The global crypto market is undergoing fluctuations as its value went suddenly from bullish to bearish. The changes in the market show that various coins, including Bitcoin, don’t have enough strength to push the market to a positive value. The market had turned bullish for a while but couldn’t retain these gains as their amount reduced gradually.
The recessive trend in the market has affected the overall performance as the global market cap value hasn’t seen any lasting improvements. The current bearish wave might last for a while, but the question is how far the following bullish wave might take the market.
US senators have begun to take preemptive steps before introducing Chinese digital currency. They have introduced a bill to limit the use of the mentioned digital currency in the US. They have called it a major financial and security risk because of the implications for the US economy and citizens’ privacy.
Here is a brief overview of the current market situation, analyzing the performance of Bitcoin, Binance Coin, and some others.
BTC is looking for stability
The market has continued to lower in value, but there is something positive about Bitcoin. It has soared in its market dominance value amid the fluctuating market. The value of various altcoins has receded as many are nearing collapse, but Bitcoin has been able to continue its hold, though a bit lost.
The performance of Bitcoin shows that it has receded 0.86% over the last 24 hours. In comparison, the last seven days have taken a slightly higher amount, which shed 1.74%. If the current bearish wave continues, Bitcoin might lower its value further.
The current price value of Bitcoin has come down to the $28K range as it is about $28,677.56. The market cap value for this coin is estimated to be $546,344,330,984. In comparison, the 24-hour trading volume of Bitcoin is about $35,524,618,974.
ETH reaches $1.7K
Ethereum has also been following Bitcoin in losses as its value has seen little improvement. Ethereum’s valuation has shrunk after the Terra UST fallout, while its price value hasn’t been stable. Its profitability has lowered to a 2-year low, which shows how much the investors have been affected.
The latest data for Ethereum shows that it has shed 0.93% over the last day. In comparison, the past week made it recede by 11.72%. The increasing losses tell a miserable story as the investors have continued to lose their money.
The price value for ETH is in the $1,729.72 range as it has continued to lower. The market cap value for this coin is estimated to be $209,210,626,279. The 24-hour trading volume of this coin is about $23,275,025,245.
ICP continues to lower its value
Internet Computer Coin has been in no better state than Bitcoin and other altcoins. The latest data for this coin shows that it has shed 3.62% in 24 hours. If we compare the data for the last seven days, the losses are about 12.59%. The increasing trend of bearishness has left many coins in a dilemmatic situation.
The price value for ICP is in the $6.83 range. If we compare the market cap value for this coin, it is estimated to be $1,599,407,913. The 24-hour trading volume of this coin is about $91,402,328. The same amount in its native currency is about 13,373,399 ICP.
FIL losing momentum
Filecoin hasn’t been able to regain momentum as its losses have continued to soar. The latest data for this coin shows that it has shed 2.53% in the last 24 hours. The seven-day performance shows losses increasing to 8.93%. The losses have continued to affect its market cap value and other metrics.
The price value for FIL is about $7.22 and might dip further. The market cap value for this coin is estimated to be $1,599,407,913. The 24-hour trading volume of this coin is about $91,402,328. The circulating supply of this coin is about 234,015,055 ICP.
Final Thoughts
The global crypto market hasn’t been able to retain value. The losses for it have gradually increased, causing an outcry. The investment has also decreased because of the increasing bearishness. The global market cap value has been reduced to $1.19T, thus lowering from the $1.2T threshold level. It might set new lows for the market as its value hasn’t been able to revive recently, affecting it further.
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