TL;DR Breakdown
- The global crypto market has improved over the last 24 hours, adding 3.45%.
- Bitcoin has been favorable over the last day, adding 3.49%.
- Binance Coin has also turned bullish as it added 2.43% over the last 24 hours.
- Gala and OKB are bullish, adding 1.81% and 1.75% over the last 24 hours.
The situation of the global crypto market has improved after the new gains strengthened its wavering value. The recent changes to the market had brought to a state of constant bearishness. It lasted for about four days; the market was constantly moving downwards as the situation saw no improvement. Even though the indicators showed bearishness for the rest of the week, the change for the market is optimistic as the majority of the coins have turned bullish. It would improve further if the bullish wave didn’t last shorter than expected.
The situation for crypto has remained uncertain due to UPI payments. Recently, Indian authorities prevented a major crypto exchange from offering UPI services in India. As the result of this legal barring, there was a clarification expected regarding when UPI payments for crypto will be announced. There has been no positive change, and according to market experts, there are less likely chances that it will announce it in the coming days. NCPI, the state regulator, hasn’t issued any formal directive except to prevent companies from offering the said service. As there has been no significant legislation regarding it, there is little chance of it happening shortly.
Here is a brief overview of the current market situation using the performance of Bitcoin, Binance Coin, and some others.
BTC rejuvenates
The situation for Bitcoin has begun to stabilize after the sudden revival of the market. However, some economies have tried to achieve strength using Bitcoin. A prime example is El Salvador, which had attempted to invest in Bitcoin for stability, but according to some studies, it proved to be a failure.
The recent data for Bitcoin shows that it has added 3.49% over the last 24 hours. If we compare the data for the last seven days, Bitcoin has tried to make up for the losses it went through in the past week. It has reduced the losses to 0.54%. The price value is likely to improve further as the new gains.
The current price value of Bitcoin is in the $40,583.19 range. If we compare the market cap value for Bitcoin, it is estimated to be $771,992,391,523. In contrast, its 24-hour trading volume of it is about $34,533,912,701.
BNB in the recovery phase
Binance Coin is also improving as the new gains have begun stabilizing its value. The changes brought a significant value that it had shed value without knowing any limits. Market analysts feared its crash as the situation hadn’t improved.
The data for the last 24 hours shows that Binance Coin has made up brilliantly for the previous losses as it added 2.43%. If we compare the losses for the past seven days, these have been reduced to 2.88%. The situation might be going towards improvement if the gains remain stable.
The current price for this coin is in the $405.07 range. If we compare the market cap value, it is estimated to be $66,138,210,246. In comparison, its 24-hour trading volume of it is about $1,831,479,153.
GALA changes pace
Gala has also safely secured an exit from the bearish situation. The changes over the last 24 hours show that it has added 1.81%. As its gains went downwards, its weekly losses were reduced to 5.84%. The changes have strengthened its lowering price, which is currently in the $0.183 range.
The market cap value for this coin is estimated to be $1,272,958,829. If we compare the 24-hour trading volume, it is about $343,062,965. The same amount in its native currency is about 1,860,360,045 GALA.
OKB keeps fluctuating
OKB has also gone through hard times as its situation wavered. The mentioned changes had brought it a crucial change in value. The recent data shows that it has been able to make up for losses and added 1.75% over the last 24 hours. If we compare the performance for the last seven days, it has gained 2.21%.
The price value for this coin shows that it is currently in the $20.10 range. The market cap value for OKB is estimated to be $1,205,774,416. In comparison, its 24-hour trading volume of it is about $81,681,046. The circulating supply of it remained at 60,000,000 OKB.
Final Thoughts
The increasing gains for the global crypto market have given it fresh air. As the market was lingering in losses for a long while, the recent change has added to the strength of various coins. The situation has helped it revive the market cap value, currently at $1.87T. If the bullish wave didn’t prove short-lasting, there are chances that it will improve. The current wave has brought it to the previous value in a single go, showing that the influx is much stronger.
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