The global crypto market has changed course after a continuing streak of losses. The result was growing uncertainty, decreasing its value further. The situation stabilized as Bitcoin took the lead to bring a respite to different coins. The bullishness of Bitcoin impacted the progress of Ethereum and Binance Coin, while later other coins too joined the bandwagon. Though crypto is growing, there is a sense of insecurity in central banks shared by IMF. The recent few months have seen a growing acceptance for CBDCs, the fresh row has taken it to new highs. The recent name is China, which wants its digital currency to face Bitcoin and other cryptocurrencies.
The fear has been due to the current row of sanctions that Russia has seen from different corporate organizations. The new additions to the list include Visa, MasterCard, and PayPal. Thus, there has been a continuous row of bans and sanctions from the West, which adds to Russia’s difficulty. Thus, China and other countries have grown cynical of crypto and other global investments, which has affected investments. Seeking alternatives might last longer because no country wants to suffer for long in the economic war.
PUMA, Shell, and other corporate giants have also decided to restrict their businesses in Russia. Here is a brief overview of the market situation using the performance of Bitcoin, Ethereum, and some other significant names in the market.
BTC shows signs of hope
The fresh rally to Bitcoin has helped the crypto market edge the stock market. The increase in the value of the Bitcoin market cap and thus in the crypto market cap has resulted in increased investments. Bitcoin activity has also increased in Russia, resulting from the blockage of SWIFT, which is a do-or-die situation for Russians.
Source: TradingView
Bitcoin performance for the last 24 hours shows that it has seen a rally of 1.16% in the last 24 hours. In comparison, its gains for the last seven days are about 2.73%. The price for Bitcoin has also improved, resulting from the new market rally, and is estimated to be $39,491.00.
If we look at the market cap of Bitcoin, it is estimated to be $748,745,603,611. At the same time, its 24-hour trading volume is estimated to be $16,222,650,382.
ETH is in a bullish mood
Ethereum has also improved after the new rally towards Bitcoin and has gained 1.65% over the last 24 hours. The improvement has also reinforced the seven-day gains, which have lowered the value of bearishness. They are estimated to be -1.63% as per the latest updates.
Source: TradingView
The market improvement has also resulted in the bulk growth of Ethereum. Its current price is in the $2,661.48 range, which has seen an enhancement in the last 24 hours. The current market cap for Ethereum is estimated to be $318,662,912,228. The 24-hour trading volume of Ethereum is estimated to be $7,544,759,780.
The circulating supply for this currency is about 119,840,855 ETH.
HNT reverses losses
Helium was going through a difficult phase due to the ongoing trend of losses in the market. The result was consistent erosion of its value which is evident from its weekly performance of -8.10%. If we look at its 24-hour performance, it has gained 4.36% over the mentioned period. The current price is in the $21.96 range, while its ranking is 47th in the global list.
Source: TradingView
The current market cap for Helium is about $2,472,982,175. While if we take a peek at its 24-hour trading volume, it is estimated to be $20,758,931. The same amount can be converted to its native currency, valuing 946,958 HNT.
The circulating supply of Helium is 112,773,851 HNT.
IOTA continues bullish
Iota was one of those coins which remained bullish during the hard times. The gains for its past seven days are proof of it. The mentioned data shows that it has gained 3.16%. It has performed even better if we compare it to the 24-hour performance. It has gained 5.05% over the last 24 hours. The current price for it is in the $0.743 range.
Source: TradingView
If we look at the market cap for Iota, it is estimated to be $2,080,917,214. In comparison, the value of the 24-hour trading volume is estimated to be $22,345,113, which this amount in its trading volume is about 30,136,542 Iota.
Final Thoughts
The market has taken the desired root after a continuing bearishness. The new gains have brought it a significant value as its market cap has reached $1.78T. It might increase the value further if the gains continue. The performance shows that there have been investments from Russia and other parts of the world to secure money against the decrease in value. If Western countries continue to put sanctions on Russia, there are chances that the crypto market might also be affected.
