TL;DR Breakdown
- The global crypto market enjoys a moment of respite, adding 2.07% in the last 24 hours.
- Bitcoin grew 1.16% in 24 hours.
- Ethereum follows Bitcoin’s bullish turn, adding 1.65%.
- Helium and Iota also benefit from the market reversal, adding 4.36% and 5.05%, respectively.
The global crypto market has changed course after a streak of consecutive losses. These losses led to growing uncertainty, which had a negative knock-on effect on token value. The situation stabilized as Bitcoin led the recovery extending to different coins. The bullish sentiment around Bitcoin impacted the progress of Ethereum and Binance Coin, while later other tokens also joined the bandwagon. Though crypto is growing, there is a sense of insecurity among central banks and the IMF. The recent months have seen a growing acceptance for CBDCs; the fresh row has taken it to new highs. The trending name is China, which wants its digital currency to face Bitcoin and other cryptocurrencies.
The fear has been in response to the row of sanctions on Russia from different corporate organizations. The new additions to the list include Visa, MasterCard, and PayPal. There has also been a continuous row of bans and sanctions from the West, contributing to Russia’s difficulty. China and other countries have grown cynical of crypto and other global investments, which has affected investments. Seeking alternatives might be a lasting trend because no government wants to suffer for extended periods in an economic war.
PUMA, Shell, and other corporate giants have also decided to restrict their businesses in Russia. Here is a brief overview of the market situation using the performance of Bitcoin, Ethereum, and some other significant names in the market.
BTC shows signs of hope
Bitcoin’s freshest rally has helped the crypto market edge the stock market. The increase in the value of the Bitcoin market cap and, consequently, the crypto market cap has inspired increased investments. Bitcoin activity has also increased in Russia due to the blockage of SWIFT, which is a dire situation for Russians.
For the last 24 hours, Bitcoin’s performance shows that it has seen a rally of 1.16% in that period. In comparison, its gains over the last seven days sits at about 2.73%. The price for Bitcoin has also improved, resulting from the new market rally, and is estimated at $39,491.00.
If we look at the market cap of Bitcoin, it is estimated to be $748,745,603,611. At the same time, its 24-hour trading volume is about $16,222,650,382.
ETH is in a bullish mood
Ethereum has also recovered in response to Bitcoin’s rally, gaining 1.65% over the last 24 hours. The improvement has also reinforced the seven-day gains, which lowered the overall bearish sentiment. It is estimated to be -1.63% as per the latest updates.
The market improvement has also resulted in the bulk growth of Ethereum. It currently trades in the $2,661.48 range, which is an improvement in the last 24 hours. The current market cap for Ethereum is estimated to be $318,662,912,228. The 24-hour trading volume of Ethereum is estimated to be $7,544,759,780.
The circulating supply for this currency is about 119,840,855 ETH.
HNT reverses losses
Helium was going through a difficult period due to the ongoing trend of losses in the market. The result was consistent erosion of its value which is evident from its weekly performance of -8.10%. If we look at its 24-hour performance, it has gained 4.36% over the same period. The current price is in the $21.96 range, while it sits in the 47th spot on the global list.
The current market cap for Helium is about $2,472,982,175. The 24-hour trading volume is estimated to be $20,758,931. The same amount can be converted to its native currency, valuing 946,958 HNT.
The circulating supply of Helium is 112,773,851 HNT.
IOTA continues bullish
IOTA was one of few coins that remained bullish during the hard times. Its gains over the last seven days are testament. The mentioned data shows that it has gained 3.16%. It has performed even better if we compare it to the 24-hour performance. It has gained 5.05% over the last 24 hours. The current price for it is in the $0.743 range.
The market cap for IOTA is estimated to be $2,080,917,214. In comparison, its 24-hour trading volume is estimated at $22,345,113, which amounts to a trading volume of about 30,136,542 IOTA.
Final Thoughts
The market has taken a favorable turn after a streak of bearish conditions. The new gains have inspired a significant market cap value change, reaching $1.78T. This value may continue to increase if the bulls endure. The performance shows that there have been investments from Russia and other parts of the world to secure money against the decrease in value. If Western countries continue to impose sanctions on Russia, we may continue to see its effects on the crypto market.
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