The positive vibes for the global crypto market have continued unaffected over the last day. Coins like Bitcoin, Binance Coin, and others have benefited from it. The changes have fluctuated between positive and negative as the market has remained unsure. The market has been looking forward to stability, but it saw big losses over the last few months. There is no surety yet if the bearishness will come to an end.
The Bank of Russia has agreed to legalize crypto mining, subject to some basic conditions. According to the available updates, the condition for legalizing mining would be the sale of minted coins abroad. Crypto miners have continued to face problems in Russia due to government restrictions and other problems.
Russia has been facing sanctions from US and EU because of its invasion of Ukraine. Its crypto community faced problems as various exchanges and crypto services companies opted out of it. The global crypto market also felt the repercussions of this tremendous change as the geopolitical situation worsened.
Here is a brief overview of the current market situation, analyzing the performance of Bitcoin, Binance Coin, and others.
BTC unable to cross $20K
Bitcoin has seen new opportunities lately as markets are opening up for it. Visa has remained supportive of crypto and recently announced crypto shopping in Dubai. This type of shopping feature will be available to customers using Bitcoin-backed TDC. Visa has seen it as an opportunity to benefit from the expanding crypto market.
The latest data shows that Bitcoin has added 3.44% over the last day. If we compare the losses for the last seven days, it has shed 7.10%. The recent few hours have speeded up its performance.
The price value for Bitcoin is in the $19,693.34 range. If we compare the market cap value for Bitcoin, it is estimated to be $375,468,461,699. The 24-hour trading volume of Bitcoin is about $18,559,071,677.
BNB adding slow gains
Binance has remained at the forefront of promoting crypto, metaverse, and decentralized finance. Its CEO has remained active during the bearish period and supported the market. Instead of going for layoffs, Binance has continued to hire a new workforce that benefitted them.
Binance Coin has also continued to utilize the bullish period. According to the latest updates, it has added 2.89% over the last day. The weekly performance shows that the losses are about 5.90%. The impacts of bearishness still linger, as evident from its metrics.
The price value for BNB is in the $223.50 range. If we compare the market cap value for this coin, it is estimated to be $36,412,022,684. The 24-hour trading volume for the same coin is about $822,498,698.
XRP sees lag
XRP has continued to see a lag in value, as evident from its weekly graph. The data for the last 24 hours shows that it has added 3.65% over the last day. In comparison, the losses for the last seven days are about 10.46%. The changes show that its price value has increased significantly as it is currently about 0.3229.
The market cap value for this coin is estimated to be $15,551,502,915. The 24-hour trading volume for the same coin is about $976,913,847. If we look at its trading volume in its native currency, it is about 3,036,815,490 XRP.
SHIB trying to rise
Shiba Inu has attempted to strengthen its value as the market saw a rise. The latest data for this coin shows that it has added 2.71% over the last 24 hours. In comparison, the losses for the last seven days are about 9.43%. These changes mean that its price value will still have to struggle.
The current price value for SHIB is in the $0.00001023 range. If we look at the market cap value for this coin, it is estimated to be $5,619,362,676. The 24-hour trading volume of this coin is about $238,347,714.
Final Thoughts
The global crypto market has seen improvement in value as the influx of gains continues. The decreased sell-offs have strengthened Bitcoin, Binance Coin, and other market giants. The changes have also helped the global market cap value improve. It is currently estimated to be $884.46 billion. This value would take time and effort to reach its all-time high.
