The cryptocurrency market has shown signs of recovery this Tuesday, with market capitalization rising by 0.68% to $1.07 trillion in the last 24 hours. Concurrently, the market volume increased by 52.30% to $29.68 billion, according to industry data. The uptrend was mainly led by the SOL token, which saw a significant rise from its two-month low along with the continued rise of Ether.
The SOL token emerged as the leading performer among the top 10 cryptocurrencies on Tuesday, rising 4.59% in the 24 hours to noon in Hong Kong. The token, priced at $20, recorded a weekly gain of 10.83%, recovering from its two-month low of $17.74 on September 9.
Bitcoin, the world’s largest cryptocurrency by market capitalization, also saw positive value growth, rising 0.89% to $26,940 over the past day. This short-term correction is being closely monitored by investors and they are also keeping an eye on key developments in the stock market.
Ether, the second-largest cryptocurrency globally, also saw an increase in value. During afternoon trading on Tuesday, the price of Ether rose 0.49% to $1,640, finishing with a weekly gain of 3.78%.
The cryptocurrency market is known for its volatility, but there are signs of stability due to the entry of large institutions into the sector. The recent launch of the crypto custody arm of Standard Chartered (OTC:) is one such example that has provided credibility to this otherwise volatile market and may attract more investors.
In other developments in the digital asset sector, the popularity of the Gods Unchained card led to ImmutableX becoming the second largest NFT chain in terms of daily sales. Additionally, the Forecast 500 NFT index rose 0.19% to 2,017.57 points in the 24 hours as of late afternoon in Hong Kong, despite a weekly decline of 3.46%.
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