Bitcoin Price and Ethereum Regain Upward Momentum; BlockFi Files for Bankruptcy
Despite the market's ongoing fear, the leading cryptocurrency, Bitcoin, is rebounding above the psychological level of $16,000 on November 29. Similarly, Ethereum, the second-most valuable cryptocurrency, is rising after gaining support near the $1,150 level.
Major cryptocurrencies were trading mixed early on November 29, with the global crypto market cap increasing nearly 1.0% to $822.27 billion on the previous day.
Over the last 24 hours, the total crypto market volume increased by over 12.5% to $46.87 billion. The total volume in DeFi was $2.98 billion, accounting for 6% of the total 24-hour volume in the crypto market.
The total volume of all stablecoins was $45.05 billion, accounting for 96% of the total 24-hour volume of the crypto market.
Let's take a look at the top 24-hour altcoin gainers and losers.
Fantom (FTM), Chainlink (LINK), and Dash (DASH) are three of the top 100 coins that have gained value in the last 24 hours. The FTM price has soared by more than 20% to $0.2196, the LINK price has grown by more than 9% to $7.40, and the DASH price has increased by nearly 8%.
Chain (XCN), Huobi Token (HT), and Convex Finance (CVX) are three of the top 100 coins that have lost value in the last 24 hours. Whereas XCN has lost over 3.5% to trade at $0.037, HT is down nearly 1% to trade at $6.45. At the same time, CVX's price is down over 1% to trade at $4.
After suffering losses due to its exposure to the dramatic collapse of the FTX exchange earlier this month, cryptocurrency lender BlockFi announced Monday that it has filed for Chapter 11 bankruptcy protection.
When the paperwork was submitted to a New Jersey court, cryptocurrency prices were already in freefall. More than 70% of Bitcoin's value has been wiped down from its
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