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<ul><li>Derivatives data highlights crypto traders’ positive sentiment and belief in further upside</li><li>The prices of BTC, ETH, MATIC, and STX showed gains in the last 24 hours.</li></ul><h3 id="even-after-a-failed-test-of-the-channel-39-s-upper-band-on-feb-21-the-recent-dip-in-the-crypto-market-has-not-invalidated-the-six-week-long-ascending-trend">Even after a failed test of the channel&#39;s upper band on Feb. 21, the recent dip in the crypto market has not invalidated the six-week-long ascending trend.</h3><p>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.</p><p>The crypto market leader, <a href="https://www.coingabbar.com/en/crypto-currency/bitcoin-btc-prices-usd" rel="noopener noreferrer nofollow">Bitcoin price</a> 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.</p><p>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.</p><h4><strong>Cryptocurrencies Price Action</strong></h4><p>The price of Binance (BNB) has increased by 0.78% in the last 24 hours. BNB is currently ranked 4th in CoinGabbar&#39;s top cryptocurrency ranking in terms of market cap. At the time of writing, the price of BNB was trading at $303.50.</p><p>In addition, the price of Polkadot decreased by 0.65% in the last 24 hours. ADA is currently ranked 14th in CoinGabbar&#39;s top cryptocurrency ranking in terms of market cap. At the time of writing, the <a href="https://www.coingabbar.com/en/crypto-currency/cardano-ada-prices-usd" rel="noopener noreferrer nofollow">ADA price</a> was trading at $6.48.</p><p>Furthermore, POLYGON (Matic) continues to gain momentum and is currently trading at $1.234. It decreased by 1.02% in the last 24 hours.</p><h4><strong>What Turns the Crypto Market Bullish?</strong></h4><p>A 5.5% weekly drop in total crypto market capitalization may have taken the wind out of some altcoins&#39; wings, but it has done little to change traders&#39; bullish outlook.</p><p>Major Events Around the World</p><ul><li>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&#39; Binance USD (BUSD) stablecoin.</li><li>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 &#34;genuine&#34; NFT of Newbery&#39;s code.</li><li>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.</li></ul><p>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).</p><p><strong>Also read: <a href="https://www.coingabbar.com/en/crypto-currency-news/us-crypto-industry-increase-lobbying-budgets-by-120-per-cent" rel="noopener noreferrer nofollow">US Crypto Industry Increase Lobbying Budgets by 120% in 2022</a></strong></p>

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

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