After many weeks of a downward trend, the crypto market now sees several altcoins recovering from the bearish trends. This is coupled with the news of recent agreements regarding the debt ceiling issue in the United States.
Recently, several developments have surfaced in the limelight regarding the crypto industry. One of the latest is the addition of $30 billion to the crypto market capitalization after the surge in Bitcoin price.
Also, cryptocurrencies like Ethereum, Cardano, and XRP have seen massive network improvements. This week, we will share complete details of the latest development in the crypto industry.
Crypto Market Adds 3 Billion US Dollars
After suffering through many bearish trends, the crypto market is finally looking to be making some short-term recovery. Immediately the US government said it reached some sort of a deal, and cryptocurrencies in the market started surging.
Even the apex cryptocurrency, Bitcoin, reached a three-week high within a short period. The apex cryptocurrency hasn't been looking very good in its price chart for the past three weeks. According to many crypto analysts, Bitcoin has been trading sideways for weeks. Market conditions made its price go less than $26k for the first time in two weeks.
However, the sudden jump in the crypto market has made Bitcoin recover its lost price. It is currently trading within the range of $26,500 and $27,500. Its market capitalization wasn't left out, as it increased significantly. At the time of writing, Bitcoin's price is $27,618, and its market capitalization is more than $540 billion.
Whales Jumping to XRP
Recent data show crypto whales likely leaning towards the Ripple token in recent weeks. Over 52 million of this token has accumulated within the past three weeks.
Whales buying tokens in significant amounts only show one thing. It shows that the token is a must-buy crypto now and might have a long bullish trend in no distant time.
Despite its many crashes in recent times, data shared by renowned crypto analyst Ali on Twitter shows that XRP investors believe the token will increase massively in price. XRP is one of the bullish cryptos today, rising by more than 1% within 24 hours.
Cardano's DEX Volume Increases Massively
Cardano's DEX Volume has increased massively, far more than expert predictions within the past week. According to verified data, Cardano's DEX Volume has reached a whopping $68.5 million.
This new surge in their DEX volume is because of the success of their decentralized establishments. Their Minswap recorded a weekly change of more than 99%. Minswap is the major decentralized exchange on the Cardano platform, heavily contributing to the increase in DEX Volume.
The DEX volume has increased by $60 million in its seven-day chart. Other DEX platforms contributing to the increasing volume include WingRiders and Sundaeswap. Cardano's total value locked (TVL) now stands at 91.27 million, while its token price has moved to $0.37. Its token price has only witnessed a 0.69% increase within the past 24 hours.