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Why crypto prices have risen above 2% in 24 hours

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While there has been a constant sense of fear among most investors, it can be said without any doubt that the blockchain industry presents opportunities from time to time. But despite the market’s high volatility, only a few have been able to take advantage of the current moves. Despite all the recent developments, crypto prices are up more than 2% in the last 24 hours.

But what exactly is the reason for this sudden price increase after a reasonable drop last week? Since this is the crypto market, a 2% pump may not be a problem. But what has now changed in recent months has been nothing but bloodshed for most of the top space projects. With some major coin pumping, at least to some extent, the industry could see another wave of positivity.

So far, there have been no major developments in the crypto space or on a global economic level. But some factors may have worked in favor of the blockchain domain, leading to a slight increase in prices. These factors have caused the global cryptocurrency market cap to drop from $800 billion to around $828 in just 24 hours.

Although the pump is quite small, it can be returned for two main reasons:

upcoming or ongoing global events

Any event or celebration that can spark huge positive sentiment has historically had a positive impact on crypto prices. By November, the excitement around Christmas or New Year could be one of many factors driving investors into the market. It is common for prices to fall slightly on holidays, as retail investors are believed to be withdrawing funds for shopping or similar activities. But they see a spike a few days ago. This could be one of the reasons for the marginal increase in prices.

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However, the most obvious reason for the overall surge in interest in cryptocurrencies at that time was certainly the FIFA World Cup held in Qatar. Major companies in the domain, such as Crypto.com, sponsor the event, which is viewed by millions of people worldwide. Naturally, this small step could have a knock-on effect and contribute to rising crypto prices.

For now, major cryptocurrency exchanges and sports betting sites can expect an increase in engagement. This is simply because the event could open doors for many people to learn about crypto, or to invest in assets in anticipation of good returns after the World Cup.

The war between Russia and Ukraine, which has also often made headlines, seems to have cooled considerably. While this may seem like a small change, it could have a huge impact on investor mindsets, allowing it to act as a catalyst for crypto prices to rise.

FTX fiasco is a thing of the past

The entire industry was turned upside down after FTX, the third largest cryptocurrency exchange at the time, went bankrupt. With over a million active users, FTX serves investors from all over the world. But earlier in November, several revelations had emerged about the stock’s financial condition. Immediately afterwards, investors began withdrawing their funds from the exchange and selling FTT, the exchange’s native token. As a result, the stock market lost most of its value.

The exposure of hypocrisy on such a large scale had an immediate impact. The prices of all cryptocurrencies were affected. BTC, which was trading in the $20,000 range, dropped to the $16,000 level. Even the projects or companies previously affiliated with FTX saw their value drop.

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While it’s a reassuring fact that it could have a long-term impact on the market, the news circulating about FTX is pretty low. Despite the mention of the exchange from time to time, it seems to have declined to some extent. This has also worked well for the industry as fears of CEX losing money begin to fade.

Are there good alternatives to look at?

New projects with innovative products are constantly emerging at every point in the market. Getting started in such projects can yield huge profits, even during a bear market. The following are three such projects that are in the pre-sale phase and could be great options for investors to park their money.

dash 2 things

It is a crypto analytics and social trading platform that will revolutionize trading and crypto learning for retail investors worldwide. It was created by a popular financial education platform called Learn2Trade, which has an existing user base of over 70,000 members. The presale of its D2T token has been strong as the project has managed to raise more than $6.9 million despite such harsh industry conditions.

IMPT.io

IMPT.io can be called a revolutionary crypto project. Created by a group of experienced professionals, it aims to offset the carbon footprint left by participants in the blockchain industry.

It is essentially a marketplace that will facilitate the purchase of goods using the IMPT token, where users will be rewarded with carbon credits. These carbon credits can then be retired or sold by investors. Native token IMPT has also been in high demand, with pre-sale already bringing in a whopping $13 million. It could be one of the biggest gains in the coming months.

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calvary

As a newly introduced P2E NFT trading card game, Calvaria has the potential to increase significantly in value after launch. It has the most attractive looking ecosystem and designed with the current market trends. Native Token RIA is currently selling at an accelerated pace with over $1.9M raised from the $2.1M goal.

With such a strong project and a huge community supporting its movements, Calvaria is also a project worth keeping in one’s portfolio for potential profit.

Read more:

Dash 2 Trade – High Potential Presale

  • Active Presale Now Live – Dash2trade.com
  • Native token of the crypto signal ecosystem
  • KYC verified and checked

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Source: news.google.com

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