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TL;DR Breakdown The global crypto market has changed direction again as it loses 0.58% in 24 hours. Bitcoin begins to erode its gains, shedding 0.18% in the last 24 hours. Binance coin is in a similar situation, losing 0.75%. Elrond and Monero maintain bullish momentum, gaining 10.19% and 1.61%, respectively. The global crypto market did … Read more
TL;DR Breakdown
- The global crypto market has changed direction again as it loses 0.58% in 24 hours.
- Bitcoin begins to erode its gains, shedding 0.18% in the last 24 hours.
- Binance coin is in a similar situation, losing 0.75%.
- Elrond and Monero maintain bullish momentum, gaining 10.19% and 1.61%, respectively.
The global crypto market did a complete 180 as its short-lived bullishness ended abruptly. The previous gains came from the EU parliamentarians’ unanimous decision not to ban POW currencies like Bitcoin and Ethereum. Thus, this decision came as an endorsement for these currencies, adding to investor trust. Another strong support came from Elon Musk, whose tweet regarding Bitcoin, Ethereum, and Dogecoin led to fresh cash inflow. The market might see another rise in value if the indicators for investor trust improve. Experts predict that Bitcoin and other coins will gain momentum after Musk’s support, in a recurrence of events from 2021.
The search regarding Russians’ transfer of money to crypto wallets continues amid newly implemented sanctions. A crypto forensic company has recently discovered more than 15 million addresses linked to new transactions in Russia. This might count as millions of dollars as they want to save their capital from the impacts of sanction impositions. This money is mainly transferred by Russian oligarchs who have been hit hardest since the escalation of the Russia-Ukraine conflict.
While Do Kwon, the CEO of Terraform Labs, has accepted another wager, about $10 million, regarding Terra’s price. These bets have been set as the result of a challenge from a community member who attacked this blockchain system for being a scam. Here is a brief overview of the market situation using currencies like Bitcoin, Ethereum, and other major names.
BTC back to bearishness
Bitcoin is moving in a chippy-choppy pattern as the price has been hugely uncertain over the past two weeks. The continuous fluctuations has investors worried about the future of their investments. On the other side, there is a growing belief that Ethereum might overtake Bitcoin in value, and it continues to attract the attention of many Bitcoin investors. It might take time, but it poses a genuine threat to Bitcoin’s position.
The data for the last 24 hours shows that Bitcoin has depreciated 0.18%. In comparison, the data for the last seven days shows that the losses are about 0.35%. The fluctuating pattern has continued without interruption because of the market’s volatility. There are fears that it might persist as long as the Russia-Ukraine conflict continues.
The current price for Bitcoin is in the $38,800.20 range. Bitcoin market cap, as per the latest updates, is estimated to be $737,453,780,802, and its 24-hour trading volume is about $24,533,128,227.
BNB reverses its gains
Binance coin has also ended up in losses due to the altered mood in the market. This has resulted in a loss of 0.75% over the last 24 hours. While in comparison, the losses for the last seven days are about 4.90%. The weekly losses are far more than the daily losses and show the extent of the value that Binance coin has shed. The price for this coin has reduced significantly and is currently in the $366.44 range.
The market cap value for Binance coin as per the latest updates is $60,581,014,228. In contrast, the 24-hour trading volume of this coin is estimated to be $1,362,768,232. If we convert the trading volume to its native currency, it is about 3,714,297 BNB.
EGLD continues to soar
Elrond has been favorable because investors have continued to push it further to the upside. The data for the last 24 hours shows that Elrond has gained 10.19%. In comparison, this coin’s seven-day performance shows gains of 16.85%. The new gains have elevated its price, currently in the $156.15 range.
The favorable market has kept Elrond bullish, which has taken the market cap of this coin to $3,383,161,490. In comparison, the 24-hour trading volume of this coin is about $310,766,864. The circulating supply of Elrond remained 21,646,969 EGLD.
XMR lowers its gains
Monero also continues to defy the dominant trend with Bitcoin and other currencies. The result has been gains of 1.61% over the last 24 hours. While in comparison, the gains for the last seven days are about 12.27%.
The price for Monero has increased in value compared to the previous value and is in the $185.07 range. This coin’s current market cap is estimated to be $3,348,456,717. At the same time, the 24-hour trading volume is estimated to be $179,200,005. If we convert the trading volume amount to the native currency of the blockchain system, it is about 968,288 XMR.
Final Thoughts
The global crypto market still falls short of the $1.75T threshold, with its new gains bringing it back to $1.72T. It continues to oscillate within this range for more than ten days, and there is no significant change in price. If the market breaks this barrier and adds new gains, there are chances that the bullishness will last longer. The last 24 hours have seen enormous activity in the crypto market as coins like Bitcoin, Binance coin, etc., added gains and then reversed directions. Experts believe that the market needs push from the investors to gain sustained momentum.
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