The global crypto market has seen a trend of decline despite attempts to revive value. The performance of Bitcoin shows a lowering value while Binance Coin has made attempts for a resurgence. As the market is yet uncertain about its direction, there is a likely chance of it turning bullish. The market had recently seen a speedy rise in value as Bitcoin and others broke past their previous resistance levels. As crypto and gold have found a correlation, there is a likely chance of the former’s rise.
Ethereum co-founder Vitalik Buterin has teed up three reasons why crypto can beat gold. Buterin addressed the argument that gold could represent a better or similar decentralized store of value than crypto. He criticized gold as an alternative to money, calling it ‘incredibly inconvenient’ and difficult to use. He also pointed out that gold doesn’t support storage options like multisig.
Also, he pointed out that gold has less adoption than crypto, so crypto is the better bet. The statements came as a response to American cartoonist Zach Weinersmith. He had argued that the only reason for crypto adoption is its being decentralized. Other popular names from the industry also joined the debate, including Uniswap’s founder Hayden Adam.
Here is a brief overview of the current market situation analyzing the performance of Bitcoin, Binance Coin, and others.
BTC continues to waver
Today marks one year of Matt Damon’s ad about crypto. The ad was first aired on 28 October 2021, and since then, the market has been in shambles. The ad was from Crypto.com, which featured Matt Damon with several cryptocurrencies. The ensuing period has resulted in a loss of 60% of the worth of Bitcoin value.
The performance of Bitcoin has fluctuated over recent hours. The latest data shows that it has shed 1.88% over the last 24 hours. The weekly performance of it shows an addition of 7.26%.
The price value of BTC is currently in the $20,212.92 range. The market cap value for Bitcoin is estimated to be $388,015,935,283. The 24-hour trading volume of this coin is about $47,686,533,107.
BNB regains momentum
Binance has been confirmed as an investor in the Twitter takeover, while Musk reportedly plans to take over as the CEO. According to available information, it has invested $500 million in the Twitter acquisition. Musk has made some big changes, as the CEO and CFO of Twitter were fired soon after the acquisition.
The value of Binance Coin is likely to strengthen as a result of new gains. The latest data shows that it has added 0.14% over the last 24 hours. The weekly performance of this coin shows a gain of 7.96%.
The price value for BNB is currently in the $288.88 range and is likely to rise. The market cap value for this coin is estimated to be $46,183,898,433. The 24-hour trading volume of the same coin is about $4,092,403,919.
TRX trying to resurge
Tron has also made desperate attempts to regain value. The latest data shows that it has shed 0.50% in the last 24 hours. The weekly data shows that it has added 3.33%. The price value for TRX is currently in the $0.06323 range.
The market cap value for Tron is estimated to be $5,830,815,098. The 24-hour trading volume of this coin is about $327,469,233. The same amount in its native currency is about 5,182,102,311 TRX.
LTC recessive
The performance of Litecoin has shown signs of recession due to bearishness. The latest data shows that it has receded by 3.30%. The weekly performance is relatively better, as it added 7.89%. The price value for LTC is currently in the $54.18 range.
The market cap value for Litecoin is estimated to be $3,871,881,558. The 24-hour trading volume of this coin is about $499,196,996. The circulating supply of this coin is about 71,485,531 LTC.
Final Thoughts
The global crypto market has continued to recede over recent hours. The performance of Bitcoin continued to show a negative trend, while Binance Coin has turned bullish. The ongoing changes in the market show uncertainty as there is no unified trend. The global market cap value has fluctuated, which is currently estimated to be $982.17 billion.
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