TL;DR Breakdown
- The global crypto market sees a favorable situation, adding 0.70% over the last 24 hours.
- Bitcoin has also been able to get out of the bearish situation, shedding 1.35%.
- Binance Coin follows the usual trend in the market, adding 2.24% in 24 hours.
- VeChain and Hedera are both bearish, respectively, depreciating 0.66% and 2.43%.
The global crypto market has been going through a fluctuating pattern as the changes are taking place daily. The past few days have been an evident example of it as the market couldn’t get out of the volatile situation. The recent change has been the bullish highs in the market, and if the same pattern continues, then there are chances that the market will see bearishness soon. Despite the previous market performance pattern, there are hopes for continuing bullishness of the market.
Recent research says that more than two-thirds of central banks worldwide are considering CBDCs. It is seen as an attempt to retain governmental control of the market and bring competition to the traditional crypto market. Some banks have launched CBDCs, and it is in a trial period, while others are working on their launch. The result of the use of CBDCs will impact the state markets and the international market. The increased risk related to CBDCs prevents many governments from mainstreaming them.
Here is a brief overview of the current market situation using the performance of Bitcoin, Binance Coin, and some other currencies.
BTC rejuvenates
According to market experts, the key indicators of Bitcoin show a fresh surge in value. These indicators suggest that Bitcoin is strengthening in value, and it might continue moving into positive territory in a short while. If that happens, the shortest target for Bitcoin would be $47K, which is not too far.
The recent data for Bitcoin shows that it has gained 1.35% over the last 24 hours. Its previous performance is relatively bearish as it shed 1.79% over the last seven days. The impacts on the price value of Bitcoin are evident as it is currently about $46,727.74.
If we take a peek at the market cap value, it will be $887,591,289,597. In comparison, the 24-hour trading volume of Bitcoin is about $31,009,759,281. The trading volume in the native currency of Bitcoin is about 663,912 BTC.
BNB continues bullish
Binance Coin has also been able to get into a favorable situation after Bitcoin joined this bandwagon. The recent changes tell that it has gained 2.24% over the last 24 hours. If we compare its performance for the last seven days, its metrics show 4.57% gains.
The current price for Binance Coin is in a relatively better position because of the gains it has maintained. Even though it went through hard times, it didn’t go below the threshold level. The current price for it is in the $454.90 range.
If we take a peek at its market cap value, it is estimated to be $75,111,787,239. In comparison, its 24-hour trading volume of it remained at $2,313,185,083. Its circulating supply remained 165,116,761 BNB over the last 24 hours.
VET losing value
VeChain hasn’t been able to regain value even though the dominant trend is that of bullishness in the market. It has depreciated 0.66% over the last 24 hours. The losses are just limited to daily performance as its seven-day performance shows relatively better stats. The gains for the last seven days are about 7.88%.
The current price for VeChain is about $0.07972, which might see stability if the coin turns bullish. The market cap value for VeChain is estimated to be $5,121,915,015. If we compare the 24-hour trading volume, its value is about $409,637,351. The same amount in its native currency amounts to 5,143,791,742 VET.
HBAR continues to go lower
Hedera has been one of the worst-hit coins that have suffered from the ongoing market bearishness. The recent stats show that Hedera has suffered losses of 2.43% over the last 24 hours. If we compare the performance for the last seven days, it shows a loss of 1.76%.
The weekly graph for this coin shows constant fluctuations as it hasn’t seen stability in value. The current price value for HBAR is about $0.2389. If we look at the market cap value for this coin, it is estimated to be $4,672,925,198. In comparison, its 24-hour trading volume of it is about $75,557,821.
Final Thoughts
The market has been relatively stable compared to the other day, but some coins still suffer losses. The reason for the inability of the global market cap to rise in value is the bearishness of these coins. The global market cap value is estimated to be $2.17T, which has recently seen a slight increase. If the bearish coins change their direction, there are chances that the global market cap value will rise further.
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