The global crypto market has seen a positive change due to the bullish trend. The recent changes show that the market likely has a chance to grow in value. The last day wasn’t good for the market as its value continued to lower. The ongoing situation has brought significant changes to the value of Bitcoin, Ethereum, and others. The recent bearish wave would have affected them further if the depreciation had continued. There is a need for the continuation of the bullish trend if the market wants to regain value.
CNN shut down its NFT marketplace a year after it was launched. CNN’s marketplace, The Vault, has been accused of rugging its users. The mentioned marketplace was CNN’s first foray into Web3, but it couldn’t perform well throughout the year. Even though CNN has made half a million dollars in revenue from sales, it has decided to shut down the platform.
Fox Network also announced entry into the NFT market soon after the announcement from CNN. Other legacy media companies had also decided to join the market, but some couldn’t due to their limited resources. CNN utilized Flow Blockchain to sell its collectibles in the NFT market. The official Twitter handle for The Vault disclosed the closure news, saying they would no longer be operating and maintaining the server.
Here is a brief overview of the current market situation analyzing the performance of Bitcoin, Ethereum, and others.
BTC regaining momentum
Bitcoin mining difficulty has continued to rise, and this might have certain consequences. According to analysts, Bitcoin mining difficulty adjustment may force miners to dump their BTC. Last week Bitcoin hash rate reached an all-time high after tremendous growth.
The recent changes for Bitcoin show improvement in value. The latest data shows that it has added 0.12% in the last 24 hours. In comparison, the weekly data shows a loss of 5.63%.
The recent changes have brought BTC’s price value to the $19,080.59 range. The market cap value for Bitcoin is estimated to be $365,893,424,937. The 24-hour trading volume of Bitcoin is about $27,660,632,410.
ETH turns bullish
J. P. Morgan has said that the impact of the Ethereum merge is yet to be seen as the full impacts are not yet evident. Market analysts were expecting Ethereum to rise in value soon after the transition, but it couldn’t grow as expected.
The performance of Ethereum has also seen a positive change. The latest data shows that it has added 0.40% over the last 24 hours. The weekly data shows that it has shed 5.22%.
The recent changes have enhanced ETH’s price value to the $1,284.71 range. The market cap value for this coin is estimated to be $157,728,824,760. The 24-hour trading volume of this coin is about $8,537,764,422.
LTC sees hope
Litecoin has also seen hope as the result of the bullish market. The recent changes show that it has added 0.71% over the last 24 hours. The weekly data shows that it has shed 4.83%. The price value for LTC is currently in the $52.24 range.
The market cap value for Litecoin is estimated to be $3,729,590,983. The 24-hour trading volume of this coin is about $322,558,618. The same amount in its native currency is about 71,364,856 LTC.
XMR green
The performance of Monero enhanced as there has been an increased influx of capital. The latest data shows that it has added 2.87% over the last day. The weekly data shows that it has shed 1.17%. The improvement in the influx of capital has brought XMR price value to the $144.93 range.
The market cap value for Monero is estimated to be $2,634,164,022. The 24-hour trading volume of this coin is about $66,266,369. The circulating supply of this coin is about 18,186,075 XMR.
Final Thoughts
The global crypto market has witnessed a considerable addition in value. The recent changes show bullishness for Bitcoin, Ethereum, and others. Even though the market had fared bearish for the last couple of days, it has seen improvement. The recent changes have enhanced the global market cap value. The latest data shows that it is estimated to be $920.01 billion.
