TL;DR Breakdown
- The global crypto market has seen no positive change in the past 24 hours, as it lost 1.69%.
- Bitcoin hasn’t turned bullish yet; it lost 1.34% in the past 24 hours.
- Binance Coin lowers the value of losses, losing 0.18% in 24 hours.
- Avalanche and Cosmos Atom both continue to be bearish, losing 5.36% and 4.20%, respectively.
The global crypto market is in shambles again due to the growing fears of heightening the Russia-Ukraine conflict. The change in the geopolitical situation has led to a rise in the value of oil prices uncertainty in the supply of different products. The result is a continuing crisis that furthers problems, creating a chain. It is yet to be seen how long this conflict will last, but the impacts on bitcoin are evident as it has dropped from $45K.
A renowned crypto expert Tom Lee believes that the current recession is short-lasting. Lee expects that the market will soon turn bullish as there is a chance of more than $100 million in investment in bitcoin and altcoins in the coming days. If it happens, it will boost the prices of bitcoin, Ethereum, and other closely following coins.
Deutsche Bank is of the view that bitcoin is becoming the new gold. They have reasons for it as it is soaring high despite the continuing odds. The world needs a shift from traditional financial institutions, and bitcoin is offering a solution to it. Experts at the said bank believe that bitcoin adoption is a matter of time, and soon it will be mainstream. The analysis carries weight because of the possibilities that bitcoin offers.
Here is a brief overview of the current market situation based on the leading coins of the market like Bitcoin, Binance Coin, etc.
BTC back to $40K
Bitcoin is the coin with the leading market dominance in the market, and this is why its share in losses is more than any other token. If we look at its performance during the rising US inflation, Russia-Ukraine crisis, Chinese ban, etc., there is a continuous loss. Though it has made gains, the impact of changes was evident. It dropped from $59K to $32K, rose to $45K, and then back to $40K.
The current performance of bitcoin shows that it has continued to recede. The loss for the last 24-hour amounts to 1.34%. Comparably, the weekly loss is about 5.30%. There is no clear idea of whether it will continue bearish or turn bullish. The current bitcoin price is in the $40,188.34 range.
The current market cap for bitcoin is estimated to be $761,714,639,685. The 24-hour trading volume of bitcoin is estimated to be $22,240,507,750.
BNB is waiting for another rise
Binance coin has reduced the losses significantly as it has shed just 0.18% in the past 24 hours. The comparison for the past seven days shows a loss of 0.15%. The said data indicates that there are chances that Binance Coin might revive soon.
The current price for the Binance coin is in the $402.62 range, while it hasn’t yet clinched its position from Tether. It needs to regain its past value to replace Tether. If we take a peek at the current market cap for Binance coin, it is estimated to be $66,485,278,289.
In comparison, the 24-hour trading volume for this coin is about $1,491,550,850.
AVAX is weighing its chances to turn bullish
Avalanche is currently ranking 9th in the list as it has gained value by replacing other coins. The previous 24 hours didn’t prove good for it as it shed 5.36%. Comparably its weekly performance was good as it gained 0.74%. The current price for it is in the $84.59 range.
The market cap for Avalanche has improved due to the weekly gains and is estimated to be $20,719,444,469. At the same time, the 24-hour trading volume of the same coin is about $1,195,133,952. The trading volume in its native token is about 14,149,479 AVAX.
ATOM loses track
Cosmos has changed pace as its weekly gains of 2.67% turn to losses. The data for the previous 24 hours shows a loss of 4.20%. The current ranking of this token is 21st in the list. While if we take a peek at its current price, it has lowered to $27.23.
The current market cap for Cosmos is estimated to be $7,798,523,656. In comparison, the 24-hour trading volume is estimated to be $796,269,427.
Final Thoughts
The market is in a bearish position as its market cap has lowered to $1.83T due to a 1.69% loss. There are chances that the market might continue this way because of the current geopolitical situation. Though global leaders are trying their best to ensure the problem is solved, currently, there are little prospects of it. The impact is evident on businesses and investments which have gone berserk. Experts hope that the problem will solve peacefully, bringing stability to the market.
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