The global crypto market continues to gain value as the bullishness continues for the second consecutive day. The current flow of funds to the market seems to improve the market as it couldn’t retain bearishness for more than a day. The change in this pattern has strengthened Bitcoin and other coins that were emaciated due to strengthening whales. If the market continues in the same direction, there is hope for the revival of previous highs.
The tilt in the market towards bearishness had affected the investments in Bitcoin. The result was an increasing sell-off rate, which affected the overall market. In contrast, some businesses and individual investors preferred to go for the purchase dips. There were rumors that MicroStrategy might also go for the sale of Bitcoin, but it has denied any such thing. According to the company’s CFO, they don’t intend to sell Bitcoin and would retain them in the future. Long-term investors are aware of the significance of Bitcoin in a world that is transforming digitally.
Here is a brief overview of the market situation, analyzing the performance of Bitcoin, Ethereum, and some other altcoins.
BTC struggling for $31K
The challenges towards Bitcoin mining and changes in hashrate have affected the mining community. The ongoing changes have brought them together to look for a strategy that could help them sustain their value. Bitcoin has been retesting its strength as it consolidated its value, reaching $30K overnight.
The gains for Bitcoin amounted to 2.73% over the last 24 hours. If we compare the gains for its last seven days, it shows a loss of 1.51%. The latter value shows how the bearish trend has affected Bitcoin.
The current price value for Bitcoin is in the $30,280.71 range. If we look at the market cap value for Bitcoin, it is estimated to be $576,985,211,764. Also, the trading volume of Bitcoin improved over the last 24 hours and is about $33,907,140,772.
BNB strengthening its muscles
Binance has been following the latest updates in the market. It has added support for Layer-2 Ethereum scaling solution. The largest cryptocurrency exchange has done its best to facilitate customers with the latest technologies. The mentioned move will help the customers get the benefit of these updates.
The latest data for Binance Coin shows that it has added 4.29% over the last 24 hours. If we compare its performance for the last seven days, it has gained 1.94%. The price value of the Binance Coin has grown in tandem with the rise in gains.
The current price range for Binance Coin is about $31386. If we compare the market cap value for Binance Coin, it is estimated to be $51,245,326,262. While the 24-hour trading volume of Binance Coin is about $1,613,341,194.
AVAX is retracing its trajectory
Avalanche has also been utilizing the current bullish wave. The latest data for AVAX shows that it has gained 6.18% over the last 24 hours. The past week proved bearish as the losses were about 14.71%. The change in its performance shows improvement in the price value as well.
The current price value for AVAX is in the $30.83 range. Further improvement is expected as AVAX has been able to continue progressing. The market cap value for Avalanche also shows positive impacts of gains as it is about $8,331,300,526. In comparison, its 24-hour trading volume of it is about $923,623,681.
MATIC is struggling for highs
Polygon has also been struggling with reducing its losses. The weekly data shows that the losses for MATIC have been reduced to 7.90%. If we compare the daily performance, it has gained 5.28%. The latter margin shows that it can reduce the weekly losses if the current bullish wave continues.
The price value for MATIC shows that it has reached $0.6685. The ongoing bullishness has consolidated its value if we look at the stats for market cap value. The current amount of it is estimated to be $5,321,840,430. If we compare the 24-hour trading volume, it is about $510,142,043. The circulating supply for this coin remained at 7,950,866,567 MATIC.
The global crypto market has continued to improve after a long while. The current metrics show that it has the potential to improve further as various coins are working on consolidating value. The global market cap value indicates the improvement as it has reached $1.29T. Its current value is much lower than the market cap value it had before the Russia-Ukraine conflict. It would take considerable effort to improve this value.