The enhancement of the global crypto market is gradually realized as the gains for it have improved in value. Bitcoin has been especially successful in turning bullish as it has entered the bullish club. In contrast, Ethereum has been able to reduce its losses but hasn’t been able to turn bullish. It might take time to bring losses to zero and then take the bullish road.
The crypto boom is taking place in the Gulf, where various companies have stationed their offices to get their part in the benefits. While many countries are yet to work on the legislation regarding crypto, Dubai and other states of the UAE have begun taking pragmatic steps to ensure that their people don’t remain behind in this race.
Their revolutionary steps include the invitation of big corporate companies, shifting various state organizations to the blockchain, creating a crypto-friendly environment, implementing laws to help the crypto boom, etc. Another reason why investors have felt UAE is fit for their investments is the sanctions that affected Russia, causing an outcry from the investor side. The Gulf might prove a hotbed for crypto in the upcoming years as well if political instability doesn’t affect it.
Here is a brief overview of the current market situation using the performance of Bitcoin, Ethereum, and some other coins.
BTC crosses $36K
Bitcoin is becoming mainstream in different industries, and real estate is no exclusion. The latest news is from Portugal, where a house was sold for 3 Bitcoins. The historic sale came as one of the few instances which came on record for the use of digital assets for the purchase of the real estate.
The performance of Bitcoin has improved as the market has remained favorable. The situation improved gradually as Bitcoin turned bullish, while it added 0.80%. The initial increase might not be that high, but it can lead to further highs soon. The weekly losses have been reduced as Bitcoin has been successful in gaining value, and they amount to 6.45%.
If we look at the price value, it is yet far from $40K and is currently in the $26,127.86 range. If we compare the market cap value for Bitcoin, it is estimated to be $686,765,384,533. The trading volume of it yet needs improvement and is about $33,641,902,328.
ETH is still in difficulties
Ethereum has been in difficulties since the start of the previous month. In contrast to Bitcoin, it hasn’t been able to add considerable gains to its value. The start of May proved even harsher for it as it continued to depreciate. The recent changes have brought it even lower while the bearishness continues for it.
If we look at the performance of Ethereum for the last 24 hours, it has shed 0.06%. Though the losses for the last 24 hours are much lower, it hasn’t yet turned bullish. The data for the last seven days shows an even grim picture, as it has depreciated 5.06%. The price value of Ethereum is on a constant decrease.
Its threshold level is at $3K, but it hasn’t been able to maintain it; instead has been lowered to the $2.5K range. The current price value for Ethereum is in the $2,690.35 range. The market cap value for it is in the $324,669,740,689 range. In contrast, its 24-hour trading volume of it is about $18,596,916,978.
RUNE still recessive
THORChain is no different from Ethereum in losses as it has continued to recede in value. The losses for it rose over the past few days, but now they have been lowered significantly. The data for the last 24 hours shows that it has shed 2.76%. While if we compare the value of bearishness for the last seven days, it amounts to 10.15%.
The market cap has also depreciated in value with continuous market recession. It is currently estimated to be $2,058,802,923. In comparison, its 24-hour trading volume of it is about $160,976,761.
EOS enhances its pace
EOS has been in gain as it has added 2.92% over the last 24 hours. If we compare its weekly performance, it was bearish and has lost 9.64%. The continuing improvement has had a positive impact on the price value and the market cap for this coin. The current price value for it is in the $2.04 range.
If we take a peek at the market cap value for EOS, it is about $2,106,702,412. In comparison, its 24-hour trading volume of it is about $410,623,021. The circulating supply of it is about $988,824,224 EOS.
The global crypto market is on its way to additions as gains have helped it get out of the bearish situation. The change has been impacting Bitcoin as it needed support in harsh times. Now, the change has also strengthened the global market cap value, which is currently about $1.65T. Though there is no surety about whether the positive changes will last longer, the coins might make up a bit for the losses. If another wave of bearishness follows, Bitcoin and Ethereum will be affected the most.