There has been an uncertain situation in the global crypto market as different coins have shown different trends. Bitcoin has bullish as its gains continue, while Ethereum has turned bearish. The changes for the following coins also show different patterns, thus causing uncertainty about market direction. If the losses dominate, it will drag the market back to bearishness, while if the gains continue, it will help the market against lasting lag. It is yet to be seen what will be the outcome.
FTX has been shown the green light to work in Dubai. According to available updates, the exchange has been approved to work as an exchange and clearing house in Dubai, UAE. FZE, FTX Europe’s subsidiary, has won the approval to enter the MVP (Minimum Viable Product program. Dubai created this program in March to create ease for exchanges and digital services offering companies.
Dubai aims to become a crypto and digital assets hub. Dubai World Trade Center’s affiliated agency regulates crypto services. In the initial phase, the regulator aims to select responsible players to enhance the country’s crypto economy. FTX is the first of its kind to receive this license in Dubai.
Here is a brief overview of the current market situation, analyzing the performance of Bitcoin, Ethereum, and others.
BTC still at $23K
Bitcoin is facing a difficult situation as it has made several attempts to cross $24K but couldn’t continue. These changes have brought it to its aims, but the momentum couldn’t be retained. Whether it is a resistance retest or a breakout is yet to be seen.
The latest data for Bitcoin shows that it has added 0.08 over the last 24 hours. The previous hours kept it bullish as it has retained the gains. The increase has helped it stay in a stable range.
The price value for Bitcoin is about 23,814.73 and might rise further. The market cap value for Bitcoin is estimated to be $455,033,900,433. The 24-hour trading volume of Bitcoin is about $35,614,151,835.
ETH turns bearish
Ethereum has seen a massive increase in address activity, leaving experts puzzled. According to the available updates, the nearing merge has improved various metrics for Ethereum. The spike in address activity came last week, while the on-chain experts are still musing about the reason.
The value of Ethereum has seen fluctuations as it couldn’t retain the gains. The latest data for this coin shows that it has receded 0.20% over the last 24 hours. In comparison, the weekly performance shows a gain of 9.38%.
The recent decrease has brought its price value to the $1,709.78 range. If we compare the market cap value for this coin, it is estimated to be $208,160,247,202. The 24-hour trading volume of this coin is about $23,023,597,478.
GNO unable to retain gains
The value of Gnosis has continued to lower as it couldn’t retain gains. The latest data shows it has shed 0.54% over the last 24 hours. The weekly performance shows an addition of 8.09%. The price value for this coin is in the $162.96 range.
The market cap value for GNO is estimated to be $420,361,271. The 24-hour trading volume of the same coin is about $4,644,440. The same amount in its native currency is about 28,501 GNO.
OP continues to grow
Optimism has continued to grow even though the rest of the market hasn’t seen any big improvement. The latest data shows it has added 12.91% over the last 24 hours. The weekly performance shows that it has gained 100.31%. The recent gains have brought its price value to the $1.75 range.
The market cap value for OP is estimated to be $411,832,467. The 24-hour trading volume of this coin is about $909,098,719. The circulating supply of this token remained 234,748,364 OP.
Final Thoughts
The global crypto market has seen a situation of uncertainty. These changes have resulted in different trends for different coins. Bitcoin is moving forward while Ethereum has seen red. There has been no big change in the global market cap value. It is currently estimated to be $1.10 trillion. If the market stays bullish, it is expected to add further.