TL;DR Breakdown
- The global crypto market continues to be bullish, adding 0.06% in the last 24 hours.
- Bitcoin has gained 0.13% in the last 24-hours, adding value to its bulk.
- Ethereum turns bearish, shedding 0.57% in the last 24 hours.
- Ethereum Classic gains 0.78%, while Filecoin sheds 1.16% in 24 hours.
A mixed trend has been witnessed in the global crypto market over the last 24 hours. This change resulted in bullishness in the case of Bitcoin and some altcoins while others changed course, suffering small losses. It is yet to be seen which group will determine the market direction as investors look for their benefit. Currently, the market faces the battle of privacy which was not thought of in recent days. The ongoing geopolitical problem has faced us with many problems, one of which is financial privacy. The governments might curb the privacy of the markets in the bid to control the flow of funds for different activities.
In the previous few weeks, it became evident that governments will take some action regarding this issue. Despite the calls for regulation, crypto is strong enough to resist these changes as there is an enormous amount of capital in it. A simple example is Bitcoin, which might have huge repercussions if it is regulated or there is some change in the privacy policy. Crypto enthusiasts expect Biden’s crypto executive order this week as this long-awaited legislation will impact the market.
There is continuous addition to the crypto and NFTs market because of their benefits. The recent prediction came from PwC regarding the future of blockchain technology. The company predicts that crypto might add $1.76T to its value in the upcoming eight years. The economists of the mentioned company took a detailed overview of the current situation and prospects based on the innovations blockchain technology is expecting.
Here is a brief overview of the market situation using cryptocurrencies like Bitcoin, Ethereum, etc.
BTC continues bullish
Bitcoin has continued as a coin of central influence for the global crypto market. The recent bullishness of the market resulted from the growth that Bitcoin spurred. Now, some coins have reverted to bearishness while others remain following Bitcoin.
Bitcoin has gained 0.13% in the last 24 hours, though the value of gains has lowered. In comparison, the gains for the last week have turned negative, and they are about -11.10%. The impact has been directly there on the Bitcoin price, which has lowered to $38,372.80. However, compared to the current value, yesterday’s performance was satisfactory as it neared $40K.
The current market cap for Bitcoin is estimated to be $728,208,533,041. In comparison, the 24-hour trading volume of Bitcoin is estimated to be $28,933,944,370.
ETH takes a dip
Ethereum was following Bitcoin as per the stats from the last day. Now, it, along with some other coins, has changed direction to negative. The change has resulted in a loss of 0.57% in the last 24 hours. The weekly performance shows that it has shed 13.24%.
The current price for Ethereum is estimated to be $2,531.53, while the price continues to lower further as the dominance of bears continues. The current market cap for Ethereum is estimated to be $303,451,814,096. In comparison, the 24-hour trading volume is estimated to be $14,625,882,364.
ETC growing bulk
Ethereum Classic follows Bitcoin in gains as it has accumulated 0.78% gains over the last 24 hours. However, though Ethereum Classic was compared to Ethereum, it has lowered value. The seven-day performance shows that ETC shed 11.66%. The current price for Ethereum Classic is estimated to be $26.65.
If we take a peek at the market cap of Ethereum Classic, it is estimated to be $3,555,272,274. The 24-hour trading volume shows hope for this coin as activity has grown. Its value has grown to $389,907,192.
The circulating supply of this coin remained 133,400,747 ETC.
FIL didn’t improve
Filecoin has also continued bearishness like Ethereum. If we take a peek at its performance for the last 24 hours, it shed 1.16%. In comparison, the ratio of losses for the last seven days was higher, amounting to 16.52%. The continuous trend of bearishness is lowering the price to $18.00.
The market cap has also reduced in value resulting from the decreasing investments, and is estimated to be $3,124,680,643. The 24-hour trading volume is estimated to be $366,523,383. The mentioned amount can be converted to the native currency, valuing 20,358,419 FIL.
Final Thoughts
The situation of the global crypto market is uncertain as coins have shown two different trends. As one group tends to be bullish, there has been a slight increase in the value of the global market cap seen. It has risen to $1.72T, which might stay stable if the market remains bullish. The change has been mainly due to the decline of Russian hubs of crypto, which Malaysia is replacing. Thus, the transition might impact the market, strengthening its value.
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