Top Cryptocurrencies See Modest Gains on Tuesday
- Polygon climbed 1.54% to 53 cents
- Dogecoin climbed 1.17% to 6 cents
- Cardano climbed 0.96% to 25 cents
- Solana climbed 0.81% to $19.86
- Seven additional currencies posted increases on Tuesday
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Posted 9/19/2023, 2:00:00 PM
marketwatch.com
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The recent downturn in the cryptocurrency market has led to the liquidation of long positions and a decrease in market capitalization, but five undervalued cryptocurrencies trading below $0.1, including VeChain (VET), SNM (SONM), MVL (MVL), Dogecoin (DOGE), and Hedera (HBAR), have the potential for a rebound in the future.
The stock market steadied in afternoon trading after a strong jobs report, with major indexes showing mixed results and Lululemon Athletica, Toll Brothers, Samsara, Stride, Nutanix, Dell Technologies, and MongoDB all making notable gains.
Cardano is experiencing significant growth in network activity, with on-chain transactions increasing by over 1,700% since January, indicating potential upward movement for the cryptocurrency. Similarly, Ethereum's network activity is also rising, suggesting a potential price bounce in the near future, according to blockchain analytics firm Santiment.
September is expected to bring significant gains for several cryptocurrencies, including Dogecoin, XRP, Fantom, Shiba Inu, Gala, The Sandbox, and InQubeta, due to their innovative concepts and strong fundamentals.
Bitcoin and other cryptocurrencies experienced a rise in value as traders made bullish bets in anticipation of the Federal Reserve's interest rate decision, though this surge may be premature.
Ark Invest's recent report highlights the recovery of Bitcoin's realized capitalization, the decline in liquidity and trading volumes, the recent increase in volatility, and the optimistic long-term outlook for the cryptocurrency.
Bitcoin and Ethereum saw gains in the crypto market driven by factors such as the announcement of an Ethereum futures ETF, a rise in the S&P 500 index, and short liquidations, with the rest of the market also experiencing bullish gains.
All major cryptocurrencies experienced gains during morning trading, with Solana seeing the largest increase of 1.65%, while Ethereum and Bitcoin rose 0.44% and 0.44% respectively; in related news, shares of crypto-related companies exhibited mixed performance.
Over the weekend, major cryptocurrencies experienced a mixed trading pattern influenced by factors such as the Israel-Hamas conflict, inflation concerns, and the ongoing trial of Sam-Bankman Fried, with Bitcoin and Ethereum showing modest gains while Dogecoin saw a slight decrease.
Stocks gained during mid-morning trading as investors prepared for upcoming corporate earnings and monitored geopolitical tensions in the Middle East.