- He FIL The cryptocurrency price is underperforming Wormhole (W) and Injective (INJ).
- W crypto market The capitalization has increased more than 8.83% in the last 24 hours.
- FIL crypto trading volume increased by over 330% during the 24-hour session.
He global cryptocurrency market has reflected a significant positive increase since mid-January 2024. During that time, the overall crypto market capitalization stood close to $1.64 trillion. On the contrary, market participants started their initial investments after January 2024. This results in a massive increase in cryptocurrency prices.
Consequently, the global market capitalization reached almost $2.54 trillion during the first quarter of 2024. Market sentiments reflected strong bullish sentiments. However, some major cryptocurrencies subsequently faced a period of correction. This had an adverse effect on the global cryptocurrency market.
Overall, the market capitalization fell to $2.26 trillion by early May 2024, but again, crypto investors supported the market, leading to a $2.55 trillion crypto economy. Bitcoin (BTC) currently has $1.33 trillion in global market capitalization, Ethereum has $454.06 billion, Stablecoins has $154.94 billion, and the others have $583.63 billion.
Analysis and Price Performance of Today's Top Gainers
Wormhole (W)
W crypto has become an investment place for many investors. The cryptocurrency faced a neutral trading session in May 2024 after behaving with bearish sentiments in previous months.
Fountain: W/USD TradingView Daily Chart
However, buyers flocked to the cryptocurrency in the current month, leading to a price rise of over 25% at the time of writing. price w has shown a bullish rally from the $0.53 demand zone, resulting in the breakout of a trend line forming below.
The price faced resistance from the immediate level of $0.84 in the previous session. A price increase can be expected if the price exceeds that immediate resistance.
Injective (INJ)
The INJ cryptocurrency experienced negative returns in March and April 2024. Collectively, it recorded negative returns of over 45% during these months. Subsequently, both buyers and sellers were unsure of the trend in May 2024, resulting in an increase of only 3.24%.
Fountain: INY/USD TradingView Daily Chart
However, buyers remain firm in the current month, driving the price above 20%. The price faced a consolidation phase after the break of the $31.79 support. In the last two trading sessions, the price broke above the upper consolidation level of $28.86, indicating a bullish view of the INJ cryptography price.
Archivecoin
The FIL cryptocurrency price experienced adverse drawbacks in April 2024, reflecting a price drop of over 40%. Like many popular cryptocurrencies, FIL price also faced a neutral phase in May 2024, which could signal a bullish reversal.
Fountain: FIL/USD TradingView Daily Chart
He FIL price It broke below the key bullish point of interest (POI) of $6.99. Subsequently, it gained bullish support from the $5.10 demand zone and entered the consolidation phase. The current price is fighting between the upper levels of $6.68 and $5.10. A price increase can be seen if the price breaks the upper level. Similarly, a drop below the lower level can cause a drop in price.
Conclusion
Overall, all three cryptocurrencies are performing well today, according to data statistics from multiple sources. Regarding weekly returns, Wormhole (W) Cryptocurrencies have captured the number one spot between these two. However the Injective (INJ) Cryptocurrencies reflect a strong upcoming bullish possibility when analyzing the price structure.
Disclaimer
The views and opinions expressed by the author or anyone named in this article are for informational purposes only. They do not provide financial, investment or any other type of advice. Investing in or trading cryptocurrencies or stocks carries a risk of financial loss.
