TL;DR Breakdown
- The global crypto market shows improvement as it has added 2.07% in the last 24 hours.
- Bitcoin is continuing forward in a bullish manner, adding 1.59% in the last 24 hours.
- Ethereum follows bitcoin closely in gains, adding 5.32% in 24 hours.
- Terra is going through a recessive situation, losing 5.84%, while Uniswap gains 4.02%.
The market is recovering from the impacts of the recession, and the pace of recovery is not as experts expected it to be. There is a need for a speedy recovery because of the huge amount that it has lost to dips. The current situation is better for leading coins like bitcoin and Ethereum, but there is a fluctuation on the side of other major coins. If the market needs to move ahead to improve its value, there is a need for total growth.
Good news comes from Arizona, where a bill might be presented in the legislative assembly to make bitcoin legal tender. If we compare it to that in El Salvador, there are certain complexities related to this issue. Their experiment has been ghastly so far, but there is no certainty about the future of bitcoin status as legal tender. It is yet to be seen if this bill passes and bitcoin fulfills the legal requisites for being a state tender.
An example is the losses that bitcoin holders went through during the recessive period. Those companies who were holding bitcoin in their balance sheet suffered huge losses. According to TradingView, they lost about $7 billion. If this happens on state levels, it will have significant impacts.
Though the future belongs to cryptocurrency and decentralized blockchain systems, it will take time to implement. Hasty decisions might prove bad if they are taken without proper consideration. Also, the market is currently in the transformational phase, impacting those economies directly linked to it.
Here is a brief overview of the market situation and leading coins like bitcoin, Ethereum, and other significant tokens.
BTC steadying itself to prepare for the long run
Bitcoin has continued to be affected the most by the ongoing changes in the market. The current situation of bitcoin is bullish, but it has been going through fluctuations for the last few days. The data for the last 24 hours shows a gain of 1.59%, while its weekly losses have been changed to gains. The seven-day progress shows a gain of 2.81%, which is much better for the token of this stature.
The current bitcoin price is in the $37,545.30 range, while its current market cap is estimated to be $710,784,465,170. The trading volume of bitcoin for the last 24 hours is estimated to be $21,542,152,323. The mentioned amount can be converted to 574,108 BTC.
ETH regaining its bulk with new gains
Ethereum has been closely following bitcoin after the market fluctuations. If we look at the data for the last 24 hours, it shows the speeding pace of Ethereum if compared to bitcoin. The 24-hour gains for Ethereum are about 5.32%, while the seven-day losses have been reduced to 2.70%.
The current price for Ethereum has also improved after new gains. It is the $2,529.73, while the current market cap for this coin is about $301,793,991,822. The trading volume of the said coin for the last 24 hours is estimated to be $14,263,275,457.
The trading volume of Ethereum in its native coin is estimated to be 5,640,860 ETH.
LUNA continues to be on the losing side
Terra LUNA’s performance shows that it has been through hard times and hasn’t been able to get out of it yet. The current situation for Terra LUNA shows a loss of 5.84% for the last 24 hours. In comparison, losses for the last seven days are about 22.79%.
The current price for Terra LUNA is about $50.55, while its market cap is estimated to be $20,226,311,239. The trading volume of this coin for the last 24 hours is estimated to be $3,358,946,910.
UNI turning its losses into gains
Uniswap has changed its losses to gains, as evident from the 24-hour data. The current stats show a gain of 4.02% in 24 hours, compared to 15.89% in seven days. The current ranking of Uniswap is 24th on the global list. The ranking of this coin has deteriorated since the previous recession.
The trading volume of this token for the last 24 hours is estimated to be $161,869,730. At the same time, the data regarding the market cap shows a value of $6,662,386,445.
Final Thoughts
The market is gradually regaining its strength, as evident from improvement in the global market cap. The latest data shows that its value has reached $1.70T. Though it is still far from reaching $2.0T, it is gradually approaching this target. The main question for the crypto market is reaching back to its previous position, which will help it regain strength. Once it revitalizes completely, it will be able to achieve new targets. Experts believe that the market needs to move unimpeded to make significant gains in the current situation.
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