New Delhi: Despite one of the largest hacks in Web3 history hitting the crypto industry on Thursday, the cryptocurrency market gained some momentum.
The other crypto tokens were trading higher, with the exception of Bitcoin, Terra, and the dollar-pegged US Coin. Terra surpassed Solana as the eighth largest crypto asset, thanks to an 11 percent increase in the token's value. Avalanche rose by 8 percent.
In the last 24 hours, the global cryptocurrency market cap increased by almost 1 percent to USD2.16 trillion. The total amount of bitcoin trade fell by 5 percent to USD112.25 billion. According to CoinDCX, Bitcoin will breakeven for the first time in 2022, owing to a broader asset rally and continuing buying pressure from the Luna Foundation Guard.
Market analysts predict that the significant buying demand from individuals and institutions is expected to continue in the long run, with the number of public crypto funds increasing.