TL;DR Breakdown
- The global crypto market sees a bearish trend as it loses 13.19% in 24 hours.
- Bitcoin adds to its value after a rally and sees a growth of 1.25%.
- Ethereum, too, adds further to its value as it gains 3.99% in 24 hours.
- Avalanche and Stellar are both in the mood to add, gain 11.75% and 1.15%, respectively.
The global crypto market has been going through an anomalous trend as the top currencies are bullish while the rest of the market is in a bearish mood. The losses of 13.19% in 24 hours have affected the global market cap, but on the other side, currencies like Bitcoin, Ethereum, and other close following altcoins are in a mood to gain further value.
JP Morgan, a Wallstreet bank, has announced that it would be investing in NFTs. They have opened a lounge in NFT-based blockchain Decenterland. JP Morgan is aware of the opportunities, which is why it has announced this step. As these giants join the market, the competition will increase.
On the other side, the New York stock exchange has also given cues about building an NFT marketplace. It has filed for a trademark, indicating that it will soon launch its marketplace. As it happens, it will be a huge breakthrough in the market because of the mainstreaming of NFTs at this level.
Here is a brief overview of the market and performance of leading coins like Bitcoin, Ethereum, etc.
BTC finally crosses $44K
Bitcoin has felt easy as there is ease seen in Russia-Ukraine tensions. A tense situation was being felt globally due to the ongoing crisis, which has eased a bit. A Russian official said they would look for a diplomatic solution to the problem, which relieved business owners. As a result, the investments for bitcoin also grew, landing it above $44K.
While the Russian finance ministry has announced that they will be legalizing bitcoin mining in some parts of Russia, for this reason, there is a surge seen in the value of bitcoin despite the bearish market. The current bitcoin price is estimated to be $44,015.86. At the same time, the growth for the last seven days amounts to 1.42%. In contrast, it has gained 1.25% in the past 24 hours.
The current market cap for bitcoin is estimated to be $834,736,631,706. While its 24-hour trading volume amounts to $21,890,056,579.
ETH witnesses rally towards it
Ethereum has also been in riches like bitcoin as ease is seen in the geopolitical situation. The new changes have brought it 3.99% in 24 hours. While in comparison, the gains for the last seven days amount to 2.18%.
The current price for Ethereum is about $3,141.03, while the trading volume is about $13,177,749,754. The graph for the past seven days shows that Ethereum has risen gradually after gains, and this new surge has further strengthened the gains. The current market cap for Ethereum is estimated to be $375,624,817,464.
AVAX soars higher
Avalanche is going further high as the market is favorable for leading giants. The new gains have brought it an additional value of 11.75% taking its price to the $94.21 range. The current ranking of Avalanche has also enhanced at it is now seated at 9th position in the global list.
The seven-day performance of Avalanche shows that it has gained 10.89% in the previous seven days. The market cap of this token is estimated to be $23,049,159,063. The 24-hour trading volume of it is about $1,320,748,687.
XLM changes course
Stellar XLM has been through hard times during the ongoing geopolitical tensions. The current ranking of this token is 31st on the global list. While its price is in the $0.2173 range as it has improved after new gains.
The gains of Stellar for the last 24 hours amount to 1.15%, as it has seen a favorable situation. There might be a rally towards if it continues its progress. The seven-day performance of this coin shows that it has shed 8.11%. The new gains will strengthen it as it recovers the lost value.
The current market cap for Stellar is about $5,414,297,973. At the same time, the 24-hour trading volume of the same coin is estimated to be $282,797,634.
Final Thoughts
The market has begun to improve as bitcoin, and other tokens have gained value. The ease has come as the result of relief the world saw after the Russian statement of resolving problems with Ukraine through diplomatic means. The situation of the market is expected to get better soon. While the current data says that it has been in loss as it has shed a significant value. Thus, the global market cap has come down to $1.69T. Experts are of the view that the improving situation will improve the market.
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