Crypto Market Top Gainers: The FIL crypto price isn’t doing so well with Wormhole (W) and Injective (INJ). Over the last day, the market value of W cryptocurrency has climbed by more than 8.83%. There was a 330% increase in the trading volume of FIL cryptocurrency throughout the 24 hours.
Since the middle of January 2024, the worldwide cryptocurrency market has seen a remarkable improvement. The total value of all cryptocurrency held by investors was close to $1.64 trillion at that time. On the flip side, after January 2024, market participants began making their inaugural investments. As a result, the value of cryptocurrencies has experienced a dramatic spike.
This led to a first-quarter 2024 worldwide market cap of over $2.54 trillion. As a result, the market emotions were very positive. Nevertheless, a period of correction followed for several prominent cryptocurrencies. The bitcoin market around the world felt the negative impact of this.
In early May 2024, the market cap dropped to $2.26 trillion, but crypto investors rallied, and the market recovered, resulting in a $2.55 trillion crypto economy. At present, the global market valuation for Bitcoin (BTC) is $1.33 trillion; for Ethereum, it is $454.06 billion; for stablecoins, it is $154.94 billion; and for the rest, it is $583.63 billion.
Also Read: NOT Crypto Rejecting Dynamic Level, What Next?
Today’s Top Gainers Price Performance and Analysis
Wormhole (W)
W crypto has emerged as a popular destination for investors to make investments. Following a string of months in which gloomy attitudes prevailed, the cryptocurrency experienced a trading session in May 2024 that failed to produce any action.
On the other hand, the purchasers approached the Crypto Market Top Gainers throughout the current month, resulting in a more than 25 percent price gain. The price of W has demonstrated a bullish rebound from the $0.53 demand zone, leading to the breakout of a trendline formed below.
When the price traded in the previous session, resistance from the immediate level of $0.84 was encountered. A price increase is likely to occur if the price can surpass that immediate obstacle.
Injective (INJ)
During March and April 2024, the profitability of INJ cryptocurrency was negative. Over these months, it recorded negative returns totaling more than fifteen percent. Consequently, in May of 2024, buyers and sellers alike were unclear about the trend, which resulted in a growth of only 3.24%.
Despite this, purchasers are not giving up in the current month, which has led to the price going up by more than twenty percent. Immediately following the failure of the $31.79 support level, the price entered a phase of consolidation. An optimistic outlook on the cost of the INJ cryptocurrency was indicated by the fact that the price broke above the upper consolidation level of $28.86 during the most recent two trading sessions.
Filecoin
The price of FIL cryptocurrency faced negative downsides in April 2024, which reflected a decrease of more than forty percent in price. In May 2024, the price of FIL similarly encountered a neutral period, which may indicate a bullish reversal, much like the price of many other major cryptocurrencies.
There was a significant bullish point of interest (POI) at $6.99, but the price of FIL broke below that. It entered the consolidation phase after receiving bullish support from the $5.10 demand zone. Currently, the price is between the upper level of $6.68 and the lower level of $5.10. A price increase is likely to occur if the price breaks above the upper threshold. Similarly, a price decline might happen when the price falls below the lower level.
Conclusion
Data analytics from various sources show that all three cryptocurrencies are doing well today. Wormhole (W) has taken the lead regarding the weekly returns of these two cryptocurrencies. Nevertheless, while looking at the price structure of the Injective (INJ) cryptocurrency, a solid positive prospect emerges.
Disclaimer
These statements are made only to provide information, whether made by the author or any mentioned individuals. They do not offer advice on money matters, investments, or anything else. You can lose money if you invest in or trade cryptocurrency or stocks.
