The global crypto market has retained its gains, consolidating its value. The positive change in the market has brought strength to coins like Bitcoin, Ethereum, and others. The market has long been striving to consolidate its value but couldn’t because of the recurrent waves of bearishness. Thus, there has been little change in the resistance levels. Investors expect the ongoing bullish wave to strengthen the market, crossing the previous resistance levels.
Russia may introduce ‘targeted’ CBDC by 2023, as an announcement from the Bank of Russia says. According to the official sources, the digital Ruble could be used for specific goods or services. As the digital Ruble is introduced, it will increase the availability of financial services while the users will also be able to optimize payments across borders. As per the official timeline, the digital Ruble will be launched in 2023 for public use.
The Bank of Russia has shared these details in a monetary policy update. The plan for ‘coloring’ of digital Ruble will increase the efficiency of public spending. Russia also has plans for an offline mode of transactions that will integrate institutions outside the banking sector. The mentioned change will come into effect by 2025.
Here is a brief overview of the current market situation, analyzing the performance of Bitcoin, Ethereum, and others.
BTC aiming at $25K
Different countries and institutions across the world have reacted differently to the ongoing financial crisis and changes in markets. The past two consecutive quarters brought the US a continuation of misery as inflation continued. The CEO of Franklin sees Bitcoin as an alternative to the current economic condition because of the security it offers.
The latest data shows that Bitcoin has continued to strengthen its position. The recent data shows the addition of 2.79% for Bitcoin over the last 24 hours. The seven-day data shows that it has gained 5.73%.
The price value for Bitcoin is in the $24,566.96 range. If we compare the market cap value for Bitcoin, it is estimated to be $469,721,798,329. The 24-hour trading volume of Bitcoin is about $27,277,199,907.
ETH close to $2K
Even though there was higher demand at lower levels, Ethereum has moved past $19K. There was debate about whether it would be able to cross $1.8K, but it made it to $1.9K. The consolidation in the price value for Ethereum shows the increasing influx of capital towards it.
Ethereum has also seen considerable growth as the market remained bullish. The latest data shows that it has added 4.42% over the last 24 hours. The weekly data shows an addition of 13.35%.
The price value for ETH is in the $1,963.36 range. If we compare the market cap value for this coin, it is estimated to be $239,413,902,695. The 24-hour trading volume for the same coin is about $17,499,493,814.
XTZ in a gaining mood
Tezos has also seen an improvement in value as the gaining mood continues. The latest data shows that it has added 1.56% over the last day. The seven-day data shows an addition of 4.57% for this coin. The price value for XTZ is in the $1.93 range.
The market cap value for Tezos is estimated to be $1,750,868,690. The 24-hour trading volume of this coin is about $28,580,857. The same amount in its native currency is about 14,773,933 XTZ.
AXS consolidating
Axie Infinity is also consolidating value as the gains continue. The latest data shows an addition of 4.62% for this coin over the last 24 hours. The weekly data shows that it has added 6..14%. The increase has brought its price value to the $19.38 range.
The market cap value for AXS is estimated to be $1,607,373,559. The 24-hour trading volume of this coin is about $155,019,125. The circulating supply of this coin is about 83,812,820.
Final Thoughts
The global crypto market has continued to grow in value as the influx of capital has strengthened. The increase has enhanced the value of Bitcoin, Ethereum, and others. As the gains continue, the market has seen value consolidation. The global market cap value has also been enhanced. It is currently estimated to be $1.17 trillion.
