The changes in the global crypto market continue as it has been moving to and fro between gains and losses. The recent changes have brought Bitcoin, Ethereum, and others considerable gains. Though the changes are positive, there is no surety about how long this bullishness will continue. The recent months’ track record shows it has been through tremendous losses.
The Middle East is becoming the latest den for crypto and metaverse. Various companies from Middle Eastern countries have continued to adopt blockchain technology. The latest in this regard is Kuwait-based Warba Bank which has entered the metaverse. Some real estate and other businesses in UAE have begun to accept crypto and use blockchain tech.
Meta, Facebook’s parent company, has announced the end of the crypto project Novi. This came after Mark Zuckerberg announced the metaverse digital wallet. Zuckerberg has been looking forward to opportunities in the market even though it has receded considerably. The transformation of Facebook to Meta was one of the major steps in this regard.
Here is a brief overview of the current market situation, analyzing the performance of Bitcoin, Ethereum, and other altcoins.
BTC seeing hope
According to the data comparison for Bitcoin and Monero, the latter might prove tough competition for Bitcoin. It has proved to be a better alternative for payments and other purposes. Some analysts suggest that it might be eating Bitcoin’s lunch anytime soon.
The latest data for Bitcoin shows that it has added 0.09% over the last day. In comparison, the losses for the last seven days are about 8.78%. These changes suggest the market for Bitcoin might continue to improve.
The price value for Bitcoin is in the $19,219.12 range. If we compare the market cap value for Bitcoin, it is estimated to be $366,685,726,142. The 24-hour trading volume of Bitcoin is about $16,819,116,626.
ETH witnesses improvement
Ethereum mining profits have gone down considerably as the market remained bearish. According to available data, GPU prices have decreased 57% due to a decline in Ethereum mining profits. It will need a strong push for recovery in the market to improve Ethereum in the longer run.
Ethereum has also seen an improvement in value as it has added 1.43% over the last day. These changes have resulted in lowering the weekly losses to 11.53%. The market will need to continue bullish if it wants to improve.
The price value for ETH is about $1,073.19 and is marching forward. The market cap value for this coin is estimated to be $130,201,089,847. The 24-hour trading volume for the same coin is about $8,706,680,429.
VET also growing
VeChain has also continued to grow in value as it saw an influx of capital. These changes have brought an addition of 1.63% over the last day. This weekly performance shows a loss of 9.11%, which is lowering. The price value for the same coin is in the $0.0225 range.
If we look at the market cap value for this coin, it is estimated to be $1,631,454,599. The 24-hour trading volume of VET is about $73,826,926. The same amount in its native currency is about 72,511,146,418 VET.
APE still recessive
ApeCoin hasn’t been able to revive value as its losses continue. The data for the last 24 hours shows that it has shed 0.58%. In comparison, the losses for the last seven days are about 5.89%. These changes have brought its price value to the $4.52 range.
If we take a peek at the market cap value for this coin, it is estimated to be $1,355,218,754. The 24-hour trading volume of the same coin is about $143,073,883. The circulating supply for the same coin is about 299,531,250 APE.
Final Thoughts
The global crypto market has taken a positive turn as the gains continue. These changes have brought considerable additions. Bitcoin, Ethereum, and others are utilizing these gains, but they would need to continue the momentum to take a long-term benefit of this situation. The global market cap value will still need improvement as it is currently about $871.66 billion.
