The global crypto market has continued bullish, adding 0.25% over the last 24 hours.Bitcoin has gained 0.01% in the last 24 hours, changing direction from losses.Binance Coin has performed much better, adding 1.06% in 24 hours.Algorand is going through bearishness, shedding 0.30, while Internet Computer Coin has added 5.09% in 24 hours.
The global crypto market has begun to make recoveries faster from the losses it made recently. The change came as the result of an alteration in the performance of Bitcoin, which gradually reduced its losses while bringing its performance value to gains. The change will impact the market in both the short and long term because of the additional value it will bring to the market. The only thing that is necessary for this situation is consistency from Bitcoin. Ark 21Shares had applied for a physical Bitcoin ETF. SEC has rejected this application for various reasons, as it has cited many reasons for the impossibility of the approval of this request.
Indonesia is the latest addition to those countries that have legislated to impose taxes on crypto. The latest update tells that Indonesia is ready to impose taxes on crypto from May. These efforts have been made to benefit from the increasing digitalization of assets, generating revenue for the government. Several other countries have done so, and one of the leading names in India, whose taxation policies have been criticized severely.
Here is a brief overview of the current market situation using the performance of leading currencies like Bitcoin, Binance Coin, and some other names.
BTC recovering from bearishness
Bitcoin has begun to make for the losses it made due to the recessive bouts in the market. The change in the market situation had affected its market value much as it went down without any hedges. The recent data tell an optimistic story about its regaining value.
The data for the last 24 hours shows that Bitcoin has added 0.01% over the last 24 hours. Though the said amount is much low, it has been considerably better than its performance the other day, which showed bearishness. Its weekly performance shows losses of 1.72%, and the impacts of its daily losses over the last few days are evident from it. The current price for Bitcoin is in the $46,140.05 range.
If we take a peek at its market cap value, it is estimated to be $876,538,803,875. In comparison, the 24-hour trading volume of Bitcoin remained at $27,137,118,404. The same amount in the native currency of Bitcoin is about 588,294 BTC.
BNB speeds up its gains
Binance Coin has been in a much better situation than Bitcoin because of its gains. The data for the last 24 hours shows that Bitcoin has added 1.19%. It was bullish when Bitcoin was in losses, so it was relatively stable even though the market was recessive.
The weekly data for Binance Coin shows that it has added 3.23%. The addition in value has strengthened its price value, which is currently in the $444.93 range. The current market cap value for Binance Coin is $73,465,768,930. If we take a peek at its trading volume for the last 24 hours, it is about $2,156,642,765.
The circulating supply of this coin remained 165,116,761 BNB.
ALGO still in losses
Algorand is one of those coins which are still struggling to turn bullish. The continuing bearishness has affected it much, and the volatility remains unchanged. Its weekly chart shows that the constant fluctuations have affected its value.
The recent data shows that Algorand has shed 0.30% in the past 24 hours. If we compare its losses for the last seven days, these amount to 3.91%. The price for this coin has also been affected as it is currently in the $0.9149 range.
The current market cap value for Algorand is estimated to be $6,061,658,736. In comparison, its 24-hour trading volume of it remained at $196,905,337. The same amount in its native currency is about 215,637,211 ALGO.
ICP makes tremendous gains
Internet Computer Coin has turned bullish after continuous losses. The weekly data for it shows that it has receded by 1.51%. In comparison, the daily performance for it shows gains of 5.09%. If we take a peek at its price value, it is in the $22.30 range.
The market cap value for ICP is estimated to be $4,823,149,598. Its 24-hour trading volume of it remained at $245,253,294. The circulating supply of this coin remained at 216,366,875 ICP.
The global crypto market has performed better compared to the previous days. The new additions came to the market due to Bitcoin’s stability. The global market cap strengthened, and it is currently estimated to be $2.15T. The downside pressure on Bitcoin has reduced, which has led to a strengthening value. Analysts predict that the fluctuations might continue as the volatility ratio for some coins is yet at highs.