The cryptocurrency market goes up as inflows total roughly $70 billion in a day | Paragon Alpha

The cryptocurrency market goes up as inflows total roughly $70 billion in a day

By Matea Gucec

The market for cryptocurrencies as a whole was in a bearish trend during the last week, and its main asset fell below $20,000 for the first time since December 2020.

However, the market appears to be rebounding this week, as seen by the $67 billion inflow into the cryptocurrency market capitalization in just one day, which raised the overall market value to $911 billion from its June 20 low of $844 billion.

 

  • *The majority of digital assets are also recovering at the same time, with Bitcoin (BTC) rising back to over $20,000 and moving closer to $21,000. As reported by Finbold, Bitcoin had fallen below $19,000 on June 18 before significantly rising again.

 

  • *Ethereum (ETH), which is also rising at the same time, is up 9% today but is still down 6.62 percent from seven days ago. Despite the top 100 crypto funds reducing their ETH holdings by 85% on-chain in three months, it is still trading at $1,147 and is still in the black.

 

It's interesting to note that Terra Classic (LUNC), which started out on a rocky journey three weeks ago when LUNA 2.0, the platform's initial chain, saw a big price correction hours after its introduction, is now the most popular currency.

LUNC has generated a ton of attention among cryptocurrency traders since being rebranded as Terra Classic. According to data from CoinMarketCap, it is presently trading at $0.00005955, up 6.72% today but still 0.81 % lower than it was seven days ago.

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