KEY POINTS

  • Top coins back in green
  • Rise in Bitcoin price
  • Market cap goes up

The cryptocurrency market gained momentum early Wednesday morning as top coins, including Bitcoin, got a breather following the recent bloodbath. The global market cap was up 2.82% to $2.01 trillion as of 1.03 a.m. ET.

Bitcoin rose 1.45% to $42,738. The top coin saw a slight recovery after hovering below $40K.

According to CoinMarketCap, all the top 10 tokens were trading in the green. Ethereum rose 3.95% to $3,232. Solana, the supposed Ethereum killer, saw a similar gain momentum. 

Meme cryptos Shiba Inu and Dogecoin too surged. Both coins were up about 6% though Shiba Inu is still confined to the 14th position. 

The splash of green came ahead of the Consumer Price Index (CPI) release

The gains echo the recent confidence shown by experts in the crypto market. An analyst with global investment bank JP Morgan recently said 2022 will be the year of financial tokenization. Other analysts have also made similar observations

In other news, crypto exchange Coinbase is testing out "recharge week offs" for its employees this year in a bid to strike a work-life balance. The experiment will allow roughly one recharge week per quarter, when "nearly the entire company will shut down."

The crypto market is extremely volatile and experts recommend investors not make decisions based on the sudden shift in prices.

Total cryptocurrency payments rocketed 567 percent to $15.8 trillion in 2021, according to Chainalysis Total cryptocurrency payments rocketed 567 percent to $15.8 trillion in 2021, according to Chainalysis Photo: AFP / Ozan KOSE