The global crypto market has seen a positive trend over recent hours. The performance of Bitcoin, Ethereum, and others shows that there has been a significant inflow of capital. The inflow has helped the market strengthen its value amid the FUD created around Binance. The main reason for uncertainty in the market is rumors that have led to the collapse of various major names. There is a hope that the market will continue its forward march, preventing any other major collapses.
Binance has seen the largest outflow of stablecoins in the last 24 hours. Even though Binance has seen a difficult time as the outpour of capital continues, experts estimated that it has about $30 billion of stablecoins. The largest crypto exchange faced an outflow of stablecoins (USDT, BUSD, USDC), which amounted to $2.159 billion. Nansen has estimated that Binance still has the potential to stand strong even though the pressure is immense. According to available estimates, the total assets of Binance amount to $58.79 billion.
The BUSD amount represents 26.38% of the total, while USDT amounts to 21.17% of the total assets. The net outflows since 12 December amount to $2 billion in Ethereum-based token withdrawals. The world’s largest exchange also saw the biggest Bitcoin withdrawals in a day. Binance CEO CZ has said that Binance has grown amidst FUD, and there is nothing to be worried about.
Here is a brief overview of the current market situation analyzing the performance of Bitcoin, Ethereum, and others.
BTC closer to $17.8K
Marathon Digital stock has seen a considerable drop in value. The mentioned stock saw a drop of 8.1% as the FTX contagion continued. There has been a big impact of FTX collapse, and the following drama on the market as various companies subsequently saw their collapse.
The performance of Bitcoin has seen a considerable improvement over recent hours. The latest data shows that it has added 3.60% over the last day. The seven-day data shows that it has added 4.13%.
The price value of BTC is currently in the $17,765.65 range. The market cap value of Bitcoin is estimated to be $341,711,291,600. The 24-hour trading volume of Bitcoin is about $26,573,063,934.
ETH on rise
Hong Kong stock exchange has announced the listing of CSOP Asset Management’s Bitcoin and Ethereum ETF. The mentioned company has received the approval to list its Bitcoin and Ethereum exchange-traded funds.
The performance of Ethereum has also seen a considerable improvement over recent hours. The latest data shows that it has added 4.11%. The weekly performance shows that it has added 4.16%.
The price value of ETH is currently in the $1,319.84 range. The market cap value of this coin is estimated to be $161,507,528,866. The 24-hour trading volume of the same coin is about $8,889,041,544.
XCN in gains
The performance of Chain has also been improving, as the stats show. The latest data shows that it has added 0.48% over the last 24 hours. The weekly performance of this coin shows that it has shed 11.96%. The price value of XCN is currently in the $0.03394 range.
The market cap value of Chain is estimated to be $728,684,789. The 24-hour trading volume of this coin is about $7,781,279. The same amount in its native currency is about 228,774,549 XCN.
FTM stays bullish
Fantom has also seen a bullish trend over recent hours. The latest data shows that it has added 7.62% over the last 24 hours. The seven-day data shows that it has added 1.93%. The price value of FTM is currently in the $0.2499 range.
The market cap value of Fantom is estimated to be $636,113,469. The 24-hour trading volume of this coin is about $127,652,876. The circulating supply of the same coin is about 2,545,006,273 FTM.
Final Thoughts
The global crypto market has seen a favorable situation over recent hours. The performance of Bitcoin, Ethereum, and others shows a bullish trend. As the market has continued to improve, there has been an increase in the influx of capital. The global market cap value has also improved as it is estimated to be $870.20 billion.
