After a sharp drop in the main cryptocurrencies in the market, the capitalization of the entire crypto industry has begun to recover, growing by around 6.3% in the last few hours.
So far this year, the market capitalization of the entire crypto industry has grown by close to 330%. By the beginning of this 2021, the total value of this market was close to $715,000 million dollars. To date, the crypto market exceeds $2.37 trillion in capitalization and reached an all-time high above $3 trillion last November. In the last hours, the total value of cryptocurrencies has grown by around 6.3%, recovering from a correction caused at the beginning of the month by fears about the appearance of a new variant of Covid and inflation levels.
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Bitcoin recovers 5% of its value
The price of Bitcoin (BTC), the leading cryptocurrency in the market, has recovered 5.5% of its value in the last few hours and close to 6% in the last week, trading above $49,000 per unit at press time. For analysts, such as Samson Mow, CSO of Blockstream, the sustained selling pressure on Bitcoin from markets in China could ease next year, giving room for the cryptocurrency to recover.
Although Bitcoin was expected to exceed $100,000 per unit by the end of 2021, the estimate has now been moved to 2022. Mow considers that once the cryptocurrency exchanges, pressured by the strict regulations of China, completely close their operations and peer-to-peer services and the Chinese New Year ends, the cryptocurrency will be able to recover and surpass the value it maintained at the beginning of November, when it reached its all-time high of $69,000 per BTC. “There is uncertainty right now about trading venues and access to trading. People are selling and sitting in RMB (the Chinese yuan)”said Mow.
Altcoins grow too
The price of Ethereum (ETH) it has also recovered 5.3% in the last week. At the close of this edition, the price of the second most important cryptocurrency in the market is trading above $4,060 dollars per unit. Others altcoinslike Solana (SOL) and Ripple (XRP) has rallied between 11% and 18% in the last 7 days.
Decentralized finance tokens (DeFi), such as The Graph (GRT), Curve Finance (CVR), Terra (LUNA), Yearn Finance (FYI) have recovered between 15% and 73%.
Stablecoins with $161.7 billion in capitalization
The market of stablecoins it has also grown exponentially in the last year. According to data from CoinGecko, the total capitalization of stablecoins grew by nearly 600% this 2021, amassing value for a total of $161.7 billion dollars, with Tether (USDT) and USD Coin (USDC) leading the way. This week, the TerraUSD (UST) stablecoin, built on the Terra blockchain, became the fourth stablecoin in the industry by capitalization and the first decentralized stablecoin in the entire market.
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