TL;DR Breakdown
- The global crypto market continues to recede, shedding 0.09%.
- The market for Bitcoin is also unfavorable, losing 0.33%.
- Binance Coin is in no good situation, sheds 0.48%.
- Cronos and Chainlink continue bullish, adding 1.46% and 1.07%, respectively.
The situation for the global crypto market is changing after the short-lasted bullishness. It has changed direction soon after making phenomenal changes for more than 10%. Though it helped the market regain lost value, it couldn’t last longer to give lasting leverage. The current situation is not entirely favorable for the market because some major currencies like Bitcoin, Ethereum, and other names fluctuate in value. These coins need to be in a stable situation to ensure a steady market, especially the role of Bitcoin is much important.
The supply issues in the oil market continue due to the ongoing conflict in Eastern Europe. The oil price has continued to soar higher as the supply lowers. According to TradingView, the price for Brent has crossed $116/bbl. The issue might last longer because currently, there are few chances that the political situation will stabilize. On the other side, sanctions on Russian individuals and organizations have continued. The latest comes from Japan, where the assets of more than 4 Russian banks are set to freeze soon.
Ukrainian govt. has continued to accept donations from donors across the world. The latest addition to the accepted currencies is Dogecoin. Before that, they received donations in Polkadot, Bitcoin, Ethereum, Binance, etc. Here is a brief overview of the market, assessing the current situation using currencies such as Bitcoin, Binance Coin, etc.
BTC recedes slowly
Bitcoin hasn’t been able to keep the momentum continued. It broke the streak of gains that had continued for the past three days. The recent updates tell of bearishness amounting to 0.33%, which has lowered its price to $43,832.12. In contrast, it performed well during the past seven days, gaining 18.56%.
If we look at its market cap, it is still reliable. The current value of it is estimated to be $831,775,159,411. If we look at the graph, the data for the last 24 hours shows that Bitcoin has tried to continue stably. The losses during the last 24 hours are not that big, but they need to be kept low. The 24-hour trading volume of Bitcoin is estimated to be $26,282,019,456.
BNB steering into hard waters
Binance Coin has also changed its course soon after Bitcoin. It performed stably during the last 24 hours but still shed 0.48%. The current price for it is in the $408.40 range. If we look at its gains for the previous seven days, they are about 11.66%. The value of gains is lowering, which might affect its value in the coming days.
The market cap of Binance Coin has been stabilized as it has continued without major losses. It is estimated to be $67,444,148,689. In comparison, the 24-hour trading volume of the Binance coin is $1,980,634,378.
CRO continues smoothly
Cronos has continued to gain value. In contrast to major players in the market, this coin has been able to stay on the gaining side. It has gained 1.46% during the last 24 hours. In comparison, its weekly performance is also satisfactory and has added 12.80%. The price for Cronos has also improved, resulting from the new gains, and is about $0.4422.
The market cap for this coin is estimated to be $11,197,153,233. In comparison, its trading volume for the last 24 hours is estimated to be $104,759,391. Its circulating supply for the last 24 hours is 25,263,013,692 CRO.
LINK grows unchallenged
Chainlink has also continued to grow in value resulting from favorable situations. The new gains have added to its value about 1.07%. At the same time, its weekly gains are about 14.15%. The current ranking of Chainlink is 22nd in the global list, while its price is about $15.27.
The current market cap of this coin is estimated to be $1,132,104,890. In comparison, the trading volume is estimated to be $856,513,349.
Final Thoughts
The market has continued to be relatively stable compared to the past few days. The current market cap of the global market is about $1.92T which has reduced about $0.01T over the past 24 hours. Though the amount of losses is considerable, it is still low compared to the past few weeks, which brought the market to the brink of a crash. There are hopes that the market will stabilize itself as the new gains continue on smaller coins. In contrast, Bitcoin and other major coins need to stay bullish for a prolonged period.
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