The cryptocurrency market has shown signs of recovery this Tuesday, with the market capitalization increasing by 0.68% to $1.07 trillion in the last 24 hours. Concurrently, the market volume experienced a significant surge of 52.30% to $29.68 billion, according to industry data. The upward trend was primarily led by Solana's SOL token, which saw a considerable rise from its two-month low, alongside the continued growth of Bitcoin and Ether.
SOL token emerged as the leading performer among the top 10 cryptocurrencies on Tuesday, registering a growth of 4.59% within 24 hours leading up to late afternoon in Hong Kong. The token, priced at $20, recorded a weekly growth of 10.83%, bouncing back from its two-month low of $17.74 on September 9.
Bitcoin, the world's largest cryptocurrency by market capitalization, also experienced a positive shift in its value, increasing by 0.89% in the past day to reach $26,940. This short-term recovery is being closely watched by investors who are concurrently observing larger movements in the stock market.
Ether, the second-largest cryptocurrency globally, also witnessed an increase in its value. During Tuesday afternoon trading, Ether's price rose by 0.49% to reach $1,640, culminating in a weekly gain of 3.78%.
The cryptocurrency market has been known for its volatility, but there are signs of stability due to the entry of large institutions into this space. The recent launch of Standard Chartered (OTC:SCBFF)'s crypto custody arm is one such example that has lent credibility to this otherwise volatile market and may attract more investors.
In other developments in the digital asset space, ImmutableX became the second-largest NFT chain by daily sales owing to the popularity of Gods Unchained Cards. Additionally, the Forkast 500 NFT index increased by 0.19% to reach 2,017.57 points within the 24 hours leading up to late afternoon in Hong Kong, despite a weekly drop of 3.46%.
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