The global crypto market has again turned direction as it loses 0.58% in 24 hours.Bitcoin also begins to erode value, shedding 0.18% in the previous 24 hours.Binance Coin is in no different situation, losing 0.75%.Elrond and Monero are still bullish, gaining 10.19% and 1.61%, respectively.
The global crypto market changed track as its short-lasted bullishness ended. The previous gains came from the EU parliamentarians’ unanimous decision not to ban POW currencies like Bitcoin and Ethereum. Thus, it has come as the recognition of these currencies, adding to the investor trust. Another strong support came from Elon Musk, whose tweet regarding Bitcoin, Ethereum, and Dogecoin led to new funds. The market might see a new rise in value if the indicators for investor trust improve. Experts predict that Bitcoin and other coins will gain momentum after Musk’s support, which happened in 2021.
The search regarding Russians’ transfer of money to crypto wallets continues amid the newly implemented sanctions. A crypto forensic company has discovered that more than 15 million addresses were linked to the new transactions in Russia recently. This might count as millions of dollars as they want to save their capital from the impacts of sanction impositions. This money is mainly transferred by Russian oligarchs who have suffered much since the escalation of the Russia-Ukraine conflict.
While Do Kwon, the CEO of Terraform Labs, has accepted another wager, about $10 million, regarding Terra’s price. These bets have been set as the result of a challenge from a community member who blamed this blockchain system for being a scam. Here is a brief overview of the market situation using currencies like Bitcoin, Ethereum, and other major names.
BTC back to bearishness
Bitcoin is moving in a chippy-choppy situation as the price has seen no surety over the past two weeks. There have been continuous fluctuations that have worried the investors about the future of their investments. On the other side, there is a growing belief that Ethereum might overtake Bitcoin in value which has attracted the attention of many Bitcoin investors. It might take time but poses threats to Bitcoin.
The data for the last 24 hours shows that Bitcoin has depreciated 0.18%. While in comparison, the data for the last seven days shows that the losses are about 0.35%. The fluctuating pattern has continued without interruption because of the market’s volatility. There are fears that it might last till the Russia-Ukraine conflict continues.
The current price for Bitcoin is in the $38,800.20 range. Bitcoin market cap, as per the latest updates, is estimated to be $737,453,780,802. In comparison, the 24-hour trading volume of this coin is about $24,533,128,227.
BNB reverses its gains
Binance Coin has also ended up in losses due to the changed mood of the market. Thus, it has resulted in a loss of 0.75% over the last 24 hours. While in comparison, the losses for the last seven days are about 4.90%. The weekly losses are far more than the daily losses and show the extent of the value that Binance Coin has shed. The price for this coin has reduced significantly and is currently in the $366.44 range.
The value of the market cap for Binance Coin as per the latest updates is $60,581,014,228. In contrast, the 24-hour trading volume of this coin is estimated to be $1,362,768,232. If we convert the trading volume to its native currency, it is about 3,714,297 BNB.
EGLD continues to soar
Elrond has been favorable because investors have continued to push it further high. The data for the last 24 hours shows that Elrond has gained 10.19%. In comparison, the seven-day performance of this coin shows gains of 16.85%. The new gains have elevated its price, currently in the $156.15 range.
The favorable market has kept Elrond bullish, which has taken the market cap of this coin to $3,383,161,490. In comparison, the 24-hour trading volume of this coin is about $310,766,864. The circulating supply of Elrond remained 21,646,969 EGLD.
XMR lowers its gains
Monero has also remained different from the dominant trend of Bitcoin and other currencies. The result has been gains of 1.61% over the last 24 hours. While in comparison, the gains for the last seven days are about 12.27%.
The price for Monero has also increased in value compared to the previous value and is in the $185.07 range. This coin’s current market cap value is estimated to be $3,348,456,717. While the 24-hour trading volume of it is estimated to be $179,200,005. If we convert the trading volume amount to the native currency of the blockchain system, it is about 968,288 XMR.
The global crypto market hasn’t been able to cross the threshold level of $1.75T, and now the new gains have brought it back to $1.72T. The oscillation in this range has continued for more than ten days, and there is no significant change in the value. If the market breaks this barrier and adds new gains, there are chances that the bullishness will last longer. The last 24 hours have seen enormous activity in the crypto market as coins like Bitcoin, Binance Coin, etc., added gains and then reversed directions. Experts are of the view that the market needs push from the investors to be gain productive momentum.