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The cryptocurrency market is quite volatile. It crashes at times and then rises to fresh all-time highs at other times. It does not, however, continue up and down for an extended period of time. Previously, the crypto market experienced an unexpected crash and it wiped out crypto investors' good fortunes, but investors are starting to gain as the market has just risen to new highs. In today’s video, you will know about the rise in the crypto market and how XRP has been affected by it. You will also know about the future of XRP and the crypto market as a whole.
But before we get to it, welcome back everyone to Crypto Millionaires. A channel where you get your daily dose of XRP. If you like the content, do give it a thumbs up, and don’t forget to subscribe to the channel and click the bell icon, so you can know every time we upload a new video. Now, without any further wait, let's get to it.
Before the holidays, the overall crypto market rose from the previous downfall. Bitcoin edged near the $50,000 mark days ahead of Christmas. After a days-long decline of the crypto market, the world's top cryptocurrency went up for a minimum of two consecutive days. The decline faced by the market recently that became the reason for millions of dollars loss for some investors was due to the rising threat of the omicron variant of covid-19 when traders stayed away from it. However, as the holiday season approached, the market went up green again.
Other than that, the year has been great for many cryptocurrencies. 2021 was a particularly bullish year for Ripple’s XRP and the broader crypto market. A number of the crypto majors, including Bitcoin and Ethereum, struck new all-time highs late in the year. Bitcoin is up 110% over the past year (as of Dec. 20), other cryptos have posted unbelievable numbers. Solana, the fifth-largest crypto by market cap, is up nearly 11,000% over the past year, while Shiba Inu, which may soon crack the top 10, is up an unfathomable 46 million percent.
According to the sources, increased adoption and greater market awareness of NFTs, the metaverse, and Web 3.0 drove the market cap from a January year-low $736 billion to a November year high of $3,009bn. According to CoinMarketCap, XRP is the 7th largest crypto, with a market cap of $43.6 billion. XRP had sat at the number 3 spot for a significant period of time before losing ground. The fall from the number 3 spot came in spite of XRP surging by 319% in the year. Others have simply done better, with the SEC lawsuit against Ripple Lab pinning XRP back from larger gains.
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