Cryptocurrency market could be in a state of reversal as the majority of altcoins are growing
After the massive correction in the cryptocurrency and traditional markets, we are seeing positive momentum forming in the digital asset industry, with most altcoins gaining up to 30% in value over the past 24 hours.
The biggest gainers
According to CoinMarketCap, the top three biggest gainers on the market comprise Kyber Network Crystal token v2, which has gained 30% to its value in the last 24 hours and over 70% in the last seven days, showing a positive dynamic on the cryptocurrency.
The second place was occupied by the 0x token (ZRX), which is used by developers who build their decentralized exchange infrastructure without involving third parties. ZRX is used within the ecosystem of an exchange built with the tools of 0x and acts as a utility token.
Bitcoin is still consolidating
Despite the switch in sentiment on the cryptocurrency market, Bitcoin traders and investors have not yet recovered from the losses we saw last week and are afraid of going all-in on the first cryptocurrency.
The major risks remain the same as traders fear a further decline caused by traditional market instability followed by inflation and the Fed’s tightening monetary policy. In addition to economic factors, the cryptocurrency industry may face new regulations following the Terra UST disaster, which has endangered both the stablecoin and cryptocurrency industry. .
