TL;DR Breakdown
- The global crypto market continues to gain value, adding 3.88% in 24 hours.
- Bitcoin gains increase as it adds 4.19% over the past 24 hours.
- Ethereum is also following the bullish trend, adding 4.75%.
- Gala and Harmony are also bullish, adding 9.37% and 5.63%, respectively.
The global crypto market has retained the bullish trend. The result has been continuous gains for the last two days, strengthening the global market cap value. The wild swings to the market came due to increasing inflation in the US, FED, and global adoption, which is growing at a faster pace. The result has been new crypto purchases which are making currencies bullish. The pre-spring crypto surge might take smaller coins even higher as investors feel confident about their investment. FED has increased interest rates further, pushing investors for further crypto purchases, especially Bitcoin, which is a good sign for the crypto market.
The market would have gone higher if there had been no earthquake in Japan. The result was a decrease in investments, and businesses were affected. The earthquake has left thousands of households without power, creating a problematic situation for the government. Tsunami warnings were issued after the earthquake hit the country, which furthered the panicking situation. El Salvador is also facing a difficult situation due to the increasing debt, which has forced it to issue ‘Volcano Bond,’ which will be used to raise money for purchasing more Bitcoin currency. Though the decrease in Bitcoin value has affected El Salvador’s economy, there are chances that it might improve if the crypto market stabilizes.
Here is a brief overview of the market situation using Bitcoin, Ethereum, and some other coins’ performance.
BTC nearing to crack $41K
Bitcoin has performed even better over the last 24 hours. It has continued to reap the benefits of bullishness as an increasing influx of funds is seen towards the global crypto market. The new increases have brought Bitcoin gains of 3.88% over the last 24 hours. While in comparison, the losses over the previous seven days are about 0.97%.
Bitcoin price has seen stability in value after a prolonged period, and it is currently in the $40,972.07 range. The target of Bitcoin is to reach $41K, which might improve the bullishness further. The market cap value for Bitcoin is estimated to be $777,871,576,751. In comparison, the 24-hour trading volume of Bitcoin is estimated to be $39,501,528,435. The mentioned amount in its native currency is 964,109 BTC.
The circulating supply of Bitcoin is estimated to be 18,985,412 BTC.
ETH growing exponentially
Ethereum has exceeded the daily percent of gains in comparison to Bitcoin. If we look at its performance for the last 24 hours, it shows an increase of 4.75%. While in comparison, its seven-day performance also indicates bullishness. It has gained 3.22% over the last seven days.
The current price for Ethereum is in the $2,767.57 range. While it has aspirations to reach $3K, it would need much effort as there is a need to enhance more than $200 to achieve this goal. The current market cap for Ethereum is about $331,642,639,261. The 24-hour trading volume of this coin is estimated to be $17,880,485,780.
The circulating supply for Ethereum boosted after its growth increased and remained 119,989,941 ETH for the last 24 hours.
GALA super bullish
Gala is also one of the gainer currencies in the market. The increase in the value has been pushed by the gains of 9.37% over the last 24 hours. While in comparison, the gains for the past week are about 4.01%. The graph for its performance shows that it has taken a steep way to grow over the last two days.
The addition of new gains has brought an increase to its value, and the current price is in the $0.2368 range. The latest value of the Gala market cap is estimated to be $1,652,155,847. While the 24-hour trading volume of the Gala token is about $942,172,818.
The circulating supply of this token remained at 6,977,205,436 Gala.
ONE in a better momentum
Harmony has also remained a part of the competition as it gained value after the recent market rally. The increases have brought gains of 5.63% over the last 24 hours. In comparison, the performance for the last seven days shows a depreciation of 1.35%.
If we take a peek at the current price for this coin, it is in the $0.1318 range. While the 24-hour trading volume of it is estimated to be $128,666,360. The same amount in its native currency is about 976,183,025 ONE.
The market cap value for Harmony is estimated to be 1,558,710,023.
Final Thoughts
The crypto market is in a bullish mood due to some global changes. The result has been an increase in market cap value which has increased to $1.82T. The changes in the oil market as the petrodollar is losing strength has given enhanced value to Bitcoin and other cryptocurrencies. The changes might last longer, and one of the main beneficiaries would be crypto. Experts hope that spring will bring a significant increase to the value of crypto.
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