TL;DR Breakdown
- The global crypto market is bullish, adding 1.72% in 24 hours.
- Bitcoin has added 2.05% over the last 24 hours, growing in bulk.
- Ethereum has also turned bullish, adding 1.81% over 24 hours.
- Decentraland MANA and Hedera are both in a bullish mood, adding 0.71% and 0.64%, respectively.
The global crypto market has continued to grow in value as a bullish trend continues. The change has resulted from the ongoing tug of war between gold and Bitcoin. The investments in the global market are mainly splitting between Bitcoin and gold. Some think that gold might be a better investment in this situation, while others view that Bitcoin can benefit them more. The main reason for this competition is the Bitcoin crisis which has created fears regarding investments because of the market fluctuations.
The crypto market has been going in a relatively stable position because of the sale of NFTs, which is attracting investments. The data for 2021 shows that NFTS brought more than $17 billion to the market. The mentioned crypto niche was attractive for investors because of the future benefits due to its use in Web 3.0. Along with that, the sale of expensive NFTs in the market attracted customers.
El Salvador has delayed the plans to issue Bitcoin bonds after the market volatility due to the Russia-Ukraine conflict. These bonds will be issued later if the situation normalizes. Here is a brief overview of the situation of the crypto market using currencies like Bitcoin, Ethereum, and some other significant names.
BTC beating gold
Bitcoin has seen hopes after an investigation tells of the preferred use of banks for criminal activities instead of Bitcoin. A detailed study looked into how drug cartels and other organizations worked and performed transactions. Thus, it will help with the promotion of Bitcoin further.
The data for the last 24 hours shows that Bitcoin has gained 2.05% over the last 24 hours, benefitting from this boom. If we compare Bitcoin performance for the past seven days, it has gained 0.55%. Thus, both metrics show positive progress, aiding the price of Bitcoin, which as per the latest updates, is in the $39,138.29 range.
If we look at the current market cap for Bitcoin, it is estimated to be $742,694,774,613. While in comparison, the 24-hour trading volume of this coin is about $25,504,333,405. While the circulating supply for Bitcoin remained 19,980,800 Bitcoin during the last 24 hours.
ETH in a bull-run
Ethereum has also gained momentum after Bitcoin has continued to gain value. If we look at the data for the last 24 hours, it shows that Ethereum could gather 1.81% gains over the last 24 hours. While if we compare the data for the last seven days, it shows that the losses are about 1.18%.
The trend change has also impacted the price for Ethereum, which is in the $2,581.49 range as per the recent data. The market cap value for Ethereum is about $309,680,138,714. While if we look at the trading volume for this currency, it is about $11,898,879,456.
The circulating supply for this coin is estimated to be 119,923,408 ETH.
MANA sprinting bullish
Decentraland MANA has also regained momentum after the market turned favorable for various coins. The current situation has brought gains of 0.71%. As evident from the data for the last seven days, it remained bearish previously, as it shed 4.92%. The price was also affected, which is $2.33 as per the latest updates.
The current market cap for MANA is about $4,292,161,539. While if we take a peek at its trading volume for the last 24 hours, it shows that the value is $317,774,894. The same amount can be converted to 136,291,267 MANA.
The circulating supply for Decentraland MANA over the last 24 hours was about 1,840,875,868 MANA.
HBAR going zigzag
Hedera has remained in a volatile state due to current political issues. The result has been fluctuating for it while it has gained 0.64% over the last 24 hours. While if we compare the data for the last seven days, it shows that the gains are about 1.68%. Despite the positive performance over the past seven days, its chart shows an alternating rise and fall pattern. The current price for it is in the $0.2077 range.
The market cap has slightly improved as it is estimated to be $4,064,788,404 as per the latest updates. While if we take a peek at the trading volume of this coin, it shows that the value is $60,353,415 for the last 24 hours.
The circulating supply for Hedera is 19,565,356,901 HBAR.
Final Thoughts
The global crypto market has continued alternating as its gains fluctuate. The last 24 hours proved fruitful as the gains have taken the market cap value to $1.75T, which is better than the previous value. The enhancement in the market results from growing investments in Bitcoin in comparison to gold which has increased the market value. Along with that, geopolitical stability might also help the market. There are hopes that Eastern Europe will soon find a solution to the ongoing conflict. If it happens, the global tensions might reduce as the market is affected.
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