The global crypto market capitalization has increased by as much as 1% from Oct 12, 2021, to 2.31 trillion USD. However, the total crypto market size decreased slightly to 105.18 billion USD.
Successful cryptocurrencies were back in the green on Wednesday when the stock switched from Bitcoin (BTC) to Altcoins. Though most of them have been making up for weekly losses.
Aside from bitcoins and fiat money-pegged stable coins, 7 out of the top 10 cryptocurrencies were trading higher as of Oct 12.
Investors posted gains in BTC, while other altcoins such as Binance and Polkadot reached 13% higher.
“While the market has been mixed, BTC has seen a rebound over the past week, but we will wait and see how the market performs for the rest of the week,” said Sharan Nair, commercial director of CoinSwitch-Kuber.
Bitcoin is flirting with a low run to its unparalleled high trading after rising 90 percent or more from July. High records are possible for Bitcoin, perhaps around 80,000 USD to 85,000 USD, Sharan Nair added.
The cryptocurrency marketplace has seen stable volumes in big altcoins after the secular race in Bitcoin, said Edul Patel, co-founder, and CEO of Mutex. Many equity tokens have performed well and the search for thematic investments was never essential before today.
Bitcoin’s surge could be the conceivable reason for today’s decline.
NFTs Sales in China Seem To Be Increasing
Recently, some chinese cryptocurrency millionaires acquired blockchain punks, a bored monkey yacht club.
Some artists made millions of dollars selling individual NFTs to buyers willing to pay for crypto-insured collectibles. Beeple (the work of Mike Winkelmann), for example, is known for his work in NFTs, and one of his pieces sold for 69 million USD at Christie’s.
Then there are the NFT collections that also fueled the NFT craze, like Cryptopunks, NBA Top Shot, Art Blocks, Cool Cats, Loot (for adventurers), Curio Cards, and more.
Crypto Cart: Quick Glance from Oct 4.
OMG Network is responsible for Ethereum blockchain
In addition, The OMG network (OmiseGo), a non-custodial network, is a Layer 2 scaling response built for Ethereum (ETH). As it is a scaling solution, through OmiseGo users can transfer ETH and other ERC20 tokens faster and cheaper than direct transactions on the ETH network.
Besides this, OMG is a utility token that works natively through payment methods and transaction charges on a decentralized network. In addition, traders can use OMG in order to secure the decentralized network by rewarding points. The token has a fixed supply of 140,245,398 and a decentralized marketplace is able to mine and circulate this total supply.
With a market cap of 2.2 billion USD, it currently ranks 59th among all cryptocurrencies. OMG trade is up nearly 498% as per last 2-3 months records. The asset broke the parallel uptrend channel and reached 18.2 USD. It copes with stiff resistance and succeeds in correcting 30% trades after hitting a “Doji” candle at its highest.
OMG has found support at critical levels around 12.45 USD (Fibonacci retracement level of 38.2) and has started to form an upper, lower upper pattern. We can expect digital assets to rally once it breaks down or closes up to 18.2 USD.