Why Crypto Prices Have Pumped Above 2% In 24 Hours

While there has been a constant sense of fear among a majority of investors, it can be said without a doubt that the blockchain industry has been providing opportunities every now and then. But even with the market showing high volatility, only a few have been able to benefit from the current movements. Despite all the recent developments, however, crypto prices have pumped more than 2% in the last 24 hours.

But what exactly has caused this sudden rise in prices after recording a proper downtrend for the past week? Well, since it is the crypto market, a 2% pump may not be a big deal. But that changes now since the recent months have been nothing but a bloodbath for most of the top projects in the space. With some of the major tokens pumping at least to a certain extent, a wave of positivity can be seen in the industry again.

As of yet, there haven’t been any major developments in the crypto space or on the global economic level. But some factors may have acted in favour of the blockchain domain, causing prices to increase by a bit. These factors have caused the Global Cryptocurrency Marketcap to go from $800 billion to around $828 within just 24 hours.

While the pump is considerably small, it can be routed back to two major reasons-

Upcoming or Ongoing Global Events

Any events or festivities that can bring about a positive sentiment on a large scale have historically affected the crypto prices positively. As of November, the excitement for Christmas or New Year can be some of the many factors causing investors to invest in the market. It is common for prices to fall by a bit on the day of festivities since retail investors are assumed to withdraw funds for shopping or similar activities. But they do see a spike up some days before. This may be one reason for the slight increase in prices.

However, the most evident reason for an overall increase in interest in cryptocurrencies at the time is surely the Fifa World Cup being held in Qatar. Major companies in the domain like Crypto.com are sponsors for the event, which is seen by millions of people worldwide. Naturally, this small move could have a potential domino effect and contribute to the increasing crypto prices.

At present, major cryptocurrency exchanges and sports betting sites can expect an increase in engagement. This is simply because the event may open doors for several people to be introduced to crypto, or simply invest in assets in anticipation of good returns post-World Cup.

The war between Russia and Ukraine, which was also making headlines frequently seems to have been significantly reduced. While it may seem like a minor change, it could have a massive impact on the mentality of investors, thereby acting as a catalyst for growth in crypto prices.

The FTX Fiasco Is In the Past

The entire industry was shaken up after FTX, the then-third largest cryptocurrency exchange declared bankruptcy. With over a million active users, FTX catered to investors worldwide. But earlier in November, several revelations about the financial state of the exchange were brought to light. Right after, investors started withdrawing their funds from the exchange and simultaneously selling FTT, which was the native token of the exchange. This caused the exchange to lose most of its value.

Such a large-scale sham being uncovered had direct consequences. Prices of all cryptocurrencies were affected. BTC, which was trading in the $20,000 range plunged to the $16,000 level. Even the projects or companies that were previously affiliated with FTX saw a decline in value.

While it is an assured fact that this may have a long-term effect on the market, the news circulating regarding FTX has decreased considerably. Despite mentions of the exchange every now and then, it seems to have subsided to an extent. This too has acted favourably for the industry, as the fear of losing money to CEXs is starting to fade.

Are there any good options to watch out for?

At every point of the market, new projects with innovative products keep getting released. Getting in early in such projects can mean massive profits even during the bear market. The following are three such projects that are in their presale phase and can be amazing options for investors to park their funds in.

Dash 2 Trade

This is a crypto analytics and social trading platform that is set to revolutionize trading and crypto knowledge for retail investors globally. It is created by a popular financial education platform called Learn 2 Trade, which boasts an existing user base of over 70,000 members. The presale for its D2T token has been going rather strong, as the project has managed to raise over $6.9 million even with such harsh conditions being seen in the industry.

IMPT.io

IMPT.io can be rightly called a revolutionary crypto project. It is created by a group of experienced professionals and aims to offset the carbon footprint left behind by the participants in the blockchain industry.

It is essentially a marketplace which will facilitate buying goods using its IMPT token where users will be rewarded in carbon credits. These carbon credits can then be retired or sold by investors. The native token IMPT has also been in great demand, with the presale raising a whopping $13 million already. This may very likely be one of the top gainers in the upcoming months.

Calvaria

As a newly introduced P2E NFT trading card game, Calvaria has the potential to spike in value considerably after launch. It has one of the most visually appealing ecosystems and is created in sync with the current market trends. The native token RIA is currently selling at a quick pace with over $1.9 million raised out of its $2.1 million target.

With such a strong project and a huge community backing its moves, Calvaria is also a project worth holding in one’s portfolio for huge potential gains.

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