TL;DR Breakdown
- The global crypto market sees a significant change in its direction, adding 0.29% over the last 24 hours.
- Bitcoin has also improved as the market turns favorable towards it, adding 0.29% in 24 hours.
- Binance Coin is also moving ahead of dips, adding 0.38% over the last day.
- Fantom is bearish, shedding 0.44%, while Tezos has added 0.24% in 24 hours.
The change in the value of the market has been considerable during the last day as it began to improve. As per the given predictions, the changes are positive, while leading coins like Bitcoin and Ethereum began to move towards bullishness. Though there are still some bearish coins, and the global market cap value hasn’t risen that high, it is not that far. The changes are expected to continue as the majority of the coins in the market are expected to turn bullish.
Even though crypto is growing, critics have raised serious concerns about its environmental impacts. The mining process and other related issues require much energy, which has proved worrying for environmental experts. US lawmakers have also called for more oversight over this issue. They have asked crypto companies and miners to have more oversight over this issue and see what solutions are possible. The Carbon emissions related to crypto mining, NFTs formation, etc., are too high compared to what they should have been. The key concern should be solved timely before it adds to the environmental disaster.
Here is a brief overview of the current market situation using the performance of Bitcoin, Binance Coin, and some other currencies.
BTC on the way to recovery
Bitcoin has remained below $40K even though the market brought it positive changes. The situation for various currencies in the market is unfavorable despite the addition of new value. Saudi Arabia is looking for the implementation of blockchain in government, which might open opportunities for Bitcoin. If it happens, it will bring Bitcoin enormous opportunities.
The recent data for Bitcoin shows that it has added 0.29% over the last 24 hours. If we compare the weekly performance of Bitcoin, it didn’t get that much. Instead, it has shed 1.66% in the said period.
The current price value for Bitcoin hasn’t crossed $40K and is in the $39,695.91 range. If we compare the market cap value for Bitcoin, it is estimated to be $755,034,321,637. The trading activity hasn’t been able to resume momentum, while it remained at $16,036,056,621 over the last 24 hours.
BNB regains momentum
Binance Coin has also changed its performance from bearishness to bullishness over the last 24 hours. The announcement of Binance’s new projects has helped add value to its currency. As the market hasn’t been improving for a while, there is little hope that it will grow.
The data for the last 24 hours shows that it has gained 0.38%. Though the value of gains has been relatively high compared to Bitcoin, it needs to have moments of respite. The weekly performance of Binance Coin shows that it has shed 2.73%. The value might improve if the gains grow stronger.
The current price value for Binance Coin is in the $404.18 range. The market cap value for this coin is estimated to be $404.18. If we look at the market cap value, the recent bearishness has brought significant changes. It is currently estimated to be $65,993,873,199. In comparison, the 24-hour trading volume for this coin remained at $1,257,159,119.
FTM is still on the downside
Fantom has continued on the bearish side despite the changes for some coins. Its 24-hour performance shows a loss of 0.44%, as it has lowered the margin of losses. The weekly performance shows relatively greater losses as it has shed 5.32%. As its situation deteriorated, it has brought the price value to the $1.09 range.
If we take a peek at its market cap value, it is estimated to be $2,779,382,600. If we contrast the daily trading activity of this coin, it has remained at $165,257,681. The circulating supply for this coin remained at $2,545,006,273 FTM.
XTZ improves
Tezos has also shown improvement as the market moved towards better performance. The 24-hour data shows that it has added 0.24%. The weekly losses have been reduced to 7.96%, even though they need to be much lower. The weekly graph for this coin shows dips that are too disturbing for this coin’s value.
The current price value for this coin is in the $3.02 range. If we compare the market cap value, it is estimated to be $2,694,512,936. The 24-hour trading volume of Tezos is about $47,049,422.
Final Thoughts
The situation for the global crypto market is moving towards an improvement. As the situation for Bitcoin improved, there was a considerable influx of capital seen in the market. That is evident from the global market cap value, which has improved to $1.84T over the last 24 hours. The reasons for the market’s bearishness remain the same as the long-awaited changes haven’t taken place. Even though the current bullishness might bring a rise to the value of the market, it won’t be that high.
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