24 Hrs Crypto Update, Feb 28: Global Crypto Market Remains Positive

Even after a failed test of the channel's upper band on Feb. 21, the recent dip in the crypto market has not invalidated the six-week-long ascending trend.

At the time of writing, the global cryptocurrency market cap has dropped 0.06% in the last 24 hours to $1.12 trillion. As per CoinGabbar data, the total crypto market volume in the last 24 hours was $45.27 billion.

The crypto market leader, Bitcoin price is trading at $23,480. This follows a 1.07% increase in the last 24 hours. As a result, its market capitalization stands at $453.20 million. 

As per CoinGabbar statistics, ETH, the second largest cryptocurrency by market cap, is currently trading at $1,643, which increased by 1.40% in the last 24 hours. 

Cryptocurrencies Price Action

The price of Binance (BNB) has increased by 0.78% 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 $303.50.

In addition, the price of Polkadot decreased by 0.65% 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 $6.48.

Furthermore, POLYGON (Matic) continues to gain momentum and is currently trading at $1.234. It decreased by 1.02% in the last 24 hours.

What Turns the Crypto Market Bullish?

A 5.5% weekly drop in total crypto market capitalization may have taken the wind out of some altcoins' wings, but it has done little to change traders' bullish outlook.

Major Events Around the World

• Binance, the largest cryptocurrency exchange, reportedly moved user assets after the 2022 crypto meltdown. The exchange was discussed when the SEC voiced concerns about Paxos' Binance USD (BUSD) stablecoin.

• A Bitcoin Core developer has raised concerns about an auction selling his code as a Non-Fungible Token (NFT). The auction, which was posted on the popular NFT marketplace OpenSea, claimed to be offering a "genuine" NFT of Newbery's code.

• Blur, an NFT marketplace, has gained prominence due to its meteoric rise over the past six months. Blur announced a second airdrop season with 100% listing and bidding points until April 1, 2023.

COINGABBAR Views: If the current trend continues, the market will remain Bullish. The 7-day funding rate for Bitcoin and Ethereum was modestly positive, indicating a balanced demand from leverage longs (buyers) and shorts (sellers).

Also read: US Crypto Industry Increase Lobbying Budgets by 120% in 2022