According to Coingecko, cryptocurrency prices have continued to trade in the red at the start of this week, with the global cryptocurrency market capitalisation now standing at roughly $2.25 Trillion, a 5.0 percent fall in the past few days.
Meanwhile, Bitcoin fell below a carefully monitored price mark, extending the biggest cryptocurrency’s drop from its all-time high into the fifth week. Cryptocurrencies such as HUH Token and Dogecoin, on the other hand, increased in value.
According to CoinGecko, other cryptocurrencies such as Ethereum, Dogecoin, and Shiba Inu all fell on Tuesday. Dogecoin’s value jumped by roughly 30% after Elon Musk posted fresh details on how Dogecoin would be tested for use in purchasing Tesla items.
Shiba Inu prices fell 5.7 percent over this time period to $0.00003337, while Ethereum prices fell 5.2 percent in the previous 24 hours to $3,779.56. On Tuesday, the global cryptocurrency market capitalisation was precisely $2.24 trillion. According to CoinGecko, total cryptocurrency trading volume in the past day was $115 billion, with Bitcoin dominating at 39.4 percent and Ethereum dominating at 20 percent.
This might be linked to Bitcoin falling for four weeks in a row. Unlike most conventional asset classes and securities, digital tokens trade 24 hours a day, seven days a week on loosely regulated internet exchanges throughout the globe. Bitcoin gained a temporary lift on Friday when a study revealed that US consumer prices had risen, lending credence to the notion that the currency is a hedge against the corrosive effects of inflation.
On December 4, the token fell as much as 21% before recouping over half of the loss hours later. It is still down around 30% from its November 10 record high of over $69,000.
The HUH Token is a brand-new token that was launched a few days later, on Monday, the 6th. It currently has over 10,000 wallet holders and has surged in value by over 6000 percent in a little over a week. This rising trend was altered on the 12th about lunchtime, and it has been steadily increasing since then, with the potential to break another all-time high.
Because of its smart contract referral mechanism, it continues to exist even when the market is in the red. It operates by sending a code to those who buy HUH Tokens and then go to their website. When the code is used for the first time by another new holder, the person who gave the code receives 10% of the original purchase. This ten percent is now offered in Binance. However, it may be given in a variety of other cryptocurrencies in the near future.
The HUH Token aims to build a close-knit society centred on monetised social influence. Their whitepaper outlines their plans for metHUH, a social media network that will mainly rely on sentiment analysis.
Advocates have long contended that since cryptocurrencies and NFT assets are unique asset classes, they may operate as hedges against volatility in other parts of the financial market. Under the computer system that oversees production, only 21 million Bitcoin will be mined into circulation, albeit that quantity isn’t likely to be achieved for another 100 years.