TL;DR Breakdown
- The global crypto market continues to grow in value, adding 2.32% in the last 24 hours.
- Bitcoin continues at the same pace, as it gains 3.79% in 24 hours.
- Ethereum is also bullish; its gains for the last 24 hours amount to 1.83%.
- Maker and THORChain Rune continue following the bullish trend, adding 5.22% and 29.28%, respectively.
The global crypto market has continued bullish over the last 24 hours, while the only difference is reducing the number of new gains. Unlike other bullish rallies, there is a consistency seen in the market this time. If the gains continue for more than a couple of days, there is a chance that the market will be able to continue unaffected. The gains in the market are not limited just to Bitcoin, Ethereum, or other coins in the top list. Instead, the bullish trend has impacted almost all of the coins in the market.
As the developments in the crypto market continue, there is a continuous streak of regulations regarding this domain. One of the latest in this list is the legislation regarding crypto from the UAE government. UAE government is taking these steps to prevent further measures from FATF that have put it on the grey list. If they don’t fulfill the terms and conditions, there are chances that more sanctions will be slapped on them.
Biden’s long-awaited crypto legislation has come to the foreground. It proved much better than expected because its clauses don’t affect the market. Thus, as the result of market-friendly terms, there is a growing welcome of the said legislative step. Also, the market has largely been unaffected by the new legislation as Bitcoin, and other currencies continued without being bearish.
Here is a brief overview of the current market situation using chosen cryptocurrencies like Bitcoin, Ethereum, and others.
BTC keeps the pace unchanged
Bitcoin has kept its pace as no significant happenings could affect its value. The new change has not affected its value. Rather, it has continued to grow. The data for the last 24 hours shows that it has gained 3.79% in the last 24 hours. If we compare the previous week’s data, it shows a loss of 6.70%. Even though the market is fluctuating, there is stability seen in the case of Bitcoin.
The price for Bitcoin has lowered compared to other days as it is $40,848.51 as the new changes took place in the market. The current market cap for Bitcoin is estimated to be $775,568,247,393. In comparison, the 24-hour trading volume is estimated to be $33,432,830,802. The circulating supply for Bitcoin is estimated to be $18,979,025 BTC.
ETH lowers gains
Ethereum has lowered its gains if we compare it to Bitcoin. The data for the last 24 hours shows that it has gained 1.83%, which is lower than the gains it made the other day. In contrast, if we take a peek at the seven-day performance of Ethereum, it shows a loss of 9.10%. The price lows were mainly the result of the ongoing changes in the market, which affected its value.
The market cap for Ethereum is about $319,639,850,178. In comparison, the current price for Ethereum is in the $2,655.96 range. It has lowered from $3K, and the current struggle is to reach this value. It has also almost halved if we compare its performance in December 2021 at $4.2K.
The 24-hour trading volume of Ethereum is estimated to be $14,342,290,046. The same amount can be converted to its native currency, about 5,379,767 ETH.
MKR changes direction
The Maker has also remained bullish if we analyze its performance for the last 24 hours. The said coin has gained 5.22% in the last 24 hours. While if we take a peek at its performance for the last seven days, it has shed 3.42%. The gains for this coin seem to fluctuate because of the uncertainty in the market.
The current price for this coin is in the $1887.27 range, while its current ranking is 52nd in the global list. If we check the data related to market cap, it shows the amount of $1,852,647,521. The 24-hour trading volume of this coin remained at $70,818,090.
The circulating supply of Maker was 977,631 MKR.
RUNE continues to strengthen
THORChain RUNE has continued to grow in value as its market remained favorable. The new gains are astounding as it gathered 29.28% in 24 hours. While if we compare the gains for the last seven days, it has gained 0.10%. The current price for it is in the $5.41 range.
If we look at its graph for the past seven days, it shows that it has regained momentum after heading to a sharp decline in value. The market cap for this coin is estimated to be $1,771,609,956. The 24-hour trading volume of it remained $326,242,424.
Final Thoughts
The market has taken a sigh of relief after Biden’s long-awaited crypto executive order has come to the foreground. As the result of this change, there has been stability seen in the market as the global market cap reached $1.80T. There are further improvements expected as the geopolitical situation is deescalating Ukraine. As soon as the political situation becomes favorable, the market will regain the previous highs that it had in 2021. There are hopes for the strengthened market as we have seen it growing in bulk over the past few weeks.
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