TL;DR Failure

  • The global cryptocurrency market took a positive step, gaining 1.63% in 24 hours.
  • Bitcoin has also changed direction, gaining 0.84% in the last 24 hours.
  • Cryptocurrency also gained momentum, rising 0.39% in 24 hours.
  • PancakeSwap is bullish as it has gained 0.52% in 24 hours while Aave has lost 0.50% in the last 24 hours.

The global cryptocurrency market is experiencing volatility as different tokens fluctuate between bearish and bullish. The result is a sense of uncertainty, as investors are unsure if the market will guarantee the safety of their investments. The most affected currency is Bitcoin, which has lost value due to the ongoing crisis and political issues. As it is the main currency in the market, its role is crucial in determining market conditions.

Despite the efforts of CBDCs in the market, experts believe that they will not replace decentralized cryptocurrencies. Even if CBDCs compete with cryptocurrencies, they will not offer as much freedom that will affect their market. Aside from the future opportunities of cryptocurrency competition, positivity is seen in the market. Russia has stated that negotiations are progressing. Therefore, judging from the growth in the last 24 hours, the above news has affected the market.

The Bank of Uganda has also started a CBDC study to determine if it is helping the country. Below is a brief overview of the market using major tokens such as Bitcoin, Cryptocurrency and other important names.

Bitcoin rally

Bitcoin has seen significant activity recently as many of its dormant tokens have become active. The bitcoins mentioned above have been dormant for over a decade and now they have started to impact the market. This activity has increased investor interest as many look to buy them when they are available on the market.

Source: TradingView

Data for the past 24 hours shows that Bitcoin has gained 0.84% in the past 24 hours. These gains do not match the rapid recovery seen recently, but they give investors hope. Comparing the last 7 days of data shows that Bitcoin is down 4.51%. Bitcoin's price has improved on the gains and is currently in the range of $39,588.38.

The current market capitalization of Bitcoin is estimated at $751,397,289,565. Meanwhile, Bitcoin's 24-hour trading volume is approximately $30,670,194,264. The same amount can be converted into Bitcoin blockchain local currency for a total of 774,727 BTC.

BNB is on the ground

Following Bitcoin's change in direction, the value of Cryptocurrency has also increased. The change resulted in Bitcoin gaining 1.42% in the last 24 hours. Data for the past 7 days shows the coin has lost about 3.22%. Cryptocurrency's current price is in the range of $2,638.63.

Source: TradingView

The increase in value has also strengthened the market cap, which according to the latest update stands at $316,412,534,906. Meanwhile, the 24-hour trading volume of the coin is approximately $12,882,788,116. The above amount can be converted to 4,882,380 ETH.

The coin's circulating supply remains at 119,915,529 ETH. The K chart for this coin shows that volatility has brought this coin down to its lows, which could improve if the value changes.

CAKE bullish, closing new

PancakeSwap has also seen improvement after the market turned positive. The token is currently ranked 56th in the world and has gained 0.52% in the last 24 hours. And if we compare the performance of the previous 7 days, it shows a loss of about 5.57%. The coin's current price is in the $6.02 range.

Source: TradingView

If we look at its market capitalization, it is estimated to be $1,660,808,711. In comparison, the 24-hour trading volume of CAKE remains at $156,294,796. If we convert this amount to its home currency, it would be approximately 25,919,348 CAKE.

The circulating supply of this coin remained at 275,422,341 CAKE for the past 24 hours.

AAVE Loss Reduction

Despite the changes in the market, the Aave token continues to depreciate in value. The result is a loss of 0.50%, while if we compare the weekly performance it has fallen by 7.78%, a huge loss for this token. The cryptocurrency is ranked 57th on the global charts while its current price is in the $119.51 range.

Source: TradingView

The market cap of the Aave token is estimated to be $1,626,639,683. The 24-hour trading volume of this token is estimated to be $147,212,702. The above amount in national currency is approximately $1,233,747 AAVE.

Final Thoughts

As the market improves, investors see hope. The easing of the situation in Eastern Europe and the improvement in the political situation indicates the growth of the market. The latest data shows that the global market capitalization has risen to T1.78 T compared to the previous report of T1.72 T. Bitcoin has mainly driven the improvement and once the market is fully on track, investors' gains will increase.

Disclaimers. The information provided is not trading advice. Cryptopolitan.com assumes no responsibility for any investments made based on the information provided on this page. We strongly recommend conducting independent research and/or consulting with qualified professionals before making any investment decisions.