The crypto market has been suffering from volatility for the past few weeks, which has not gone down well with most investors. But while they have taken this period to complain and remove their funds from the assets they invested in, some see it as an opportunity to invest.
But while the efforts of those that are investing are worthy of being mentioned, the effects of the traders who are selling off their assets have been noted. With the volatility not affecting Bitcoin and a few of the digital assets at the top, one coin has come from the back and stolen the spotlights.
The asset is now in the declining zone
Out of all the tokens that have seen a massive rise in the past 24 hours, KIMCHI is the only coin that has gained the most. Despite details showing that the digital asset has gained almost 120% in the last 24 hours on coinmarketcap, detailed analysis on platforms such as CoinGecko showed that the digital asset recorded a massive 300% jump.
While those are still admissible, other sources claim that the asset jumped as high as 1000% on other exchanges. This recent jump by the digital asset is coming off the back of recent news that the crypto market has seen a remarkable performance that has not been seen in the last eight months.
Even though the asset has seen the jump, it is safe to note that it is presently going through a price correction. With that, the digital asset is recently tailing in the down region with a $0.0089 price mark after witnessing a loss to the tune of 14.55%.
KIMCHI slides down in rank
Going by the on-chain details of the asset, although in the last 24 hours it jumped about 120% to trade around $0.1, it is now selling for about $0.08 due to the recent decline. Although the digital asset is in the declining zone, it is worthy to note that the asset’s price was influenced mainly by traders looking for profits.
At this time, the asset’s total market cap is now around $116,945,000, seeing a fall of about 19% from the previous market cap of $132,797,245 that it initially boasted. Out of all the things that have taken the beating due to the price decline, the total number of the asset in supply has declined the most.
When the digital asset was recording the rise, the total amount of assets in supply was about $3,827,979, but it has now recorded a decline of about 69% to place around $1,339,619 presently. Despite the price of the asset making a slight dive, it is yet unknown if the price would witness another price increase in the coming days.