TL analysis; DR
- The global crypto market continues its downturn, down 0.09%.
- The Bitcoin market was also unfavorable, losing 0.33%.
- Binance Coin is in bad shape, down 0.48%.
- Cronos and Chainlink continued their uptrend, adding 1.46% and 1.07% respectively.
The situation of the global cryptocurrency market is changing after a short-term bull run. It changed direction shortly after making extraordinary changes of more than 10%. While it did help the market regain lost value, it couldn’t last much longer to create lasting leverage. The current situation is not entirely favorable for the market as some major coins like Bitcoin, Ethereum and others fluctuate in value. These coins need to be in stable condition to ensure a stable market, especially the role of Bitcoin is very important.
Supply problems in the oil market continue due to the ongoing conflict in Eastern Europe. Oil prices continued to rise due to reduced supply. According to TradingView, the price of Brent broke through $116/bbl. The problem is likely to last longer because for now, there is little chance that the political situation will stabilize. On the other side, sanctions against Russian individuals and organizations continue. The latest case comes from Japan, where the assets of more than four Russian banks are about to freeze.
Ukrainian Government. has continued to receive donations from donors around the world. The latest addition to the accepted currencies is Dogecoin. Previously, they received donations in Polkadot, Bitcoin, Ethereum, Binance, etc. Here is a brief overview of the market, a review of the usage of currencies such as Bitcoin, Binance Coin, etc.
BTC drops slowly
Bitcoin has not been able to keep the momentum going. It broke the continuous bullish streak of the past three days. Recent updates indicate a price drop of up to 0.33%, which has reduced its price to $43,832.12. In contrast, it performed well over the past seven days, up 18.56%.
If we look at its market capitalization, it is still reliable. Its current value is estimated at $831,775,159,411. If we look at the chart, the data for the past 24 hours shows that Bitcoin has managed to continue to stabilize. The losses in the last 24 hours are not huge, but they need to be kept low. Bitcoin’s 24-hour trading volume is estimated at $26,282,019,456.
BNB drives into difficult waters
Binance Coin also soon changed course after Bitcoin. It’s been stable for the past 24 hours but still down 0.48%. Its current price is in the range of $408.40. If we look at its gains over the previous seven days, they are around 11.66%. The obtained value is getting lower, which may affect its value in the coming days.
The market capitalization of Binance Coin has been stabilized as it continued without major losses. It is estimated at $67,444,148,689. For comparison, Binance coin’s 24-hour trading volume is $1,980,634,378.
CRO continues smoothly
Cronos has continued to increase in value. Contrary to the major players in the market, the coin has been able to maintain its upward momentum. It has gained 1.46% in the last 24 hours. Meanwhile, its weekly performance is also very positive and has increased by 12.80%. Cronos price has also improved, due to fresh gains, and is around $0.4422.
The market capitalization of this coin is estimated at $11,197,153,233. Meanwhile, its trading volume over the past 24 hours is estimated at $104,759,391. The circulating supply in the last 24 hours is 25,263,013,692 CRO.
LINK grows unchallenged
Chainlink has also continued to grow in value thanks to favorable circumstances. The new increase has added to its value by around 1.07%. At the same time, its weekly gain is around 14.15%. Chainlink’s current rank is 22nd in the global listing, while its price is around $15.27.
The current market capitalization of this coin is estimated at $1,132,104,890. Meanwhile, the trading volume is estimated at $856,513,349.
The market continued to move relatively stable compared to the past few days. The current market cap of the global market is around $1.92T, having dropped about $0.01T in the last 24 hours. While the number of losses was substantial, it remained low compared to a few weeks ago, which has brought the market to the brink of collapse. There are hopes that the market will stabilize on its own as fresh gains continue on smaller coins. In contrast, Bitcoin and other major coins need to maintain an uptrend for a long time.
https://www.cryptopolitan.com/bitcoin-binance-coin-cronos-and-chainlink-daily-price-analyses-2-march-roundup/ Bitcoin, Binance Coin, Cronos, and Chainlink Daily Price Analysis – March 2 Summary