TL;DR Breakdown
- The global crypto market undergoes a big dip, losing 16.54% in 24 hours.
- In contrast to the usual trend, bitcoin has gained 1.91% in the past 24 hours.
- Ethereum follows bitcoin and has gained 4.87% in 24 hours.
- Terra LUNA is bearish as it has lost 0.12%, while Uniswap has gained 3.67%.
The market has seen a huge dip compared to other days as it has shed 16.54% in 24 hours. The losses are not comparable to any single day in the past two months because of the amount of loss in a single day. Previously the market had lost gradually in contrast to losing it in a single day.
Another new trend is rebounding major coins while smaller coins suffer losses. The improvement of major currencies seems to be the result of an announcement from Russia. The mentioned announcement was about the regulation of crypto instead of banning it. They will be bringing forward laws for crypto regulation as they will be dealt with like normal currencies instead of being treated as digital financial assets.
UBS, the largest bank in Switzerland, has also shown interest in crypto investments. According to the sources, they have suggested alternative ways to invest in bitcoin with fewer risks. Another news is from the Ethereum blockchain, which has introduced ETH-2 while merging it with ETH-1. It is an important technological addition to the Ethereum blockchain system.
Here is a brief overview of the situation of bitcoin, altcoins, and the trending situation on their part.
BTC crosses $44K
Bitcoin has been in gains for new investments and encouraging market. Blackrock, an assets management firm worth $9 trillion, has announced that they will be adding bitcoin to their trading services. The mentioned investment will mean further strength for bitcoin because of corporate giants on its side. On the other side, the winter for bitcoin is ending as it has shown growth at an increasing pace.
The data for the previous 24 hours shows that it has gained 1.91% in 24 hours while its price is in the $44,297.60 range. The gains of bitcoin for the last seven days have been 20.04%. The gradual increase in bitcoin value shows a trend of continuous growth.
The market cap for bitcoin is $840,226,343,131 while the 24-hour trading volume of it is estimated to be $22,731,528,227.
ETH high on gains
Ethereum was one of the main affected coins of the market recession. The winter for Ethereum also seems to be coming to an end, resulting in a high rise in its value. The performance of Ethereum for the last seven days is evidence of it. It has gained 20.12% in the past seven days.
While if we take a peek at its performance for the last 24 hours, it shows a gain of 4.87%. The current price for Ethereum is in the $3,226.22 range. The value of its market cap is $365,844,414,330 as per the latest updates.
The 24-hour trading volume for Ethereum is in the $13,530,804,360 range.
LUNA turns bearish
Terra LUNA is one of the few bearish currencies on the top list. It has suffered a dip of 0.12% in the past 24 hours. The gains for it over the past seven days amount to 19.61%. It currently ranks 9th on the global list, while $56.37.
The loss is small as for the last 24 hours, but it might increase if the bearishness continues. The current market cap for Terra LUNA is $22,627,124,492. While the trading volume of it for the last 24 hours is about $1,355,047,011.
UNI seeks further rise
Uniswap has continued bullish for a long, making significant gains. The data for the last 24 hours shows a gain of 3.87%, while the seven-day performance shows a gain of 17.56%. If we take a peek at the current price for this currency, it is about $12.22.
The market cap of this coin is estimated to be $7,718,544,581. At the same time, the 24-hour trading volume is estimated to be $221,024,939.
Final Thoughts
The market has been reduced to $1.65T from $1.97T in a single day which is a huge loss. The difference this time is that of the loss on the part of minor currencies in contrast to bitcoin and other leading altcoins. The change means a trend shift of losses which might affect small coins in the future. In the same manner, a gradual increase has been noticed on the part of bitcoin and Ethereum, which means they might prosper in the coming days. The continuous bullish trend will encourage investors to invest in these coins.
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