There has been an improvement in the global crypto market. The change came for Bitcoin and other major coins, which turned bullish. Though some coins struggle with bearishness, they are expected to regain strength soon. The mentioned change has swept losses while the forward march has also resumed. Though the ongoing situation is like an oscillation in a specific range, it might turn to the enhancement of the market value.
South African Reserve Bank head has confirmed that they will be working on regulating digital assets. According to Kuben Naidoo, the head of SARB, they intend to roll out these changes in the next twelve to eighteen months. As these changes are implemented, crypto won’t be a payment option anymore but a financial asset.
Thus, it can be used in the mainstream sector for businesses and payments when recognized as a financial asset. The revelation came during Naidoo’s address at a local investment firm PSG webinar. He said that appropriate technological developments would be necessary for this change.
Here is a brief overview of the current market situation, analyzing the performance of Bitcoin, Binance Coin, and others.
BTC regains momentum
Bitcoin mining and its carbon footprint have been one of the main concerns of environmental protection organizations. According to a new European Central Bank report, the climate change risk has been increasing due to Bitcoin mining. It has condemned proof of work mechanism and risks a ban from authorities.
The latest data for Bitcoin shows that it has added 0.13% over the last 24 hours. The weekly performance has also improved with the influx as Bitcoin has reduced losses to 1.01%. As the gains continue, they might enhance further.
The price value for Bitcoin is in the $19,822.19 range. If we compare the market cap value for Bitcoin, it is estimated to be $3,78,457,912,263. The 24-hour trading volume of this coin is about $26,675,263,204.
BNB back to highs
Binance Coin has been facing lows of the year as the market has remained bearish. The ongoing situation shows that it has reached years second-lowest since 18 June. As the market went into lows since November 2021, Binance Coin has continued to erode value.
The value of the Binance Coin is also improving as it has added 1.04% over the last day. The weekly change also shows a reduction of losses to 4.16%. These changes have resulted in the regain of momentum.
The price value for BNB is in the $226.44 range and is improving. The market cap value for this coin has improved to $36,972,043,042. The 24-hour trading volume of the same coin is about $1,153,963,554.
HNT adding strength
Helium has also been moving forward as it has gained considerable value. It has added 0.11% over the last 24 hours due to the ongoing influx. The result improved the weekly performance as the losses were reduced to 4.14%. The influx of capital has strengthened its price value which is currently about $8.73.
The market cap value for HNT is estimated to be $1,062,956,304. The 24-hour trading volume of the same coin is about $5,776,090. The same amount in its native currency is about 661,386 HNT.
QNT lowers its losses
Quant has also been trying to improve value, but it hasn’t yet turned bullish. The latest data shows that it has lowered its losses to 1.07%. The weekly performance is also improving as its gains have reached 37.68%. The price value for this coin is about $82.96.
The market cap value of QNT is estimated to be $999,323,461. The 24-hour trading volume of the same coin is about $76,342,124. The circulating supply of this coin is about 12,072,738 QNT.
Final Thoughts
The global crypto market has continued to change value as the gains increase for Bitcoin and altcoins. The recent changes have brought major coins to bullishness while others are yet trying to overcome bearishness. This change has helped increase the influx of capital to the market. The increase has helped enhance the global market cap value, which is currently about $884.51 billion.
