The global crypto market registered a slight recovery amidst increased volatility. The cumulative market cap is marginally up by 1.06% over the last 24 hours, standing at $838 billion. However, 24 hour trading volume has dropped by a massive 15.44% to stand at $51.4 billion.
Bitcoin’s (BTC) price is up by 1.7% in the last 24 hours, trading at $16,809, at the time of writing. Litecoin (LTC), UNUS SED LEO (LEO), and Aptos (APT) gained significant value in the last 24 hours, as LTC soared by more than 7% to $62. The LEO price has grown by more than 7% to $4.15, and the APT price has increased by nearly 6.5%.
In a note to investors, analysts at JP Morgan noted that all major exchanges experienced outflows last week but Gemini, OKX and Crypto.com had the most “severe” draining of funds. Analysts also said that the stablecoin market is getting smaller, and this may continue to hurt the price of other major cryptocurrencies like Bitcoin.
Holders of stablecoins appeared to have increased withdrawals from exchanges, according to statistics from Santiment. USDC, BUSD, and USDT have experienced significant exchange outflow in recent days. The outflow for USDC was $39.58 billion, for USDT it was $24.82 billion, and for BUSD it was $6.1 billion, at the time of writing.