News
Top crypto assets defying the market’s bearish outlook
Crypto assets are trading in the red zone for the second consecutive day, with some coins posting double-digit losses. At the time of writing, the market capitalization is down 0.5% in the last 24 hours, with a massive 41% drop in trading volumes.
The decline in market prices is linked to macroeconomic factors, the Securities and Exchange Commission’s stance on most assets and industrial factors affecting some currencies. Although the decline in sentiment has led to low market prices, some crypto assets add trades against the market triggering bullish pressure. Here are the main resources going green today.
BNB
BNB trades at $592, a high of 1.17% in the last 23 hours, changing the trend after a growth outlook. The asset has a market capitalization of $87.5 billion and a 24-hour trading volume of $1.3 billion. Although volumes remain low due to overall low sentiment, the cryptoasset has broken through its previous low.
BNB is now up 1.25% this week, showing strength as bulls point to another market run. Although monthly flows are still negative, the recent performance has brought optimism to the market.
Toncoin (TON)
The price of toncoin rose 2% today to $6.87. The asset has seen recent highs amid new ecosystem developments. From the announcement of the token distribution to the listing of HashKey, TONNE marked a number of positive developments.
Like BNB, asset trading volumes have plummeted for TON coins, with bulls attempting a near-term recovery. Toncoin outperformed the market this week showing a huge 18% upward move.
Litecoin (LTC)
Litecoin price stands at $81.60, up 1.80% today, moving away from other crypto assets. The coin’s market capitalization is over $6 billion, with daily trading volume recovering, although still in the red zone. Litecoin’s daily on-chain volumes are set to recover with the broader market.
Crypto assets have undergone significant corrections in the last 48 hours as major assets Bitcoin and Ethereum collapsed.
Read also: SHIB Burn: How many Shiba Inu tokens have been burned to date
David is a financial news contributor with 4 years of experience in Blockchain technology and cryptocurrencies. He is interested in learning about emerging technologies and has an eye for the latest news. Staying up to date on trends, David has reported in several niches including regulation, partnerships, cryptocurrencies, stocks, NFTs, etc. Away from the financial markets, David cycles and rides horses.