24 Hrs Crypto Update, Mar 1: Global Crypto Market Remains Dull
- The cryptocurrency market had a positive start to March, with private sector Purchasing Managers' Index (PMI) data from China driving demand for riskier assets in the early trading session.
- The prices of BTC, ETH, LINK, and EOS showed gains in the last 24 hours.
Digital asset investments are highly unpredictable.
Although the fundamentals and technical indicators of cryptocurrencies may vary, investors should prioritise the same core objectives.
At the time of writing, the global cryptocurrency market cap has dropped 0.2% in the last 24 hours to $1.12 trillion. As per CoinGabbar data, the total crypto market volume in the last 24 hours was $62.10 billion.
The crypto market leader, Bitcoin price is trading at $23,690. This follows a 0.85% increase in the last 24 hours. As a result, its market capitalization stands at $453.65 million.
As per CoinGabbar statistics, ETH, the second largest cryptocurrency by market cap, is trading at $1,653, which increased by 0.72% in the last 24 hours.
Cryptocurrencies Price Action
The price of Binance (BNB) has decreased by 0.35% in the last 24 hours. BNB is currently ranked 4th in CoinGabbar's top cryptocurrency ranking in terms of market cap. At the time of writing, the price of BNB was trading at $302.20.
In addition, the price of Polkadot decreased by 0.32% in the last 24 hours. ADA is currently ranked 14th in CoinGabbar's top cryptocurrency ranking in terms of market cap. At the time of writing, the ADA price was trading at $6.43.
Furthermore, POLYGON (Matic) continues to gain momentum and is currently trading at $1.228. It decreased by 041% in the last 24 hours.
What Turns the Crypto Market Bullish?
It was a bullish start to the month for the crypto top ten on Wednesday, with MATIC and ETH leading the way. Economic indicators from China delivered a breakout session, with manufacturing data fueling optimism toward a sharp economic recovery.
Major Events Around the World
The Crypto Council for Innovation has warned that the lack of progress on a US Central Bank Digital Currency (CBDC) could create problems for the country in the future. According to the council, the US is already falling behind other countries in terms of CBDC development and risks losing its status as a global financial leader.
Solana, a blockchain platform, is introducing new features that will speed up transactions. This means users can conduct transactions quickly and efficiently without any delay. The new features will also enhance the scalability of the Solana network, allowing it to handle more transactions and users simultaneously.
In February, the crypto industry saw a decrease in job losses compared to previous months. The number of layoffs in the industry for the month of February was relatively low, with only 570 reported. This news suggests a potential stabilising trend in the crypto job market, which could be a positive sign for the industry's overall health and growth
COINGABBAR Views: The market is trading within a narrow range, and for a new rally to occur, it must break out of this consolidation zone. Will Crypto defy the infamous March Chronicle?
