Crypto Market Witnesses $100 Billion+ Inflow In 24 hours

It would be an understatement to say that the crypto market is having one of its most tumultuous weeks. Crypto market has always been an unstable sphere where things tend to change overnight. But it’s also this very characteristic of this field that makes investor excited about the prospect of becoming a millionaire in a matter of days. However, fate doesn’t always work in your favor, which is something the crypto investors have become all too well aware of in the last few days.

Crypto Market’s $275 BILLION Loss

For those who don’t know, over $275 BILLION was wiped off the global crypto market cap in less than 24 hours on Thursday. In addition, Bitcoin fell to nearly $27,000, a level last seen in December 2020. Such dramatic negative changes were sure to make the investors lose their sleep. But recent developments in the crypto sphere hint that good days may be round the corner. After weeks of a worrying downside trend, the major cryptocurrency Bitcoin has finally begun to rise once again. Bitcoin today on May 13, has reclaimed the crucial $30,000 level.

As a result of the primary cryptocurrency Bitcoin regaining its strength, the prices for many altcoins have improved as well which in turn has led to an infusion of cash into the global cryptocurrency market cap, which has increased by over $100 billion in the last 24 hours.

In fact, the overall market capitalization was $1,301 billion on May 13, up from 1,193 billion on May 12 at 11:25 UTC. CoinMarketCap data shows that $108 billion has entered the cryptocurrency market. The abrupt drop in Bitcoin and other cryptocurrencies appears to have slowed, leaving investors to tally their losses after one of the most severe drops in recent memory.

Terra Crypto Crash

There was ubiquitous panic in the crypto market last week as Terra (LUNA) cryptocurrency plunged by more than 99% overnight. The sudden drop drove the stablecoin, Tether, below its dollar peg.

What The Future of Crypto Looks Like

Despite of what the crypto market looks like to an average person right now, there are indications that it will improve in the coming times. BTC, the most popular cryptocurrency, gained 14 percent in the previous day, breaking through the psychological barrier of $30,000 for the second time, while the cryptocurrency market as a whole gained 13.5 percent during the same period.

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Sahil likes to use his great writing skills to curate articles about Crypto and KPOP here at Clout News.