The global crypto market has changed due to a massive influx of capital. The recent hours brought considerable gains to the market, taking it out of the lasting bearishness. The value of Bitcoin, Ethereum, and others showed significant addition, giving them hope. As the current situation persists, the market might be able to reach the previous resistance levels. The recent losses have deprived the market of its value as there was little positive change.
VeChain has plans to incorporate blockchain technology into the food, apparel, and pharmaceutical industries with the TruTrace partnership. VeChain and TruTrace have officially revealed the areas they will incorporate into the blockchain network. TruTrace currently deals in legal cannabis, food, fashion, and pharmaceutical business, and VeChain will partner in these areas. The mentioned step is an initiative to enhance mainstream blockchain adoption in basic needs industries.
As the transition towards Web3 is gradually taking place, various businesses are finding their place in this industry. TruTrace has already excelled in the mentioned industries, and this collaboration will increase its reach to customers. The joint announcement from the two companies says that the agreement will lead to blockchain integration in SaaS platform areas. VeChain will provide TruTrace opportunities to benefit from blockchain technology without investing much.
Here is a brief overview of the current market situation, analyzing the performance of Bitcoin, Ethereum, and others.
BTC crosses $19.7K
California Governor has rejected the regulatory bill previously passed by assembly lawmakers. The assembly lawmakers had passed a bill on 30 August named Digital Financial Asset Law. The bill reached the Governor soon after being approved by the assembly, but the Governor rejected it.
The recent changes for Bitcoin show a speedy improvement in its value. The latest data shows it has added 4.80% over the last 24 hours. In comparison, the weekly performance of Bitcoin shows a gain of 1.61%.
The bullish changes have strengthened BTC’s price value which is currently about $19,781.58. The market cap value for Bitcoin is estimated to be $379,047,013,630. The 24-hour trading volume of Bitcoin is about $45,939,647,013.
ETH reclaims ground
Stanford has launched possible solutions to cryptocurrency theft. In order to prevent crypto theft and money laundering, Stanford experts will utilize ERC-20R and ERC-721R. Crypto hacking and theft have been the major reasons for the lasting crypto winter.
The performance of Ethereum also saw improvement due to the influx of capital. The latest data shows an addition of 5.10% over the last 24 hours. In comparison, the weekly data shows a gain of 0.26%.
The price value for ETH is about $1,368.27 and might enhance further. The market cap value for this coin is estimated to be $167,669,513,090. The 24-hour trading volume of the same coin is about $16,343,312,624.
FTT skyrockets
FTX Token has also experienced a speedy increase in its value. The latest data shows it added 4.91% over the last 24 hours. The seven-day data for this coin shows an addition of 2.77%. The result of these gains is an increase in price value which is currently about $24.73.
The market cap value for FTT is estimated to be $3,313,297,062. The 24-hour trading volume for this coin is about $91,864,854. The same amount in its native currency is about 3,714,613.
XLM in losses
Stellar has been moving in a negative direction compared to the rest of the market. The latest data shows it has shed 1.90% over the last day. The weekly performance of this coin shows an addition of 4.39%. As the influx of capital continues, XLM price has reached the $0.1156 range.
The market cap value for Stellar is estimated to be $2,942,478,495. The 24-hour trading volume of this coin is about $160,432,908. The circulating supply of the same coin is about 25,457,038,086.
Final Thoughts
The global crypto market saw a positive change in value recently. The influx of capital resulted in a significant enhancement in the value of Bitcoin, Ethereum, and others. As the influx continues, the market is likely to strengthen further. The global market cap value has also been enhanced. The latest data shows that it is estimated to be $958.47 billion.
