The global crypto market has seen a positive trend as its value has improved significantly. The performance of Bitcoin, Binance Coin, and others has shown enhancement. As the market has seen a boost, its gains are likely to increase. The previous few days have proved tough for the market as it couldn’t continue bullish. The regressive trend had proved detrimental to new gains as investors were cynical of their investments. The new change is likely to bring the market to new highs.
New York fed completes experiments using the on-chain digital dollar. The Federal Reserve Bank of New York has successfully completed the experiment using the digital dollar. The digital dollar will be for complex foreign exchange transactions across different blockchains. The experiment has also reduced the time to complete transactions which have been reduced from two days to under 15 seconds. The exchange can also be used to convert digital dollar to other foreign currencies.
The experiment has been named Project Cedar: Phase One. The project is focused on the potential of central bank digital currencies. The experiments will see whether CBDCs can be used to become a viable option for transactions. The experiment has been a breakthrough because of the introduction of multiple currencies for foreign transactions. Previously only currency could be transacted in foreign exchange.
Here is a brief overview of the current market situation analyzing the performance of Bitcoin, Binance Coin, and others.
BTC crosses $21K
Bitcoin bulls have come back with full force as they have wiped out fed FOMC losses. Bitcoin price is looking to cross the oncoming barriers and it might be successful looking at the current scenario. There is a chance of its value increase in the coming days as the bulls seem to be strengthening further.
The recent data for Bitcoin shows that it has attempted to come back with full power. The latest data shows that it has added 4.44% over the last 24 hours. The weekly data shows that it has added 3.25%.
The price value of BTC is currently in the $21,206.06 range. The market cap value of Bitcoin is estimated to be 406,784,405,249. The 24-hour trading volume of Bitcoin is about $53,582,423,592.
BNB on rise
Binance and OMFIF have collaborated to support the global think tank’s annual report. The Binance will provide assistance to OMFIF on its future of payments as the result of a recent collaboration between the two. OMIF has shown great interest in blockchain and crypto promotion.
The value of Binance Coin has also shown a super-bullish trend. The latest data shows that it has added 8.39% over the last day. The weekly performance of this coin shows an addition of 21.71%.
The price value of BNB is currently in the $356.86 range. The market cap value of this coin is estimated to be $57,192,960,953. The 24-hour trading volume of the same coin is about $1,945,507,879.
FTT reviving value
FTX Token has also shown a boost in performance due to the bullish trend. The latest data shows that it added 4.82% in a day. The weekly data shows that it has added 4.68%. The price value of FTT is currently in the $25.74 range.
The market cap value of FTX Token is estimated to be $3,423,781,222. The 24-hour trading volume of this coin is about $104,323,558. The same amount in its native currency is about 4,053,332 FTT.
XMR regains momentum
The performance of Monero has also seen a revival of gains as the investors remain bullish on it. The latest data shows that it has added 3.05% over the last day. The weekly performance shows that it has added 6.50%. The price value of XMR is currently about $154.67.
The market cap value of Monero is estimated to be $2,818,766,458. The 24-hour trading volume of this coin is about $72,603,578. The circulating supply of this coin is about 18,196,249 XMR.
Final Thoughts
The global crypto market has witnessed a boost in performance due to the influx of capital. The latest data shows a considerable change in the value of Bitcoin, Binance Coin, and others. As the performance of the market changed, investors also saw a boost in gains. The global market cap value has also improved. The latest data shows that it is estimated to be $1.06 trillion.
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