Crypto rise up to 5375% in a day

The worldwide cryptocurrency market saw a drastic rise in its value after a constant decline for few weeks. The cryptocurrency market cap was standing at $2.26 trillion, according to data from global crypto tracking website CoinMarketCap. This was up by 6.62% over the last 24 hours.

The global crypto volume also rose significantly over the last few days as more traders sold their coins. The total volume of traded coins amounted to $95.67 billion over the course of last day. This has increased by 8.93% over the last 24 hours, said data. The volume of all stable coins was $75.89 billion, which is 79.33% of the total crypto market.

The crypto market has been declining for a while now, precisely clashing with discovery of the new covid-19 variant omicron, as investors stayed away. The worldwide traders have been avoiding risk assets amid Omicron fear and have been investing in safer assets instead.

The ZebbPay Trade Desk said, “BTC has seen a significant correction, over the last week falling by approximately 20%, fling to lows $53,327. BTC options expiry last Friday seems to be the main reason for the decline. However, since then BTC has recovered well and currently trades at $57,500. BTC dominance stands at 42.2%, with a market capitalization of $1.2 trillion. The overall sentiment is still good for the asset, and the recovery trend already seems to be underway”.