Crypto Market Cap Gains 4.5%. Here Are the Coins That Are Leading the Way
KEY POINTS
- Bitcoin goes back up to $22,000 and other coins follow, leading to a market cap increase of 4.5%.
- Solana, Dogecoin, and Ethereum rise as much as 16% and perhaps offer a glimmer of hope amongst market watchers.
Has the bottom been hit for the crypto market? The answer is unknown but we are finally seeing green across the board again.
Earlier this week, the once-$3 trillion crypto market fell to under $1 trillion. Today, however, the crypto market capitalization increased by 4.5%, and has some investors thinking that the bottom has been hit, and the market could begin to level out. On Wednesday, Bitcoin, the largest cryptocurrency coin, jumped up to $22,000 after dipping to almost $20,000. And as Bitcoin goes, so goes the market. Here are three more coins that are seeing gains in light of this rising tide.
1. Solana
Solana saw gains as high as 16% and at the time of writing, the coin is up 12%, according to CoinMarketCap. Its current price is $32.13. The project consists of an innovative protocol that is designed to facilitate dApp creation. This year's crypto market has left some wondering if digital currencies and NFTs are a passing flame that has already gone out. But the technology behind companies like Solana is likely not finished yet. Solana's aim is to improve scalability, an obstacle that Bitcoin has faced. It does so by combining a unique proof-of-history (PoH) system with the foundational proof-of-stake (PoS) consensus commonly seen on blockchains.
2. Dogecoin
Dogecoin is another popular coin that saw major gains on Wednesday, and is once again performing well today. The open-source meme coin that was begun as a silly take on cryptocurrency, features a Shiba Inu on its logo and is based on the internet "doge" meme. It too is up over 9% in the last 24 hours, at a price of $0.05821.
3. Ethereum
And of course, the other heavy-hitter, Ethereum. Like BTC, SOL, and DOGE; ETH has been in the green since Wednesday and is now at $1,124.36. The open-source platform that writes and distributes decentralized applications has been no stranger to the bear market this year.
Today we are seeing quite a bit of green across the crypto board. Has the bottom been hit? Is the market cap leveling out? Time will tell!
Our Research Expert
Katie Clinebell is a freelance content creator and digital marketing strategist for FinTech, blockchain, and crypto brands. She has created award-winning campaigns for Snapple and Tai Pei Frozen Asian Food and received an Adobe Academic Achievement Award for content about Olympic athletes.
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