Bitcoin and Ether Rise as Binance’s BNB Leads Tuesday’s Crypto Market

On Tuesday, Bitcoin and Ether, the two leading cryptocurrencies, experienced slight increases, while other major non-stablecoin cryptocurrencies exhibited mixed performance. Data from market analytics indicated that Binance’s native token saw the most significant gains.

In the last 24 hours, Bitcoin edged up by 0.24% to reach $26,260 but has experienced a decline of 2.26% over the past week. This is occurring against a backdrop of falling global stock markets and a strengthening dollar impacting risk assets. For the third consecutive week, Bitcoin recorded minor outflows totaling $6 million, as noted by a European cryptocurrency investment firm.

Ether also saw a modest increase of 0.43% to $1,588 over the last 24 hours, but it is down 2.97% for the week. Continued outflows have accumulated to $2.2 million over six weeks, according to the same investment firm.

Unlike Bitcoin and Ether, which faced outflows, investor interest appeared to shift towards altcoins, with notable inflows of $0.66 million and $0.31 million respectively. In Europe, there was a significant inflow of $16 million last week as investors viewed recent regulatory setbacks as a potential opportunity. On the other hand, U.S. investors withdrew $14 million, likely influenced by recent market events.

Among cryptocurrencies, Binance’s BNB led the day with a 1.41% rise to $212, despite a weekly loss of 2.13%. Binance Japan is collaborating with Mitsubishi UFJ Trust and Banking Corporation to launch fiat-pegged stablecoins using Mitsubishi’s "Progmat Coin" platform, which was first announced in early 2022.

The overall cryptocurrency market capitalization increased by 0.32% to $1.05 trillion, while market volume decreased by 0.1% to $22.25 billion within the last 24 hours.

In related news, the global NFT market demonstrated mixed results. The Forkast 500 NFT index fell by 1.27% to 1,929.64 over the past day and recorded a 4.33% decline over the week. However, total NFT sales volume rose by 12.14% to over $10.8 million, with the number of NFT buyers increasing by 5.93% to 48,312.

Ethereum led the blockchains in sales volume with a boost of 27.25% to $5.82 million, followed by Solana and Mythos networks. Among individual collections, DMarket, based on the Mythos network, topped sales by increasing 6.17% to $992,740 in the last 24 hours.

This article has been created with assistance from AI and reviewed by an editor.