TL;DR Breakdown
- Good days back, as the global market cap has gained 3.84% in the last 24 hours.
- Bitcoin gathers 4.04%, nearing the $51K range.
- Ethereum and Binance Coin see a joint comeback, returning to join the race.
- Ripple sees a bullish trend long after depreciation, adding 3.73%.
The period of uncertainty seems to be over as the investors have shown tremendous investments, making the crypto market fatter by 3.84%, raising its value to 3.84 trillion.
The previous few days were hard for all major coins as they were trying to find a firm foothold but would eventually slip. This free slippage even incited fears of the market crash in some investors, but fortunately, Bitcoin stabilized itself. BTC’s turnaround brought a sense of certainty among the investors, which in the past 24 hours, confidence manifested itself in the crypto market.
The great support in the recent recession came from the global companies like S&P Dow Jones Indices and Visa that poured their support in announcements. The prior will be indexing the top 550 coins for 2021, while the latter intends to link its system to USD Coin. These add to the hopes of further strengthening the crypto market. At last, a joining of forces!
BTC flexes to challenge the challenging times
The recent depreciation proved a serious blow to bitcoin, but it didn’t stop fighting. The continuous depreciation in its value was worrying and eroded investor trust. As a result, it lost more than $10K in a few days.
Due to the growing bulk of Bitcoin, the regulators are now aiming at its regulation. But Bitcoin seems confident and is attracting further additions. The recent developments in Congress, like the STABLE Act, might impact the future of Bitcoin.
The current Bitcoin price is in the range of $50.89K. It gained 4.04% in the last 24 hours, which, if compared to a seven-day loss of 11.42%, shows the growth. Its current market cap is estimated to be $961,594,847,670. The recent improvements have also helped expand its 24 hours trading volume, estimated to be $37,615,869,507.
ETH and BNB aiming to gain momentum
Ethereum and Binance Coin (BNB) are the leading coins that have benefited from the bullish market in the last 24 hours. They were leading the losses in the market resulting from the previous uncertainty.
Ethereum had lost 3.20% in the last seven days, which hugely impacted its price and market cap. But the recent recovery has brought its price to the $4.34K range. It has shown a growth of 4.61% in the last 24 hours, which is the sign of momentum that it might gain in tandem with Binance Coin.
The current market cap for Ethereum is estimated to be $515,528,116,980. The circulating supply for this coin is 118,636,000 ETH. Its volume recorded for the last 24 hours, after the improvement signs, is estimated to be $27,981,919,127, which can be translated to 6,439,344 ETH.
Binance Coin has also joined the revival track, and it is expected to reach its previous highs soon. The recent growth in the last 24 hours for Binance Coin was about 7.37% which raised its price to the $589 range. Compared to the previous losses, this performance is much improved, which amounted to 5.70%.
The current market cap for BNB is estimated to be $98,306,667,874. It has also impacted its volume leading to expansion, which was $3,558,374,216, which can be translated to 6,037,646 BNB.
XRP revitalized, but for how long?
Ripple (XRP) has seen tough times recently, one of which was huge losses in 2020. The recent recession also impacted its growth and put a big question mark on its future. Its losses rose to 17.47%, comparatively huge for a coin ranking in the 8th position.
The recent rise and fall tested investors’ nerves and the company in a feud with the SEC over the XRP issue. Their CEO said that the case is progressing well, and hopefully, it will conclude next year. The feud is mainly over $1.3B in unregistered securities.
The recent improvement amounted to 3.73%, which raised its price to $0.8323. If its problems are solved soon, and the momentum remains undisturbed, it can likely cross the $1 barrier. The current market cap for Ripple is about $39,326,147,754.
The recent improvement has also positively reinforced the 24-hour volume, about $3,394,428,050. This improvement is seen after a sharp fall and can prove significant for XRP.
Final thoughts
Even though Bitcoin might see tough times in the US Congress over the regulation issue, it is seeing good progress. Being on track, BTC has also added to the growth of other tokens, whether small or big. This improvement has come after a recessive period that shook the foundations of the crypto market.
Though the signs are improving, the next turn in the market is yet to be seen. The changes solely depend on the investors who will determine the next statistics. The recent recession had proven the role of uncertainty once again when the liquidation was solely the result of fear of loss.
While we’re in high spirits, how about a look at this?
Crypto influencers can sometimes (often?) talk with a forked tongue. What’s your perspective on Elon Musk’s comment on Web 3.0? Please tell us in your comments below.
