TL;DR Breakdown
- The global crypto market is still unsure about its direction, losing 1.50% in 24 hours.
- Bitcoin continues in a downward spiral, losing 2.14% in 24 hours.
- Binance Coin follows bitcoin in losses, losing 1.23% in 24 hours.
- Cardano is no different in suffering, losing 2.62% in the last 24 hours while Terra LUNA gains 0.81%.
The global crypto market has seen no hope amid the growing tensions in Eastern Europe. The impacts of Russia-Ukraine tensions have taken the whole globe. The impacts are evident in receding value in the global crypto market. On the other side, the uncertain situation leads to the creation of a crisis in oil and stock markets. Consequently, the prices have risen to new highs, as seen in the case of commodities like oil. In contrast, the fall in crypto values has caused an outcry in the market.
Crypto trading bots have dominated the scene on the Ethereum blockchain, as seen recently. According to ZyCrypto, a recent change was seen as most transactions were performed using trading bots. Vitalik Buterin believes that the market recession will be changing soon though it is currently going through hard times. He believes that the brutal winter will prove fruitful for the market. The current scene shows a different situation where Ethereum is undergoing a fast recession. Experts also suggest increase in value of bitcoin in the upcoming days as the result of improvements.
Here is a brief overview of the market situation and performance of leading currencies like bitcoin, Ethereum, etc.
BTC lingers in $39K range
Bitcoin is going through difficult days. The change in its value is evident from the ongoing crisis in its price, which has come down to $39,160.75 as per the latest updates. According to the 24-hour data, the change in bitcoin value amounts to -2.14%. If we compare the change for the last seven days, it amounts to 6.17%. The weekly change shows a significant loss because of the value associated with bitcoin. The downfall has resulted in a loss of more than $6K.
The current market cap for bitcoin is estimated to be $742,646,676,385. In comparison, the 24-hour trading volume of bitcoin is estimated to be $20,065,406,654. The graph for bitcoin shows a negative trend in performance, leading to a steep fall in value. Experts believed that the new threshold level for bitcoin is going to be $40K, but the ongoing geopolitical situation has proved them wrong. In the coming days, it is to be seen whether bitcoin will stay at this value or go further downward.
BNB is playing coldly with the investors
Binance coin is following the footsteps of bitcoin in losses. If we take a peek at its 24-hour performance, it has lost 1.23%. In comparison, the amount of losses for the last seven days is 0.29%. The current price for the said coin is in the $391.79 range, while the losses might continue for it further.
The current market cap for this coin is estimated to be $64,709,385,518. If we look at its trading volume, it is estimated to be $1,512,577,400. The circulating supply for this currency over the last 24 hours has been 165,116,761 BNB.
ADA still not sure about bullishness
Cardano has continued in a bearish manner for more than a week and is still unsure about being bullish. The data for the last 24 hours shows a loss of 2.62%. The current ranking of this currency is 7th in the list, while its price is in the $0.9659 range.
The weekly performance for Cardano shows a depreciation amounting to 5.81%. If we take a peek at its market cap, it is estimated to be $32,496,657,183. In contrast, its trading volume for the last 24 hours is estimated to be $1,548,330,385.
If we analyze its graph for the last few days, it shows a continuing decline in value resulting from decreased investments.
LUNA undergoes a meaningful change
Terra LUNA is going in a different direction from bitcoin and other leading coins. Its performance for the last 24 hours shows a gain of 0.81%. However, if we compare the weekly performance, it shows a loss of 2.40%. The current price for this coin is $50.77, while its ranking is 10th on the list.
The market cap for this coin has a value of $19,775,586,173. The 24-hour trading volume has also seen improvement and is estimated to be $1,174,873,360. However, LUNA has also seen a steep decline in value after the global market recession.
Final Thoughts
The global crypto market hasn’t improved yet due to the ongoing crisis in Eastern Europe. The repercussions have resulted in a decreasing market cap, which is currently $1.78T. As the market goes further, there are chances that it might improve as some coins have shown positive changes. It is yet to be seen how long the investor will take to revive trust because they don’t want to stake their capital in a difficult market situation. Experts hope that it will revive soon, changing the currency trends.
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