TL;DR Failure

  • The global cryptocurrency market fell again, dropping 0.38% in 24 hours.
  • Bitcoin has also changed direction, falling 0.57% in the last 24 hours.
  • Cryptocurrency is bullish as it has gained 0.84% in the last 24 hours.
  • Algorand and Stellar XLM are bullish, up 0.31% and 5.50%, respectively.

The market has turned and changed momentum again in a bullish manner. If we compare the current situation with the previous day, the market will continue to be bullish. Volatility has shown its impact and as a result, bitcoin has started to reduce its value. Due to this change, there is an impact on other currencies. Therefore, due to the bearishness of the single token, we see a change in the market.

The market is also changing direction due to the political changes that are taking place. The news of the downgrading of Eastern Europe brought stability to the market for a while, which did not last long. According to the latest news, the situation is changing again as Russia starts its offensive with new vigor. At the same time, China is supporting Russia, but not publicly. China has always been a close partner of Russia and this time is working closely with it.

The results will show whether Russia and its partner countries will gain or lose. In addition to this, the ongoing crisis has affected the cryptocurrency market, especially Bitcoin. The current situation is considered a test for the cryptocurrency market and determines its strength. If the cryptocurrency market proves to have better stability, then it is likely to attract more investments.

Below is a brief overview of the market situation using cryptocurrencies such as Bitcoin and Cryptocurrency.

BTC makes a sudden turn

Bitcoin has suffered severe volatility as geopolitical tensions have escalated. As a result, the value of bitcoin changed and suffered a setback. As the conflict escalated, the value of bitcoin changed, resulting in increased volatility. As a result of the newly imposed sanctions, it initiated a flow of funds from the Russians to Bitcoin.

Source: TradingView

The data for the past 24 hours shows that bitcoin is down 0.57%. If we compare bitcoin losses over the last 7 days, they are about 0.50%. The impact of volatility is also evident in the bitcoin price, which has fallen to $38,958.90. During the above period, the bitcoin price fluctuated between $43,000 and $38,000.

The current market cap of Bitcoin is estimated to be $739,451,435,184. If we look at its trading volume over the last 24 hours, it is estimated to be $18,476,105,480. If we convert the trading volume to the amount of Bitcoin in local currency, it's about 474,270 BTC.

BNB continues to be bullish

Cryptocurrency remains bullish, and it falls into a different camp than Bitcoin. Its performance over the last 24 hours suggests it remains bullish with a gain of 0.84%. The weekly performance of this token is bearish as it is down 0.97%. It could also change direction if the market continues to be bearish.

Source: TradingView

The token's market cap has been slightly impacted. According to the latest update, its value is approximately $62,120,589,722. In comparison, BNB's 24-hour trading volume was estimated at $1,332,729,328. The blockchain's local currency trading volume was approximately 3,542,400 BNB.

The current price of Coin On Coin is in the range of $376.22.

ALGO collects revenue

Algorand has not yet been affected by the bearish sentiment that dominates in Bitcoin and Ether. It is up 0.31% in the last 24 hours. By comparison, if we look at its statistics over the last 7 days, it shows that it has fallen 6.89%.

Source: TradingView

The volatility has not allowed Algorand's market capitalization to grow to its maximum. Its current value is estimated at $4,711,702,011. In comparison, the 24-hour trading volume of this token is approximately $101,104,745 – converting this amount to the national currency would yield 142,203,593 ALGO.

In the last 24 hours, Algorand's circulating supply remained at 6,627,002,780 ALGO.

XLM remains on the winning side

Stellar Coin XLM also continued to rise through the market turning bearish. Data for the past 24 hours shows that Stellar is up 5.50% in the past 24 hours. It has been bullish over the last 7 days though compared to other tokens. The coin's price has shot up to $0.1847.

Source: TradingView

Stellar's market capitalization is estimated to be $4,540,904,151. If we look at its trading volume over the last 24 hours, it is approximately $374,773,109. The circulating supply of Stellar XLM is approximately 24,587,653,888 XLM.

Final Thoughts

The market has been affected by continued volatility, causing global market capitalization to fall. According to the latest update, its value stands at $1.74 T. If the market turns bullish based on the current pattern, it has the potential to improve soon. Conversely, if the market changes its pattern, most currencies, including Bitcoin, will experience losses. One hopes that the market will see stability soon as the changing pattern indicates a reliable market.

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.