Crypto market update: Bitcoin and Ethereum rise by 3%

Cardano and Chainlink lead upward momentum in cryptocurrency market

Leading cryptocurrencies traded up on Wednesday, continuing the trend of marked volatility seen in the past week. 

The capitalisation of the total cryptocurrency market rose by 2.9% in the past 24 hours, to $1.25trn – $750bn lower than the level at which it stood two months earlier.

Bitcoin traded up by 3% at $30,413. The world’s first and largest cryptocurrency jumped by 5% at the start of the week before sinking by 7% on Tuesday afternoon before surging by 6% in the evening. Since the start of the year, Bitcoin has lost 36% of its value. Its market capitalisation has sunk from $884bn to $580bn in the same period. 

Ethereum also traded 3% higher to $1,806. The second-largest cryptocurrency experienced a similarly bumpy ride at the start of the week, reaching highs of $1,912 and lows of $1,727. Ethereum’s market capitalisation stood at $218.7bn, having started 2022 at $442bn. 

Among the other prominent cryptocurrencies, Cardano and Chainlink enjoyed the largest gains, rising by 10.4% and 13.2%. Tezos suffered the largest loss, falling by 4.2%. 

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Biggest crypto gainer

Across the wider crypto asset space, Revolotto enjoyed the largest 24-hour gain, rising by 786% to $0.1026. The cryptocurrency trading on the PancakeSwap exchange saw its market capitalisation rise to $20.3m. 

The cryptocurrency has nonetheless lost 97.5% of its value since the $4.15 all-time high that it reached in November last year.

Biggest crypto loser

Snowcat DAO suffered the largest 24-hour loss, plunging by 99.99% to $0.000141. The meme token with an automated buyback mechanism reached a record high of $2.13 only two months earlier.

All prices correct as of 13:15 BST (UTC +1).

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