The global crypto market has taken another dip, shedding 0.38% in 24 hours.Bitcoin also changes direction, reducing 0.57% over the last 24 hours.Binance Coin is bullish, as it has gained 0.84% in the last 24 hours.Algorand and Stellar XLM are bullish, adding 0.31% and 5.50%, respectively.
The market has yet taken another turn amid the bullishness and changed the momentum. If we compare the current situation to the last day, there was a continuing bullishness in the market. The volatility has shown its impacts, and as a result, Bitcoin began to lower its value. As a result of this change, there was an impact on the rest of the currencies. Thus, we see a changing market because of the bearishness in a single coin.
The market is also changing directions because of the political changes taking place. The news of de-escalation in Eastern Europe brought stability to the market for a while, which didn’t last long. According to the latest updates, there is a change in the situation again as Russia has started the offensive with new vigor. At the same time, China is also supporting Russia, though not providing open support. China has remained a close partner of Russia, and this time again, it is working in close collaboration with Russia.
The results will tell whether Russia and its partner countries were in gain or loss. Apart from that, the ongoing crisis has affected the crypto market, especially Bitcoin. The current situation is thought of as a test for the crypto market, determining its strength. If the crypto market proves better stability, then there are chances that it can attract more investments.
Here is a brief overview of the market situation using cryptocurrencies like Bitcoin, Binance Coin, etc.
BTC takes a sudden turn
Bitcoin has suffered severe cases of volatility as geopolitical tensions escalated. The result was a change in the value of Bitcoin, which suffered setbacks. As the conflict escalated, there was a change in Bitcoin value which led to growing volatility. It initiated the flow of capital from Russians to Bitcoin because of the newly implemented sanctions.
The data for the last 24 hours shows that Bitcoin has shed 0.57%. While if we compare Bitcoin losses for the last seven days, they are about 0.50%. The impact of volatility is also evident in Bitcoin price, which has lowered to $38,958.90. Bitcoin price has fluctuated between $43K and $38K in the mentioned period.
The current market cap for Bitcoin is estimated to be $739,451,435,184. While if we take a peek at its trading volume for the last 24 hours, it is estimated to be $18,476,105,480. If we convert the trading volume to amount in the native currency of Bitcoin, it is about 474,270 BTC.
BNB continues bullish
Binance Coin is still bullish, being a part of a different camp than Bitcoin. For the last 24 hours, its performance shows that it remained bullish as the gains amounted to 0.84%. The weekly performance of this coin is bearish as it has shed 0.97%. There are chances that it might also change direction if the bearishness continues for the market.
The market cap for the said coin has been affected slightly. As per the latest updates, its value is about $62,120,589,722. In comparison, the 24-hour trading volume of BNB is estimated to be $1,332,729,328. The mentioned amount of trading volume in the native currency of this blockchain is about 3,542,400 BNB.
The current price for Binance Coin is in the $376.22 range.
ALGO gathering gains
Algorand is also yet safe from the bearishness that has dominated in the case of Bitcoin and Ethereum. It has gained 0.31% in the last 24 hours. In contrast, if we look at its stats for the last seven days, it shows that it has shed 6.89%.
The fluctuations haven’t let the market cap for Algorand grow to its full. The current value of it is estimated to be $4,711,702,011. In contrast, the 24-hour trading volume of this coin is about $101,104,745—the conversion of this amount to native currency results in 142,203,593 ALGO.
The circulating supply of Algorand during the last 24 hours remained 6,627,002,780 ALGO.
XLM remains on the gainer side
Stellar XLM also continued to gain through the tendency in the market changed to bearish. The data for the last 24 hours shows that Stellar has added 5.50% in the last 24 hours. While in contrast to other coins, it has remained bullish over the last seven days. The price for this coin has soared to $0.1847.
The market cap for Stellar is estimated to be $4,540,904,151. While if we take a peek at its trading volume for the last 24 hours, it is about $374,773,109. The circulating supply for Stellar XLM is about 24,587,653,888 XLM.
The market has been affected by the continuing volatility, as the result of which the global market cap has lowered in value. Its value is $1.74T as per the latest updates. There are chances that it might improve soon if the market turns bullish according to the ongoing pattern. In contrast, if the market changed the pattern, there would be a loss for most currencies, including Bitcoin. There are hopes that the market will soon see stability as the changing patterns tell of a reliable market.