TL;DR Breakdown
- As usual, the global crypto market fluctuates, losing 1.21% in 24 hours.
- Bitcoin recedes, loses 1.34% in the previous 24 hours.
- Binance coin faces the same fate as bitcoin, losing 1.06% in 24 hours.
- Polkadot loses 3.32%, while Algorand gains 3.31% in 24 hours.
The market changes as the balance shifts again to small currencies instead of bitcoin and the following names. Thus, it has resulted in the loss for the former while the latter have begun to make up for their losses. Though the leading coins are not in a bad situation, they are suffering losses.
CoinMarketCap reported that Binance is under SEC radar. The reason is the problems that Binance is facing with regulatory authorities across the world. As a result of these skirmishes, Binance is facing problems. The change might affect the US soon as the Securities and Exchange Commission might investigate its transactions and other relevant data. Though these reports have emerged, it is yet to be seen what will result from this happening.
On the other side, another giant in the corporate world, MasterCard, has announced that they will be launching crypto consulting services. As a result of this move, there will be an enhancement in the acceptance of crypto. A row of states accepts crypto for different purposes after its recognition as currency. Colorado is one of those which will be accepting taxes in crypto from the coming month.
Here is a brief overview of the market situation and the performance of leading coins like Bitcoin, Binance Coin, etc.
BTC continues see-sawing at $43K
Bitcoin has been the flash focus of investors because of the new rally towards it. Thus, it had crossed $44K recently, but then it changed course all of a sudden, and now it is again in the $43K range. The changes came as the result of the comments from the US Federal Reserves about it.
For the last 24 hours, the data shows a loss of 1.34%, while it has shed 0.89% in the past seven days. It would have continued bullish if Fed Reserves had not warned about its $9T balance sheet. It is yet to be seen how it will perform in the coming days.
The current bitcoin price is in the $43,651.002 range. At the same time, the market cap for bitcoin is estimated to be $827,091,608,651. The trading volume of bitcoin for the last 24 hours has also been recessive and is estimated to be $20,942,712,876.
The graph for bitcoin shows a sudden fall after a continuous bullish period.
BNB recedes after a short-lasting bullish period
Binance coin has followed the footsteps of bitcoin and has turned red. The new change has relieved it of 1.06%. In contrast, the gains for the past seven days are about 1.16%. The current price for this token is in the $426.64 range.
While if we take a peek at the market cap of the Binance coin, it is estimated to be $70,400,408,456. The trading volume of Binance coin for the past 24 hours is about $1,822,937,092.
Its progress is the same as bitcoin, as it changed course due to the recent losses.
DOT continues bearish
Polkadot has remained bearish, as evident from the past seven days’ data. It shows a continuous loss of 12.32%. At the same time, the past 24 hours didn’t show any improvement as it shed 3.32%. The current price for this coin is in the $19.26 range.
The current market cap for Polkadot is estimated to be $18,971,590,005. In comparison, the trading volume of the said coin for the last 24 hours is about $824,494,428. The amount of trading volume in its native token is 42,919,631 DOT.
The graph shows a continuous loss as it has been going downward.
ALGO gains at a crucial stage
Algorand is in gains in contrast to the dominant trend in the market. The data for the last 24 hours shows a gain of 3.31%. In comparison, the same token has lost 5.75% in the past seven days. The losses and gains seem to be balancing each other. The current price for Algorand is $0.9753.
The market cap value for Algorand shows to be about $6,452,763,882. While the trading volume of it is about $270,858,625 for the last 24 hours.
Final Thoughts
The market is fluctuating as it has recovered from previous losses, but it has shed 1.21%. The current value of the global market cap is about $1.96T. As the market improves, there are chances that it might cross $2.0T. The main factor that will decide this value will be bitcoin, as it has been in losses due to new changes. The market will also stabilize if it stabilizes, adding to the total value.
