KEY POINTS

  • Bitcoin rises slightly
  • Ethereum plunges
  • Market cap goes up slightly

The cryptocurrency market saw a minor upsurge with some top coins gaining but most others still trading in the red. Even though there was no major recovery, the crypto industry is optimistic about the gains ahead. 

The global market cap was up 0.08% at $1.75trillion as of 4.32 a.m. ET, CoinMarketCap data showed. 

Bitcoin rose 0.47% to $38,790. Ethereum plunged 0.44% to $2833. As per industry analysis, the weekly trend for ETH against BTC is on a positive path as it traverses within an ascending channel pattern.

While five of the top 10 tokens saw minor corrections, the rest of them continued to dip. Meme crypto Shiba Inu plunged, while Dogecoin rose slightly. 

Indian exchange CoinDCX noted that confidence in India’s crypto market continues to strengthen, earning interest from venture capital giant Andreessen Horowitz (a16z) planning to invest $500 million into the nation’s startup ecosystem.

"Venture capitalists continue to inject billions into the digital asset industry globally through 2022 even despite the market’s slow start early in the year, reaffirming crypto’s strong position in the future of finance. Such support from major VCs will also serve to reinforce the rapidly evolving digital asset sector, accelerating its place in the mainstream," the CoinDCX research team told International Business Times. 

In other news, Argentina’s top two private banks, viz., Banco Galicia and Brubank, have announced that they will allow customers to make purchases in cryptocurrencies, including Bitcoin, Ethereum and USDC.

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

Crypto The underlying message is that self-custody of crypto is far too risky, in contrast to the security of traditional bank or brokerage accounts and crypto institutions.  Photo: Pixabay