TL;DR Breakdown
- The global crypto market has improved much over the last 24 hours, adding 1.23%.
- Bitcoin has finally been able to turn bullish, adding 0.08% in 24 hours.
- Binance Coin has led Bitcoin in gains, adding 3.45% over the last day.
- Quant and Enjin are bearish, though trying to regain value, shedding 2.01% and 1.35%, respectively.
The global crypto market has regained value as the majority of the coins in the market have improved their value. The latest addition to the list is Bitcoin, facing hard times as its losses were too high. Ethereum and Binance Coin had already turned bullish, impacting the market growth. The new additions to the bullish bandwagon have reinforced the strength of the market.
Though the increase in the value of the crypto market is seen as the result of increasing inflation rates, a decrease in the value of the Euro is also seen as an attribute. Both of these have led the investors to look for productive investments that would protect their capital from being devalued at a fast pace. The main reason for the affected Euro is lowering hopes of peace in Ukraine as Russia isn’t budging to the demands of the West.
As the situation continues unchanged, there have been multiple reports regarding genocidal acts. The result is affected trust in the market, which has lowered the Euro value. The increase of new Covid cases has continued to affect Chinese stock rates, but fortunately, Bitcoin and other currencies have begun to grow.
Here is a brief overview of the current market situation using the performance of Bitcoin, Binance Coin, and some other names.
BTC turns green
Bitcoin was one of the most suffering coins, whose losses had reached more than 5% for a day. The addition to the misery of Bitcoin was liquidations in its value which went high to alarming levels. Some market experts predicted an impending market crash for Bitcoin, but it survived this situation. Now, as the situation is normalizing, Bitcoin has also been able to recover value and has turned bullish.
The data for the last 24 hours shows that Bitcoin has added 0.08%. If we compare the performance of Bitcoin for the last seven days, it is clear evidence of the harm caused by the recent recession. It has shed 11.60% in the last seven days. The current price for Bitcoin is at the lower threshold level of $40,112.79. It might take time to recover as the impacts of recession might linger.
The market cap value for Bitcoin is estimated to be $763,045,583,476. In comparison, the 24-hour trading volume of Bitcoin remained at $29,920,310,503.
BNB continues to add value
Binance Coin was fortunate enough to get bullish at the start of a bullish period in the market. As a result, it was able to make up for its losses before Bitcoin. It remained bullish back then, and now it is working on improving the value affected due to bearishness.
The recent data shows that Binance Coin has added 3.45% over the last 24 hours. If we compare the weekly data, it has reduced the weekly losses to 5.71%. The continuing improvement in value means price enhancement which is currently in the $418.35 range.
If we take a peek at the market cap value of Binance Coin, its value is about $69,076,385,371. While the 24-hour trading volume for this coin is estimated to be $2,133,768,735. The same amount in the native currency of Binance Coin is 5,100,455 BNB.
QNT steadying itself
Quant has continued to add further value, but the losses will take time to recover. The recent 24 hours didn’t help it achieve a state of bullishness like Bitcoin, and other coins did. Its performance for the last 24 hours shows that it shed 2.01%. If we compare the weekly losses, they are in a too high range, i.e., 17.05%.
The latter value seems to have affected the performance of Quant significantly.
The current price for Quant is in the $115.51 range. If we compare the market cap value, it is estimated to be $1,394,542,520. While the 24-hour trading volume of this token is about $31,782,998.
ENJ tends to gain value
Enjin is no different from Quant in losses as it is still lowering the margin of losses. Enjin has shed 1.35% over the last 24 hours. If the situation remains favorable, there is the possibility that it will turn bullish in the upcoming 24 hours. The weekly losses for this coin remain at 6.63%.
If we compare the price value for Enjin, it is about $1.56. A peek at the market cap tells that its value was too affected by the ongoing changes – it is currently estimated to be $1,362,434,530. In comparison, the 24-hour trading volume of this coin is about $165,217,184.
Final Thoughts
The global crypto market is finally recovering as the bullish trend is healing the losses. The improvement in the global market cap value tells of the gains that it has made over the past day. The current value of the global market is about $1.87T, and it is moving towards further improvement. As the market gains value, it will strengthen the individual currencies. Though the cycle of volatility and bullishness has continued, there are chances that the ongoing wave of bullishness will take the market to new highs.
[the_ad_placement id=”writers”]
