- The global crypto market continues to gain value, adding 2.11% in 24 hours.
- Bitcoin is also in a bullish mood, adding 0.21% over the last 24 hours.
- Binance Coin is also in a gaining mood, as it added 2.23%.
- Cardano and Avalanche are also in a favorable situation, adding gains of 3.79% and 14.31%, respectively.
The global crypto market continues to further gains due to the favorable market. The enhancement in the political situation in Europe, support for Ukraine, and increase in the US inflation rate are helping with the rise in crypto investments. The main focus of the investors is Bitcoin which has grown exponentially over the last few days. The new changes have come as the result of new settlements in the market as there have been talks about petroleum sales using the Yuan and other currencies. The result is a decrease in the value of the petrodollar, which will lead to further weakening of the dollar’s value.
As the value of crypto investments rises, there have been fears of loss looming in Europe. Experts and legislators have warned of the possibility of a decrease in the value as the rally lasted longer than normal, which some investors might have pumped to benefit from the emaciated market. On the other side, there have been discussions in the US senate to tackle the issue of Bitcoin use for illicit purposes by Russians. They have tried to overcome sanctions using crypto transactions like that in Bitcoin, Ethereum, and other currencies. The discussions might also have an impact on the future of crypto.
Here is a brief overview of the current market situation using major cryptocurrencies like Bitcoin, Binance Coin, etc.
BTC cracks $41K
Bitcoin has lowered the value of new gains compared to the past few days. Despite the lowered value of gains, there has been a significant increase in Bitcoin price, which has crossed $41K. Even though it has crossed this milestone, there are chances that the value might lower again as the decrease can lead to bearishness.
The data for the last 24 hours shows that Bitcoin has gained 0.21% over the last 24 hours. While in comparison, the gains for the last seven days are about 5.10%. These increases in the value have led to the increase in Bitcoin price, which is currently in the $41,027.05 range.
The current market cap for Bitcoin is estimated to be $778,938,604,053. At the same time, the 24-hour trading volume of Bitcoin is about $32,793,606,593. The circulating supply of Bitcoin remained 19,985,975 BTC.
BNB continues to go higher
Binance Coin has remained relatively better compared to Bitcoin as it has continued to gain value. The new increases in the value have led to the addition of 2.23%. If we compare the weekly performance, it shows that Binance Coin has gained 5.51%. The enhancement in the purchase ratio has led to an increase in the price to the $388.25 range. Though the current price is nearing the value of $400, there are thin chances of it happening in the current bout.
The current market cap for Binance Coin is estimated to be $64,314,646,865. The 24-hour trading volume of Binance Coin also remained in a reliable range as it was $1,853,346,943 over the last 24 hours. In comparison, the same amount in the native currency of this blockchain system is 4,758,134 BNB.
ADA lowers its gains
Cardano has also been one of the beneficiaries of the market rally. The increase has added 6.39% to it over the last seven days. While if we compare the daily performance, it has remained bullish and gained 3.79%. These gains have enhanced its market price, currently in the $0.8503 range.
The market cap value for Cardano is estimated to be $28,654,304,198. While the trading volume of it remained $1,224,193,272 over the last 24 hours. The circulating supply for it was 23,700,471,556 ADA over the last 24 hours.
AVAX soars further
Avalanche has been one of the most benefitting currencies in the market amongst the top coins. The 10th ranking currency in the global crypto market has gained 14.31% over the last 24 hours. In comparison, its gains for the last seven days are relatively low as it has added 11.89%. The price for Avalanche is currently in the $81.18 range.
The current market cap for this coin is estimated to be $21,652,060,516. While the 24-hour trading volume of it is about $1,875,216,917. The weekly graph for this coin shows that it has taken a soaring trajectory after lowering its value in a significant manner.
The global crypto market has continued to gather new investments, which took its value to $1.84T. The recent stats show that it might not be able to take the value further high as the gains for the majority of the coins have lowered. While if we look at the performance of Bitcoin, it indicates that there has been a significant decrease in the new investments. If there is no turn in the situation, there are chances that the market might again turn bearish.