The performance of the global crypto market has continued to grow in value as its direction changed. The latest data shows that Bitcoin and other coins have significantly increased over the last day. The improvement for the market is phenomenal as it has recovered speedily. It is a change from the previous pattern as it has improved. It is yet to be seen what change it will make to the market in the longer run.
The decision of Tesla to sell its Bitcoin has created a panic in the market. Tesla’s CEO, Elon Musk, has expertise in how to make headlines, and he continues to utilize it. According to the recent updates, the electric-car-making company sold 75% of its Bitcoin holdings. Internet users continued to react to this situation differently.
Some clowned him for overanalyzing the situation, while others said he had made the right decision. Even though Tesla has sold its Bitcoin holdings in the bearish days, it has seen a considerable benefit from digital assets. Some also made fun of Musk’s stance that he would pump the market but won’t dump it.
Here is a brief overview of the current market situation, analyzing the performance of Bitcoin, Ethereum, and other altcoins.
BTC resumes forward march
European Central Reserve Bank has made a hike to the interest rates. The move came as a surprise for investors and customers, but it was inevitable. It increased the interest rates benchmark from -0.5% to 0%. Despite the changes, Bitcoin and the rest of the crypto market has remained steady.
The latest data for Bitcoin shows that it has added 1.10% over the last day. The weekly performance for Bitcoin shows that it has added 12.55%. The increase has helped it strengthen its position.
The price value for Bitcoin is also consolidating as it has reached the $23,046.48 range. If we look at the market cap value for BTC, it is estimated to be $440,182,182,548. The 24-hour trading volume of Bitcoin is about $32,758,512,158.
ETH makes a comeback
Ethereum has seen increased competition over the last few years. Some blockchains pose threats to this one and are being named Ethereum killers. According to Blockdaemon’s Freddy Zwanzger, all ‘Ethereum Killers’ will fail and won’t be able to compete.
As the market is improving, Ethereum has also taken control of the situation. The latest data shows that it has added 4.73% over the last day. The gains for the last seven days are about 31.16%.
The increase in influx has strengthened ETH’s price value which is currently about $1,568.34. If we compare the market cap value for this coin, it is estimated to be $190,780,822,765. The 24-hour trading volume of the same coin is about $19,333,462,058.
MATIC adds speedy gains
Polygon has also made a comeback as the amount of gains increased. The latest data shows it has added 11.05% over the last 24 hours. The data for the past seven days shows an addition of 28.24%. The increase has helped hike its price value to $0.9068.
The market cap value for MATIC is estimated to be $7,260,430,101. The 24-hour trading volume of the same coin is about $1,545,622,887. The same amount in its native currency is about 1,704,513,247 MATIC.
AVAX gains control of the situation
Avalanche has also been in gains as the situation remained favorable. The latest data shows that it has added 8.04% over the last day. The weekly data shows an additional 25.12% as the market remains stable. The price value for the same coin is about $24.75.
The market cap value for AVAX is estimated to be $7,027,295,457. The 24-hour trading volume of the same coin is about $725,398,606. The circulating supply of the same coin is about 283,876,735 AVAX.
Final Thoughts
The value of the global crypto market is improving as the influx of capital strengthens. It has made a hasty comeback from the recent loss as Bitcoin, and other coins added aggressively. The addition has helped the market cope with the recent bearish wave. The global market cap value has also improved due to these gains. Its current value of it is estimated to be $1.05 trillion.
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