Bitcoin, Ethereum, Klaytn, and Elrond Network Daily Price Analyses – 8 March Roundup

The global crypto market remained bullish over the last 24 hours as investors continued to pour capital. The situation has remained uncertain due to the fluctuations in investments. The market tried several times to stay on track, but it didn’t happen. Instead, there were bouts of bullishness and bearishness. The result was the market’s back and forth motion around a specified market cap range. The current situation will determine if the market can push forward and set a new market cap level.

The crackdown on crypto continues in China, and there has been a seizure of crypto worth more than 5 million Yuan. The main reason for these crackdowns is not following the state regulations and setting the ground for the state-sponsored Yuan digital currency. We have seen recently that Bitcoin and other cryptos are gaining ground while also posing threats to governments’ authority. Thus, the result has been calling for regulation and steps for crypto control.

Ukraine’s situation has not normalized yet, and the recent 24 hours saw another round of huge donations. One of these was from Bored Ape Yacht, which sent $1 Million to Ukraine. On the other hand, the US has banned the import of oil and gas from Russia, which will take high oil and gas prices across the globe. The mentioned change might also affect the value of Bitcoin as it is susceptible to market changes.

Here is a brief overview of the market situation using currencies like Bitcoin, Ethereum, and other significant currencies.

BTC flexes for new gains

Bitcoin has continued to struggle to ensure that its price stabilizes. The main struggle of Bitcoin is to cross $40K to ensure that its threshold level rises. Bitcoin was affected much by the continuous deterioration in value due to the worsening political situation. The impact was in decreased trading volume, price, and circulating supply.

Comparing the data for the last 24 hours shows that Bitcoin has gained 2.52% during the previous 24 hours. In comparison, the seven-day performance shows a loss of 10.68%. The margin of losses reduces as the new gains add to Bitcoin value, so hopefully, the current trend will continue.

Bitcoin price has also improved due to the favorable market as it reached $39,360.82. The market cap has also been reinforced by the bullish trend for Bitcoin, as it is estimated to be $746,135,644,751. In comparison, the 24-hour trading volume is estimated to be $26,130,051,207.  

ETH turns green

Bitcoin has motivated other coins in the market as well. The result has been a dominant trend of bullishness in the market. One of the gainer currencies is Ethereum, which has gathered 3.41% in the last 24 hours. While in comparison, the gains for the previous seven days are negative as they remained bearish. The amount that has been shed in the past seven days is 10.57%.

The current price for Ethereum is in the $2,619.48 range. While if we look at the graph for weekly performance, Ethereum has continuously shed value which might increase if the gains continue. The market cap for Ethereum is estimated to be $313,783,653,486. In comparison, the trading volume of this coin for the last 24 hours remained $13,799,766,747.

The circulating supply of Ethereum has been 119,882,737 ETH for the last 24 hours.

KLAY changes direction

Klaytn has also gained value over the last 24 hours as it turned from bearishness to a bullish trend. It gained 1.72% in the previous 24 hours, while it shed 6.72% in the last seven days. The start for gains is satisfactory, but it needs to be steady to regain the past value.

The mentioned coin currently ranks 42^nd on the global list. If we look at its price, it has improved over time and is about $1.13. The market cap for Klaytn is estimated to be $2,984,879,695. At the same time, the 24-hour trading volume is estimated to be $64,226,637.

EGLD gathers additional value

Elrond has also benefited from the bullish market trend. It has gained a value of 1.42% over the last 24 hours. In comparison, the losses of this coin over the previous seven days are about 9.65%. The current price for this coin in the market is $135.57.

If we take a peek at its market cap, it is estimated to be $2,930,850,549. In comparison, the 24-hour trading volume $138,534,619. The same amount can be converted to its native currency, valuing 1,021,861 EGLD. The circulating supply of this coin remained at 21,618,581 EGLD.

Final Thoughts

The market is slowly improving, though the odds continue to haunt it. The recent change in the market has taken it to the value of $1.76T. The main problem that the market faces is that of stability and consistency. If the gains remain consistent, the value of losses can be reduced. As we have seen, there has been an enormous amount lost to ongoing political crises for one month. Despite the odds, there is hope for improvement in the market as it will see a rise due to its necessity.