Wednesday, February 8

The global crypto market has seen a significant change due to incoming gains. The influx of capital has strengthened Bitcoin, Ethereum, and others. The emaciated market had faced losses but it has continued to show resistance to further decline. The downward pull had increased due to the collapse of the FTX exchange. The following days proved hard for the overall market, but the current scenario tells of an improving market. The market would need a continuous influx of capital to maintain its momentum.

Polkadot has incentivized its community to fight scams. Polkadot’s protocol has come to connect different blockchains and it has dedicated a special team to counter scams. The centralized anti-scam team will campaign against scammers in the ecosystem. Polkadot announced its plans on 24 November that it will start actively campaigning against scammers. Though Polkadot hasn’t been there long in the market, various fake websites have tried to impersonate it.

Fake allocation tokens or giveaways have been made to attract users to fake websites. The Web3 foundation legal department has made attempts to address this issue with takedown requests of scam websites. Yet the situation needs attention and it can be addressed with the help of PhishFort, an anti-scam company specializing in the crypto industry. Furthermore, Allure Security has also joined hands to fight scams.  

Here is a brief overview of the current market situation analyzing the performance of Bitcoin, Ethereum, and others.

BTC crosses $16.6K

Bitcoin is back on track despite the weekly losses of a significant value. There is a broader caution in the market amid FTX contagion as it continues without much difference. The investors have remained wary of losses and have moved with caution to benefit from the incoming gains.


Source: TradingView

The recent changes for Bitcoin show an optimistic scenario. The latest data shows that it has added 0.85% over the last 24 hours. The weekly performance of Bitcoin shows an addition of 0.20%.

The price value of BTC is currently in the $16,635.31 range. The market cap value of Bitcoin is estimated to be $319,682,039,942. The 24-hour trading volume of this coin is about $19,981,206,263.

ETH gains momentum

Belgium’s government has made a statement regarding Bitcoin and Ethereum. According to the official statement, the Belgian authorities don’t see these two as securities. The position of several digital assets will be clear with the government’s take on this issue.  

ETHUSDT 2022 11 26 07 30 26
Source: TradingView

The performance of Ethereum shows that it has grown significantly over recent hours. The latest data shows that it has added 3.02% over the last 24 hours. The weekly performance shows that it has added 1.39%.

The price value of ETH is currently in the $1,221.37 range. The market cap value of this coin is estimated to be $149,463,682,396. The 24-hour trading volume of the same coin is about $959,744,205.

AVAX reviving value

The value of Avalanche has also seen a revival amidst the growing market. The latest data shows that it has added 3.75% over the last 24 hours. The seven-day performance of this coin shows an addition of 3.00%. The price value of AVAX is currently in the $13.16 range.

AVAXUSDT 2022 11 26 07 30 43
Source: TradingView

The market cap value of Avalanche is about $3,958,289,722. The 24-hour trading volume of this coin is estimated to be $137,521,406. The same amount in its native currency is about 10,433,392 AVAX.  

LINK strengthening

Chainlink has also strengthened due to the continued influx of capital. The latest data shows that it has added 3.55% over the last 24 hours. The weekly performance of this coin shows that it has added 13.82%. The price value of LINK is currently in the $6.94 range.

LINKUSDT 2022 11 26 07 31 31
Source: TradingView

The market cap value of Chainlink is estimated to be $3,525,019,455. The 24-hour trading volume of this coin is about $264,114,921. The circulating supply of the same coin is about 507,999,970 AVAX.

Final Thoughts

The global crypto market has witnessed a positive change in performance. The increase in the value of Bitcoin, Ethereum, and others shows a revival of value. As the market seems to be recovering from the impacts of the FTX collapse, there is hope for investors. They have continued to pour their capital into this market, which has helped the global market cap value reach $842.56 billion.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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