The cryptocurrency market isn’t just Bitcoin– although Bitcoin certainly enjoys a far favorable role in the market than any other cryptocurrency. And the recent trading session did just that. With Bitcoin pulling back almost 2.8% after it faced a slump in its trading volume by 23%, many traders thought it would be affecting the entire cryptocurrency market hard. But, it was not so. According to Nomics, a data company that researches cryptocurrency, the global market for cryptocurrency has kept ascending- with or without the strong influence of Bitcoin.
The Cryptocurrency Market Will Run Just Fine Without Bitcoin
Currently, the total value of all the cryptocurrencies in the world is at a staggering $1.43 trillion, which is also due to the rise of Ethereum as a good cryptocurrency. Ethereum, which is the world’s second-largest cryptocurrency did rise by 3.25% to climb $1,800. According to today’s values, Ethereum has been on top of $1,500 for the last six straight days.
Ethereum’s subsidiaries have also helped cryptocurrency markets, as DeFi projects, AAVE, Uniswap, and Synthetix have all been seeing gains in the double-digit. Synthetix is currently up by around 29%. The story has been pretty uniform over quite a few other markets- Binance has stacked its value by 43%, while Cardano has gone off its charts at 15%.
Dogecoin was the only cryptocurrency in the top 10 which saw a slump in its prices by 5%. The trading volume of this cryptocurrency went down a cliff by 30% in just a day. The cryptocurrency market split has definitely wracked up a very interesting question- how big a factor is Elon Musk in the whole cryptocurrency sector? His tweets about different cryptocurrencies have certainly helped said cryptocurrency- so does it signify a form of market manipulation.