TL;DR Breakdown
- The global crypto market has seen a rise in value, as it stoops 4.39% in 24 hours.
- Bitcoin witnessed a rise of 2.51% in the last 24 hours.
- Binance coin is also in gains after the new market hike, seeing a 4.32% rise.
- XRP gains 11.50%, while Polkadot gains 11.63% in 24 hours.
Though the geopolitical scene has continued to deteriorate over the last 24 hours, there has been a positive change in the global crypto market. The same period has seen an increase in donations for Ukrainian support from different European countries, which has led to activity in the market. Along with that, the latest updates tell of possible negotiations between Russia and Ukraine. If it happens so, there are chances that the situation will normalize. It will also be an excellent change for the oil, stocks, and crypto market.
Despite the solid resistance to Russian invasions, there are growing fears of Ukrainians losing access to the internet. If it happens, the difficulties will grow, halting the flow of cryptocurrency for Ukrainian support. Ukraine has also been making efforts to change this situation as it has urged Apple and other major companies to end the supply of products to Russia. The impact will be evident if the Western block takes concrete steps.
The reason for the support of the market in these trying times is the NFTs which have continued their influence. Their regular trading has kept the market continuing. On the other side, the Western sanctions on Russia have led to an increase in the stock markets, which might continue for a while. Here is a brief overview of the market using the performance of the leading currencies like Bitcoin, Binance Coin, and some others.
BTC stalls below $40K
Bitcoin has played a significant role in the ongoing geopolitical situation. The donations in bitcoin and other cryptocurrencies for Ukraine have been a great support. While on the other side, the Russian shares of bitcoin have also played their part. For this reason, there has been a continuing debate about the restriction of bitcoin role in the market. If it happens, that might cause a depreciation in the bitcoin market value.
As per the latest updates, there has been an increase in the value of bitcoin over the last 24 hours. Bitcoin has gained 2.51% in the previous 24 hours. In comparison, the losses for the last seven days have been reduced to 1.29%. The last 24 hours proved productive for bitcoin because of the continuous activity. The current price for Bitcoin is about $39,651.25.
The current market cap for bitcoin is estimated to be $752,752,101,320. At the same time, the 24-hour trading volume of bitcoin is estimated to be $27,358,115,146. The mentioned bitcoin trading volume in its native currency is 689,390 BTC. The graph for it shows that it has rebounded with a faster-than-expected speed.
BNB rebounds faster than expected
Binance coin has also benefitted from the development of the global crypto market. It has left back bitcoin gains for the last 24 hours, which amounts to 4.32%. In contrast, the losses for the previous seven days are about 5.14% which might take time in recovery.
The market has seen a quick rebound which might last longer for Binance coin and other currencies as experts expect, but there are fears that bitcoin might not keep pace. The current market cap for the Binance coin is estimated to be $63,165,474,494. The current price for Binance coin is in the $381.94 range.
The trading volume of this coin for the last 24 hours is about $1,922,452,607.
XRP witnesses tremendous bullishness
XRP has also seen a rise in value aftermarket reversal. The change has resulted in gains of 11.50%. Its price has grown to $0.7812 after the new improvements. In comparison, the weekly performance hasn’t been that good as it shows a bearishness of 1.24%.
The current market cap for XRP is about $37,394,780,790. In contrast, its trading volume of it is about $3,835,118,290. The current ranking of this currency is 6th on the global list.
DOT keeps pace with the development
Polkadot has continued to gain as its 24-hour additions soared to 11.63%. As a result of the hike, its price has also increased to $18.04. The weekly performance shows a gain of 0.21%. The current ranking of this coin is 12th on the global list.
As per the latest updates, the market cap for Polkadot is $17,818,694,342. The trading volume of the same coin for the last 24 hours is estimated to be $1,362,578,059.
Final Thoughts
The market has shown improvement after the new gains have brought it strength. The latest updates tell of its rise to $1.80T. Though the current situation seems stable for the market, it is yet to be seen how it will perform over the next 24 hours. Though other currencies might continue better, TradingView has warned that there are chances Bitcoin might lower its value. If it drops in value, the impacts on the global market cap will be evident.
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