TL;DR Breakdown
- New hope for the global crypto market, as it has seen a rise of 4.74% in the last 24 hours.
- Bitcoin also plunges forward, adding 4.01% in the last 24 hours.
- Binance coin also follows the suit of bitcoin, adding 2.42% in 24 hours.
- Solana and Polygon MATIC also turned bullish, adding 12.13% and 5.70%, respectively.
The global crypto market has added a significant amount to its bulk in the last 24 hours. The mentioned change is symbolic of the capital influx to the market after a long time. The market lag resulted from the recurrent negative change, which eroded the investor trust. The blows also harmed the global market cap value; most of the tokens in the market suffered.
The good news for the market is the Russian decision not to impose a blanket crypto ban. Instead, Russia will be looking for a solution to tackle illegal activities related to crypto. Furthermore, it is good to support the emerging Web 3.0 economy as Russia has a significant role in developing infrastructure for the future web.
Small bitcoin holders are increasing due to VISA’s crypto-linked card. As the payments using this card increase, there is a rise seen in the value of the amount stacked. The mentioned amount has reached $2.5 billion, and it might grow further as new payments are being made.
Here is a brief overview of the ongoing situation of the market and leading coins like bitcoin, Binance coin, etc.
BTC readying for mission $40K
Bitcoin has witnessed winter for a long as it has shed a significant amount of its bulk. It began to recede in value in December, which continued for a long time. The loss for bitcoin has also been huge due to the continuous losses. Now, it is on its way to recovery and has shown good performance in the last 24 hours.
It has added 4.01% in the last 24 hours, while the gains for the previous seven days are about 6.18%. The current bitcoin price is in the $38,467.79 range while nearing the $40K target. The improvement has been a good addition to its value after the continued losses, which affected investor trust.
The current market cap for bitcoin is estimated to be $726,623,932,417. At the same time, the trading volume of bitcoin for the last 24 hours is estimated to be $19,805,042,513.
BNB revitalizing for a stable position
Binance Coin has continued bullish for the last seven days, as evident from the gains of 3,87%. Admittedly, the mentioned value is low compared to bitcoin or Ethereum, but still, it is better. The gains of the said coin for the last 24 hours are estimated to be 2.42%. Nevertheless, it still ranks 4th in the global list, as it has not re-occupied its previous rank.
The current price for the Binance coin is in the $378.61 range, while it might soon cross $400 if the progress continues. Therefore, the current market cap for this coin is estimated to be $62,456,314,215. At the same time, its trading volume for the last 24 hours is about $1,357,023,051.
SOL skyrockets its gains
Solana has enhanced its pace of new developments as it has gained 12.13% in the last 24 hours. The current rank for this coin is 7th on the global list. The seven-day performance of the said coin has been a gain of 13.80%.
The current market cap for Solana is estimated to be $32,162,576,039. At the same time, the trading volume is estimated to be $1,950,816,890 for the past 24 hours. Therefore, it might improve the price further as the gains continue while the current value is $102.14.
MATIC strengthens its position after new gains
Polygon MATIC has also suffered since the previous crash. But its new journey began with gains, though fluctuations have also continued during this journey. The recent data for this coin shows that it has gained 5.70% in the last 24 hours. While it has also been amongst gainers in the past seven days, adding 11.35%.
The current value of the market cap for this token is estimated to be $12,183,038,199. The trading volume of this coin for the last 24 hours is estimated to be $838,413,142.
Final Thoughts
The market is improving its situation as new capital pours in. The enhancement is evident from the current value of the global market cap, which has grown to $1.75T. As the market continues to bearish and if the progress is unimpeded, it is likely to cross the $1.80T barrier soon. The new gains result from the firmness of stakeholders in the crypto market. If they had opted out, the market situation would have been worse. An example is El Salvador, which has refused the IMF’s demand to replace bitcoin as the legal tender.
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