The global cryptocurrency market capitalization remained almost unchanged at $2.24 trillion over the past day. On the other hand, the overall market volume tanked over 35% to $89.94.
The crypto market displayed mixed actions on Monday. Nevertheless, traders appeared interested in riskier assets following the holiday. For now, the market trends will depend on global cues for considerable movements in either direction.
Six of the top ten crypto assets traded higher today, while the remaining recorded lows. Bitcoin, Terra, and Solana lost some footing, whereas Ethereum and Solana gained up to 4%. The overall crypto market cap remained nearly flat at $2.24 trillion. On the other hand, the market volume stood t $49.94 billion, following an over 35% crash.
BTC ended 2021 with rocky sessions. The leading crypto closed December 19% lower, confirming its worst month since May. Moreover, Bitcoin experienced its worst December for nearly a decade. The cryptocurrency has never closed that low since 2013.
The Indian Crypto Market
Increased interest from risk and retail investors transformed 2021 into a crypto year in India, a somewhat global situation. Nevertheless, the massive industry success attracted regulators’ actions. The government had planned to table the crypto bill during the winter sessions, but it ended without a crypto word from the authorities. Market participants are watching the upcoming developments as the Budget session nears.
The sector has grown in venture capital inflow, eagerness to police the blossoming market, and investors’ awareness. India recorded blockchain investments and cryptocurrency funding worth $638 million with 48 rounds in the past year (Tracxn data). Keep in mind that global blockchain and crypto investments stand at $24.86 billion (930 funding rounds).
OpenSea saw a 2-month peak in daily sales volume yesterday. Non-fungible token (NFT) collections such as deadfellas and MAYC recorded more than 300% surge this week, and Its blockchain founder Hitesh Malviya trusts they’ll continue dominating the market. With that, NFTs projects might expect a bullish run in the coming sessions.
Nevertheless, cryptocurrency analysts predict bullishness in the crypto space this year. Bitcoin requires a decisive move past $50,000 and $53,000 hurdles for stable surges. For now, most assets in the crypto space remain without significant directional bias.