Will the Crypto Market Bounce Back?
- Blog
- October 18, 2022
Will the Crypto Market Bounce Back?
The global cryptocurrency market continues to face volatility. The cryptocurrency behemoth, Bitcoin (BTC), too, dropped 72% from its all-time high. What naturally followed was a drop in Ethereum (ETH) by over 73% from its all-time high. The global crypto market volume is $918 billion at the moment.
The cryptocurrency market has trended downwards for two quarters now, with some ups and down. The total volume traded on the cryptocurrency market over the past 24 hours has dropped by 99.93% to $477134.09.
Bitcoin traded at $19,245 with a trading volume of $18,851,617,414, at the moment. The value of BTC increased by only 0.50% in the last 24 hours, with a market cap of $369 billion, while Ethereum traded at $1,306, a surge of 1.62% in the last 24 hours. ETH’s market cap is around $159, with a 24 hours trading volume of $7,869,773,615, according to CMC.
The cryptocurrency community is hardly trying to get the market back on track. On October 11, Google announced that it would start accepting payment in cryptocurrency for its loud services early next year by partnering with Coinbase.
The Bank of New York (BNY) introduced its custody service for Bitcoin and Ethereum on the same day. The bank will keep the private keys of its customers and provide accounting for their cryptocurrencies.
