- The crypto market gradually recovers after yesterday’s crash.
- Ripple (XRP) gains significantly in the last 24 hours.
- Avalanche rose to the 10th most valuable coin but stubbled back to 11th.
The crypto market is gradually recovering from its deep red of the last 48 hours. Yesterday shook the world and the entire digital asset market following Russia’s invasion of Ukraine. The drop in the price of Bitcoin (BTC) resulted in FUD and speculations that the market may never recover.
Surprisingly, the last hours have seen a significant recovery of Bitcoin and other altcoins. The current market cap of cryptos now sits at $1.71 trillion compared to the past 24-hour period that it plunged by over $200 billion.
Ripple (XRP) is one of the cryptos making a fairly good return to a positive position. At press time, XRP is up 8.78% and now trades at $0.693. Despite this, the XRP market is down by 12.25% and is still pushing to hit the $1 mark — which may happen sooner or later.
Another coin that captured our attention is Avalanche (AVAX) which moved up the ladder a few hours ago to become the top 10 most valuable crypto, according to CoinMarketCap. While the Ripple community were still reveling in the moment, in a flash, it came tumbling down to the 11th position.
Notwithstanding, AVAX has gained 11.94% in the last 24-hours and may be gearing for a big surge after its price correction.
Whether the global crypto market will weather the storm with many political events, is still a matter of debate. Some crypto analysts predict that most of the largest cryptocurrencies may continue to struggle to break even in 2022. One even suggested that the next big rally for Bitcoin and others will be around 2023.
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.
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