- The global crypto market continues to gain value, adding 1.34% in 24 hours.
- Bitcoin has also remained bullish for the last 24 hours, adding 2.10%.
- Binance Coin also utilizes the favorable situation, gaining 3.82% in 24 hours.
- Dogecoin continues to gain, adding 1.07%, while Stellar XLM lost 0.66% in the previous 24 hours.
The global crypto market has been utilizing stability in the US dollar value as it has continued to gain ground after new reforms. The problem that the US economy faced was that of inflation, and US authorities have continued to take measures to curb it. One of them was the Federal Reserves’ decision to raise interest rates. These measures have begun to bear fruits as the dollar moves towards stability. As a result of the stable dollar, Bitcoin has also gained value. Thus, in turn, it has influenced the global crypto market.
Though the market continues to face the problem of geopolitical tensions, there has been a reduction in the losses that the crypto market was facing. The increase in the Russian offensive has increased donations for Ukrainians in crypto. A significant part of these is Polkadot, while Bitcoin, Binance, Ethereum, etc., are also in a substantial role. The decrease in the value of gold against the dollar has also helped crypto gain value. People need a secure investment that would keep their capital protected. Crypto might assume this role soon if the market continues to thrive.
Here is a brief overview of the market situation using currencies like Bitcoin, Binance Coin, and some other major currencies.
BTC continues to thrive
Bitcoin has been stabilized by the growth in the market resulting from the influx of US capital. The primary reason Bitcoin was lagging in gains was the sluggishness of the US dollar due to increased inflation. Bitcoin has continued to grow for the past couple of days, and if the influx continues, it might soar even higher.
The data for the last 24 hours shows that Bitcoin has gained 2.10% compared to the weekly gain of 15.53%. The gains for the previous 24 hours are much lower than that of the other day, and it might turn bearish if the value of profits lowers. The current price for Bitcoin is in the $44,050.47 range.
Analyzing the graph for weekly performance shows that Bitcoin has fluctuated during the last 24 hours. The market cap of this coin is estimated to be $835,727,150,915. In comparison, the 24-hour trading volume is estimated to be $32,187,653,781.
BNB is not lowering the gains
Binance Coin has also continued to prosper as the market has remained favorable. The data for the last 24 hours shows that it has added 3.82%. In comparison, the amount of weekly gains is higher, i.e., 8.25%. If we look at its price, it has improved after the new gains were added to its bulk. It is in the $409.35 range.
The market for Binance coin is stable, which has, in turn, added to its market cap. The mentioned value is estimated to be $67,795,831,131. The 24-hour trading volume has enhanced to $2,889,376,491.
It has fluctuated during the last 24 hours but could still retain gains.
DOGE continues steady
Dogecoin has also continued to gain momentum. For the last 24 hours, its performance shows that it has gained 1.07%. If we take a peek at the seven-day data, it shows a gain of 1.88%. Thus, its weekly and daily gains are almost in balance. The current price for Doge is estimated to be $0.1338.
The market cap for Dogecoin has continued to grow stronger and is estimated to be $17,756,179,147. The 25-hour trading volume for this coin is estimated to be $835,998,522. The circulating supply for this currency is about 132,670,764,300 DOGE.
XLM turns bearish
XLM hasn’t continued growing, and it has changed course. The data for the last 24 hours shows that it has shed 0.66%. In contrast, its last seven days were bullish as it gained 4.92%. The recent losses have also affected its price, which has lowered to $0.195.
The current market cap for XLM is estimated to be $4,878,620,879. The trading volume of XLM for the last 24 hours is estimated to be $331,097,741. Its circulating supply has an estimated value of 24,971,219,256 XLM.
The graph for this currency shows fluctuations, and there are chances that it might soon regain value following pattern changes.
The market has continued to improve as the global market cap has touched a $1.93T value. A major part of the recent gains has been bitcoin, which continued to prosper. The strength of Bitcoin against gold and Ruble has added to the new investments. The market has followed the pattern set by Bitcoin. As it has lowered gains, the market hasn’t also been able to add big additions. Currently, the market is going in the right direction, and there are hopes that it will continue this way.