Ethereum
$ 1,226.54 1.70%
Solana
$ 40.60 0.55%
Dogecoin
$ 0.072950 8.15%
ApeCoin
$ 4.92 11.81%
Bitcoin
$ 21,284.00 0.41%
BNB
$ 237.49 0.84%

Bitcoin, Binance Coin, ApeCoin, and VeChain Daily Price Analyses – 03 May Roundup

Bitcoin
TL;DR Breakdown

The global crypto market is moving towards a gradual recession, shedding 1.25% over the last 24 hours.

The pace of Bitcoin has turned to lag, shedding 1.43% in the last 24 hours.

Binance Coin has also entered difficult waters as it has shed 1.50%.

The performance of ApeCoin shows that it is bearish, shedding 4.76%, while VeChain is bullish, adding 0.39%.

The global crypto market had been gaining as the new influx of capital kept it afloat at an improving pace. But the situation has changed too soon as it has turned bearish. The change came during the situation when there were hopes of the market taking a speedy track to gains. The change has affected coins from Bitcoin to smaller ones, not letting them get back their previous gains. As the bearishness has continued for the market, the threshold level for their price and other indicators has gone lower.

Ethereum might soon begin offering services through its L-2, but Vitalik Buterin believes that the transaction fee should be much lower. As the new upgrade goes live, the transaction fee will be reduced significantly. Buterin believes that it should be no more than five cents because of the clients’ needs and affordability. Thus, according to him, if it is lowered to five cents, it would be ‘truly acceptable.’

Here is a brief overview of the current market situation using the performance of Bitcoin, Binance Coin, and some others.

BTC receding

Bitcoin has been in a continuous recessive mood, affecting the price value. Its technical indicators show bearishness continuing for the coming days, and it might go further low, crossing $37K. Bitcoin might lose its market to Ethereum and other emerging coins if the regression continues. The current changes are indicating a similar happening.

BTCUSD 2022 05 04 08 33 14
Source: TradingView

The latest data for Bitcoin shows that it has shed 1.43% over the last 24 hours. If we compare its performance for the last week, it has suffered a loss of 0.98%. If the recession continues, its value is likely to depreciate further.

The current price for Bitcoin is in the $38,020.56 range and has lagged in this specific range. If we take a peek at the market cap value for Bitcoin, it is estimated to be $723,576,504,004. In comparison, the 24-hour trading volume of Bitcoin is about $27,201,125,070.

BNB back to difficulties

Binance Coin had improved slightly as its gains enhanced with the bullish wave. The problem it has faced is the following recession that affects it after the bullish wave. Thus, it cannot retain its gains and sheds them soon after. The same phenomenon took place recently.

BNBUSDT 2022 05 04 08 34 26
Source: TradingView

According to the latest updates, Binance Coin has shed 1.50%. If we compare its seven-day losses, they amount to 0.75%. The price value and market cap have also suffered depreciation as Binance Coin has suffered losses. There has been little improvement over the past few months in its performance.

The current price for it is in the $385.51 range. If we compare the market cap value for Binance Coin, it is estimated to be $62,952,024,537. In contrast, its 24-hour trading volume also went further low and is about $1,313,802,988.

APE in reverse

ApeCoin has also been moving in a reverse direction as various coins on the market haven’t been able to keep their position stable. The changes in the market have been depreciating various coins, and ApeCoin has also shed 4.76%. Its weekly losses are far higher as it has shed 19.79%. The value of losses might go higher if this pace continues.

APEUSDT 2022 05 04 08 34 54
Source: TradingView

The price value has also taken a regressive turn as it is currently in the $14.45 range. If we compare the market cap value, it is estimated to be $4,120,002,960. If we look at the trading volume for this coin, it has been reduced to $1,274,981,765. The circulating supply for it is about 284,843,750 APE.

VET gains momentum

VeChain has been different from other coins in its performance as it has gained value. The data for the last 24 hours shows that it has gained 0.39%. If we compare the losses for the past week, these amount to 6.89%. The value of losses has been reduced effectively, and if bullishness continues, it might go higher.

VETUSDT 2022 05 04 08 35 31
Source: TradingView

The current price value is about $0.04799, while it might improve further. If we take a peek at the market cap value, it is estimated to be $3,079,292,516. If we compare the 24-hour trading volume, it is estimated to be $204,462,303. The same amount in its native currency is about 4,270,497,506 VET.

Final Thoughts

The global crypto market has been in a difficult situation as the trend of bearishness has dominated. Though some coins have remained bullish, the dominant trend of Bitcoin has persisted. A bullish wave might follow the current wave of bearishness because the market has shown this behavior previously. There is no surety because Bitcoin has been going through hard times recently and can impact the market direction as it struggles to save its current value, so its position might impact the whole market. 

Muhammad Ali

Muhammad Ali

Muhammad Ali is an expert on crypto investments. Loving to write about fintech, he joins the team to provide detailed analyses of the hottest crypto news.

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