TL;DR Breakdown
- The global crypto market is in full bloom, adding 2.55% over the last 24 hours.
- Bitcoin has continued bullish, adding 2.51% in the last 24 hours.
- Binance Coin is following Bitcoin’s footprints, adding 1.05%.
- Holo and Decred also continued to add value, gaining 12.39% and 0.49%, respectively.
The global crypto market has been continuing according to the predictions. Predictions regarding overall bullishness have continued as the majority of currencies didn’t see dominating sell-offs over the past few days. Though a short break interrupted their progress, they have resumed the gains, taking the coin prices to new highs.
Though the legislation and recognition of crypto, especially Bitcoin have continued, there have come some clarifications from state officials. The story began with Honduras when the news came that it would accept Bitcoin as the legal tender but the officials denied it later. The latest in this series came after a Malaysian govt. representative said that there are no chances of Bitcoin being made the legal tender in near future. The recent hype regarding crypto acceptance has led to many countries weighing their options regarding this purpose.
Russia has announced that it will accept Bitcoin and Ethereum for gas purchases. The sanctions on Russia due to its war in Ukraine have led to thinning financial situation due to which it is looking for alternatives. The move has come as a good option for friendly countries who want to continue business with Russia despite the ongoing sanctions.
Here is a brief overview of the current market situation using Bitcoin, Binance Coin, and some others.
BTC nearing to crack $43K
The new changes in the market have benefitted Bitcoin miners as well. As the gains for Bitcoin and other currencies increased, the revenue for minors also saw a rise. The recent data shows that Bitcoin miners’ revenue generation increased by 7% which is a significant value for these people. If the market continues to be bullish, this value might increase further.
The data for the last 24 hours shows that Bitcoin has been able to gain 2.51%. In comparison, its gains for the last seven days are about 8.22%. The soaring value of gains has taken Bitcoin price even higher which is currently in the $43,918.15 range.
The current market cap value for Bitcoin is estimated to be $834,602,997,853. In comparison, the trading volume for Bitcoin remained $30,950,338,329. The same amount in the native currency of Bitcoin is about 704,335 BTC.
BNB continues sturdy
Binance Coin has also been in gains since the market turned bullish. Binance Coin has found the situation favorable but hasn’t yet been able to replace Tether. The said coin used to occupy the third rank in the global crypto ranking but since has been replaced by Tether with the start of the Russia-Ukraine conflict. It re-occupied the position for short while but couldn’t continue it for long.
The data for the last 24 hours shows that Bitcoin has gained 1.05% over the last 24 hours. While if we compare the seven-day data, it shows an addition of 7.12%. The recent gains have added to its price value, which is currently about $413.18.
If we take a peek at its market cap value, it is estimated to be $68,293,747,141. If we compare the 24-hour trading volume value, it is about $75,924,452,747. The circulating supply for Binance Coin remained at $165,116,761 BNB.
HOT turning to steep heights
Holo has also been enjoying the perks of the growing market. If we look at its performance for the last 24 hours, it was able to clinch gains of 12.39%. The mentioned percentage is higher compared to Bitcoin and Binance Coin. If we compare the weekly performance, it has been able to gain 30.35% which is even higher.
The current price value for HOT is in the $0.005251 range. The performance graph shows that it had exceptional growth over the last seven days as it went high without any big fluctuations. The current market cap for this coin is estimated to be $911,848,018.
If we look at the 24-hour trading volume of Holo, it is about $297,214,528. The circulating supply of it remained 173,189,911,898 HOT.
DCR remains volatile
Decred has been in gains, though comparatively lower to Holo. Its performance for the last 24 hours shows that it added 0.49% to its value. If we compare its weekly performance, it is about 11.47%. The price for this coin is about $58.51 as per the last updates.
The market cap for Decred has increased in value as the gains continue to strengthen it and is estimated to be $812,789,215. In comparison, the 24-hour trading volume of it is about $4,528,097. The same amount in the native currency of Decred is 13,875,859 DCR.
Final Thoughts
The increase in global investments in the crypto market is enhancing customer trust. The result of it is a continuous flow of capital which has led to the increase of global market cap value to $2.00T. There has been an increase of $0.04T in the last 24 hours which is a significant improvement. The market can continue at an even better pace if Bitcoin raises its value to the previous highs. The change might take a short while but it will happen if the market didn’t change course. Experts predict that the market will continue bullish because the indicators show bulls in a dominant mood.
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