The global crypto market has experienced a widespread selloff in January.
A nightmare for many crypto enthusiasts, like most traders, was liquidated during the brutal Jan selloff.
On February 4, the crypto market made a strong recovery, suggesting that the downtrend is coming to an end and preparing herself to enter into the Bull Market in the coming days.
Readers have to note that the current recovery is more technical as no specific news or fundamentals support these notable gains.
The global market cap is trying to reach $2T market capitalization once again, currently standing at $1.9T, showing an impressive 9.60% gain compared to the previous day.
As per CoinMarketCap (CMC) data, the trading volume for the last 24-hours skyrocketed 45.17% to $94.33B. Most of the volume comes from stable coins like Tether (USDT), USD Coin (USDC), etc. They make 81.03% of the total crypto market volume; this shows that stable coins are heavily being used to buy crypto.
The total volume in DeFi currently stands at $13.00B, which makes 13.78% of the whole crypto market’s 24-hour volume.
The world’s biggest cryptocurrency, Bitcoin (BTC), is still maintaining its dominance in market capitalization, holding 41.26% of the total market cap.
Bitcoin has recently surpassed the 40K critical resistance level and is currently trading at $41,554.70, surging more than 9.95% for the day compared to the previous trading session. The King BTC is now up 23.2% from the year’s low of $32,950.72, registered on January 24.
Ethereum (ETH) rose nearly 8.65% to $3,032.40, and BNB jumped over 14.09% to $430.05. Cardano (ADA) rose over 9.47% to $1.17, and Solana (SOL) was up 11.07% at $117.24 in the last 24 hours.
Coming to the canine-themed meme coins, it is worth noting that they once again survived a worst-ever January selloff and also started to climb with Bitcoin (BTC). In the last 24-hours, Dogecoin and Shiba Inu prices go up 7.12% and 13.02%, respectively.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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