crypto industry, are already adding value by more than $ 33.000 million dollars at the close of this edition.
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