Since March 22, the crypto market capitalization has managed to remain steady above $2 trillion. A week later, on March 28, the crypto market continued to experience gains and settled at a capitalization of $2.17 trillion. This represents a gain of 6.7% in the last 24 hours.
During the last week, digital currencies have continued to gain value, with major cryptocurrencies moving higher in their valuation.
Following the rise of the crypto economy, there has been $123.24 billion in the global trade volume of cryptocurrencies in the last 24 hours, indicating an increase of 77.4% in trade volume across all exchanges.
At the time of writing, the most popular and largest cryptocurrency by trade volume, Bitcoin (BTC), experienced a price increase of over 6% to trade at $47,876.52, according to coinmarketcap.com.
Bitcoin prices have been gaining steadily since the start of the year 2022 and have now reached a three-month high of over $47,000. In the past 7 days, Bitcoin has now gained 16%, with a market cap of $912,817,863,570.
Other cryptocurrencies have also been performing well, with the second-largest crypto, Ethereum (ETH), registering gains of 16.15% in the past week. In the last 24 hours, ETH has gained 7.2% to trade at $3,404.74.
Binance coin (BNB) has gained 9.93% in the last week, while Ripple token (XRP) has gained 5.50%.
Popular coins such as Dogecoin (DOGE) have also experienced a surge in valuation, with popular coins such as Dogecoin (DOGE) gaining 7.49% at $0.1507 in the last 24 hours, reinforcing its upward trajectory to a total gain of over 26% over the past seven days.
Other altcoins such as Holo and Convex Finance have witnessed gains of over 50% in the past week.
The greatest gainer over the past week was Ziliqa (ZIL), whose price has risen by 147%. Overall, most cryptocurrencies and altcoins were trading in the green in the last seven days.
The stable coin USDT (Tether), which is the third-largest crypto by market volume, has been holding steady prices over the week, trading at $1.
In the Decentralised Finance (DeFi) area, there were also significant gains, with yearn finance (YFI) gaining 11.76% over the last week to trade at $22,704.59. Uniswap (UNI) is up 4.34% in the last 24 hours, reaching a high of 23.23% in the last week.
Other DeFIs: Aave (AAVE) is also up by 8.19% in the last 24 hours, while Uniswap (UNI) is up by 4.34% to trade at $177.43 and $11.47, respectively.
Out of the $123.24 billion worth of crypto market economy trades in the last 24 hours, about 13% ($16.08 billion) is locked in DeFi protocols.
The greatest gainers in the last 24 hours were Revolto (RVL), up 751.64%, Gamerse (LFG), up 708.85%, and Shiba Toby (SHBT), which gained 336.60%.
Although it is not yet clear what led to the rise in the value and price of various cryptocurrencies, it is believed that the current global trends and market shifts, such as the Russia-Ukraine conflict and pending regulations and reviews, have a great part to play.