The flow of capital to the global crypto market has continued in the same vigor as previously. Though there has been no major change in the market, the performance of Bitcoin, Ethereum, and other altcoins has stayed in a stable range. The global market cap value has remained in the previous range, unable to cross the threshold level. The bullish wave also seems to have weakened due to the lesser strength of the bullish wave.
The US Commodity Futures Trading Commission head has confirmed Bitcoin and Ethereum as commodities. The statement came when the market is facing severe blows due to the receding global economy. The chairman of CFTC said that they are working with US Securities and Exchange Commission to outline further steps for it. On the other hand, a US lawmaker has introduced a bill to protect Bitcoin.
Bill Gates has expressed his distrust in crypto and said that it has no valuable output. He said that it is from other investments because of the no valuable output that it gives to society. It needs to be kept in mind that the benefits of crypto will come forth with the popular use of blockchain technology.
Here is a brief overview of the current market situation, analyzing the performance of Bitcoin, Ethereum, and some others.
BTC gripped to $30K
Bitcoin has been in gains due to the bullish wave. But UK authorities have advised investors to rush towards crypto because of the possible problems. A UK regulator has advised customers to save themselves from the possible problems due to the wavy bullish market. Also, the trial for the Ponzi Scheme continues as the two alleged in it have been charged.
The performance of Bitcoin for the last 24 hours shows that it has gained 2.40%. If we compare the weekly performance, its losses are about 1.76%. The price value for Bitcoin has fluctuated in a specific range, not seeing any major change.
The price value for Bitcoin has remained in the $30,190.44 range. It was able to cross $29K but hasn’t been able to move forward. The market cap value for Bitcoin is estimated to be $575,053,031,726. Its 24-hour trading volume of it is about $22,219,084,853.
ETH stays bullish
Ethereum has continued to wait for the merge, expected in August. But sources say that the transition to POS has been delayed for some reason. There have been continuous delays in the Ethereum merge, affecting its performance.
The data for the last 24 hours shows that ETH has added 2.66% over the last 24 hours. If we compare its performance for the last seven days, it has shed 3.04%. The positive changes have helped it recover to its previous threshold level.
The price value for Ethereum is in the $2,031.78 range. If we compare the market cap value, it is estimated to be $245,641,086,203. In comparison, the 24-hour trading volume of ETH is about $11,372,148,532.
FLOW trying to rise
Flow has also continued to struggle for improvement in its price value. The data for the last 24 hours shows that it has gained 2.84%. The weekly performance is still lagging as it has shed 3.16%. The change in its price value shows progress over the last few days.
The price value for FLOW is in the $2.89 range. If we compare the market cap value for this coin, it is estimated to be $2,998,685,373. The 24-hour trading volume of this coin is about $51,075,545.
ETC trying to cross barriers
Ethereum Classic has also attempted to enhance its value, but there has been little considerable change. The 24-hour performance of ETC shows gains of 2.05%. The weekly performance shows dominant bearishness as it has shed 6.04%. The price value for this coin remained in the $20.86 range.
If we look at the market cap value for ETC, it is estimated to be $2,814,972,933. In comparison, its 24-hour trading volume of it is about $375,812,068. The circulating supply for this coin is about 134,902,112 ETC.
Final Thoughts
The performance of the global crypto market has continued to be bullish. The value of Bitcoin, Ethereum, and others has remained static as there has been little enhancement. A peek at the global market cap shows that it is estimated to be $1.29T. While the market continues without any significant change, there are chances of possible bearishness. The market would need to keep its gains steady to ensure stability.
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