TL;DR Breakdown
- The global crypto market is back to gaining position, adding 1.68% over the last 24 hours.
- Bitcoin has changed direction, adding 1.04% in the last 24 hours.
- Binance Coin following Bitcoin added 2.16%,
- Celsius is still bearish, shedding 0.59%, while SXP gained 4.62% in 24 hours.
The global crypto market is again in gains as it has changed from bearishness to bullishness. The new wave of gains came amid a dominant trend of new investments, which equally strengthened Bitcoin and altcoins in the market. However, market analysts believed it might take the weekend to recover, but the pace of gains was higher, so the new additions came much earlier.
The US might also become one of those countries that are regulating crypto. Janet Yellen, the US Treasury secretary, admitted that crypto has benefits. For this reason, there is a need for its regulation so that the negative aspects of its use are lowered. She also admitted that the US treasury is also working to ensure proper legislation to help regulate it. There is no fixed timeline given for the regulation process, but if she has given this much info, there are chances that it would soon come to a realization.
Researchers predict that crypto sponsorship of sports will reach $5B in the upcoming five years. Its involvement in FIFA World Cup and other mega-events predicts how crypto will play an important role in sports sponsorships in the upcoming years. Here is a brief overview of the current market situation using the performance of cryptocurrencies like Bitcoin, Binance Coin, and some others.
BTC strengthens further
Bitcoin was fortunate enough to take the benefit of the changing situation. The market didn’t take long to revive value, and the same happened in the case of Bitcoin, which made speedy gains. It is closing to the $45K barrier, and this stability has been witnessed for the first time in two months. The game tells of Bitcoin winning the psychological game.
The data for the last 24 hours shows that Bitcoin was able to add 1.01% to its value. If we compare the gains Bitcoin made in the last seven days, these are 6.61%. The change in gains has reinforced Bitcoin price, which is currently in the $44,644.39 range.
The market cap value for Bitcoin is estimated to be $848,049,813,255. If we compare its 24-hour trading volume, it is about $17,252,204,978. The same amount in its native currency is about 18,994,900 BTC.
BNB back to bullishness
Binance Coin has also been in gains since the market took a turn. The result of these gains is the strengthening value of Binance Coin, which has been seeing new highs in recent months. The data for the last 24 hours shows that Binance Coin has gained 2.16%.
If we compare the weekly performance, it has added 5.52% to its bulk. As these gains continue to bring strength to the value of Binance Coin, its price has improved to the $417.12 range. The current market cap value of Binance Coin is about $68,873,170,710.
If we look at this coin’s 24-hour trading volume value, it is estimated to be $1,086,588,448. The circulating supply of Binance Coin remained 165,116,761 BNB.
CEL still depreciating
Celsius has been going through fluctuations for the last few days. The reason is the changing pattern of gains that haven’t been able to stay stable due to volatility. The result of these fluctuations is a loss of 0.59% over the last 24 hours. If we compare the performance for the last seven days, it shows a depreciation of 0.56%. The fluctuations have kept the value of losses at a moderate level as the weekly and daily losses are in a tally.
The current price for Celsius is in the $3.28 range. If we take a peek at its market cap value, it is estimated to be $783,093,161. In comparison, the 24-hour trading volume for Celsius is about $1,711,523. The circulating supply for this coin remained 238,863,520 CEL.
SXP continues unabated
Compared to the coins in the close range, SXP is one of the successful coins. Its performance compared to others is relatively better. It has been able to add 4.62% to its value over the last 24 hours. The gains for the last seven days are about 7.69%. The price for SXP is in the $1.63 range.
The market cap value for SXP is estimated to be $779,266,072. While the 24-hour trading volume is estimated to be $74,808,540. The same amount in its native currency is about 46,073,390 SXP. The circulating supply for it remained 479,937,576 SXP.
Final Thoughts
The global crypto market is in gains as the investors have continued to invest capital in it. The new gains came after a short break which the investor used as a test of whether the market would be able to resist the changes. Fortunately, the market didn’t lose much during the bearish period. If we look at the market cap value as per the latest updates, it shows that it has reached $2.02T. The increasing value is also bringing the market support levels to new heights. If the gains continue without any fluctuations, the new milestones of highs are not far.
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