Crypto market update: trade uncertainty prevails

By Raffaele Redi

All eyes of crypto traders are still focused on El Salvador’s troubled experiment

Cryptocurrency trading chart                                 
The crypto market struggles to rebound – Photo: Shutterstock
                                

The crypto market is struggling to rebound as uncertainty prevails in investor sentiment on Friday. All eyes of crypto traders are still focused on El Salvador’s troubled experiment as S&P Global warned that the risks associated with the adoption of bitcoin (BTC) as legal tender in the Central American country seem to outweigh its potential benefits.

According to Currency.com, bitcoin’s price was almost stable, trading at around $47,900 (£34,750) over the last 24 hours. The largest cryptocurrency for market capitalisation was 0.7% lower in early morning and was also down 7.7% in the last seven days. The market cap of BTC was $900.3bn, representing around 44% of the crypto market capitalisation, while the crypto’s trading volume was around 3.6% lower at $30.8bn.

Meanwhile, total crypto market capitalisation fell by around $24bn, from $2.186trn to $2.162trn, in the same 24 hours.

Ethereum transaction fees still high

The price of ether (ETH) fell to $3,532.78 on Friday, in line with other major cryptos.

According to BitinfoCharts.com data, the average ETH transaction fee is around $26.8 or ETH0.0076, compared to $32.50 or 0.0096ETH a week ago.

This drop follows Ethereum founder Vitalik Buterin’s comments about the crypto coin’s high fees. Joining the ongoing debate, he said: “We need to move NFTs onto the layer 2 ecosystem to cut fees.” 

Since its London Hard Fork upgrade in August, the network has burned around $1.09bn in ETH, with a net reduction of 53.8%.

Ether was trading down by 2.4% on Friday with a market capitalisation of $415.2bn. The cryptocurrency’s trading volume was around 6.6% lower at $18.4bn in the past 24 hours.

Cardano rebounding after Alonzo Fork losses

Meanwhile, Cardano (ADA) was trading 1.6% lower in the last seven days, following the platform’s Alonzo upgrade.

The third crypto by market cap rebounded during the week, after a 10% loss recorded on Monday, following the Alonzo launch which introduced smart contracts and added support to non-fungible-tokens (NFT).

ADA was trading down by 2.2% at $2.42, with a market cap of $77.5bn and a trading volume of $3.1bn, down by 26.5% in the past 24 hours.

Top gainers and losers

Elsewhere, the likes of SHIBA INU (SHIB) witnessed more than a 30% increase in its price, after Elon Musk tweeted a cute photograph of his new Shiba Inu pup, with the caption “Floki has arrived”.  However, the biggest spike occurred on the Floki Inu token itself – named after the famous pet – as it soared roughly 1,000% in a 24-hour period, following Musk’s mention.

On Friday morning, SHIB was trading at $0.000008765 .

Audius (AUDIO) price also touched a 25% increase in the last 24 hours, trading at $3.00.

However, on the opposite side of the coin were ICON (ICX), down 10.8% at $1.96, and Perpetual Protocol at $16.03, trading 10.6% lower in the last 24 hours.

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