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Some of the most prominent currencies such as Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) were trading higher on Tuesday night, when the global market capitalization of cryptocurrencies jumped 3.75% to $ 2.13 trillion.
What has happened
BTC advanced 4.61% to $ 47,235.13 over the course of 24 hours. The apex cryptocurrency is up 0.43% in a seven-day period.
The second-largest coin by market cap, ETH, was up 3.06% to $ 3,415.06 in 24 hours. For the week, ETH is down 1.15%.
Dogecoin (CRYPTO: DOGE) advanced 1.23% to $ 0.24 in 24 hours. Over the course of seven days, DOGE plummeted 7.13%.
Solarium (CRYPTO: SOL), which posted massive gains in recent days, was trading 5.64% lower at $ 160.91 after a 24-hour tracking period. In the last seven days, SOL has fallen 5.81%.
The tokens of decentralized finance or DeFi were unstoppable on Tuesday, in a day in which SushiSwap (CRYPTO: SUSHI) was the biggest beneficiary of a 24-hour period, according to CoinMarketCap data.
SUSHI rose 17.41% to $ 12.97 in 24 hours. During the week, the token it has risen 19.39%.
At press time and after a 24-hour follow-up period, SUSHI had advanced 11.37 and 12.36% against BTC and ETH, respectively.
Other cryptocurrencies that particularly benefited during the 24-hour period were Curve Dao Token (CRYPTO: CRV), Aave (CRYPTO: AAVE) and Compound (CRYPTO: COMP).
During the period, CRV soared 17.36% to $ 2.77, AAVE advanced 16.99% to $ 383.99 and COMP was up 15.53% to $ 442.66.
Because it is important
In the early hours of Tuesday, the fear and greed index, an indicator of emotions and feelings related to Bitcoin and other large cryptocurrencies, indicated “Afraid“. Soon after, he went on to indicate “Neutral”.
Marcus sotiriou, trader sales of GlobalBlock, a UK-based digital asset broker, said in an emailed note that this change in the fear and greed index to fear levels on Tuesday could be partly due to regulatory concerns.
Sotiriou referenced the comment he made on Tuesday Gary Gensler, chairman of the US Securities and Exchange Commission (SEC), in the Senate and published yesterday. Gary noted that he will follow up on stablecoins and that most of the tokens listed on major cryptocurrency exchanges are currently securities and should be treated as such.
Negative sentiment prevails, according to Sotiriou, at a time when whales continue to accumulate BTC.
“Whale holdings increased by approximately 44,000 BTC ($ 2 billion) last week and 103,600 BTC ($ 5 billion) during the last 3 weeks. Yesterday, MicroStrategy announced its purchase of 5,050 BTC at an average of 48,099 dollars, and it is not known who the rest of the buyers of the 98,000 BTC are, ”as the analyst wrote.
“This means that there could be a flood of BTC purchase announcements by institutions in the coming weeks or months.”
For their part, Solana developers are working on Tuesday to restore the network after hours of inactivity, according to CoinDesk.
A person familiar with the matter told CoinDesk that the interruption “affects everything developed in Solana, but that the problem is the [capa 1] underlying”.