The global crypto market has surprised the investors as the new changes took place. The sudden reversal of losses proved more astonishing for the investors. The changes in Bitcoin value are most evident as it suffered a considerable reversal in value, which led to changes in the following coins. As the market continues forward, it will get clear whether another bullish wave will attempt to help it recover or plunge it into even further recession in the coming days.
Gucci has taken a revolutionary step to galvanize the rest of the market as it has begun accepting crypto payments. The change has come from growing competition to attract customers using crypto. Various major brands are working on mechanisms to ensure that their customers get various payment options. On the other hand, the California governor has signed an executive order about crypto, blockchain, and web 3. Florida and some other states have already passed bills regarding crypto to ensure their citizens get the best possible facilities. These new additions will help the market grow at a speedy pace.
Here is a brief overview of the current market situation using the performance of Bitcoin, Binance Coin, and some others.
BTC turns to losses
Bitcoin has been performing quite well over the last few days. The gains for Bitcoin were soaring, and the indicators showed positive results, but the change came as a blow to investors who saw the upcoming days as bullish ones. Now, as the market situation has taken a turn, Bitcoin will need to start its journey afresh to recover from the recent gains.
The data for the last 24 hours shows that Bitcoin has shed 8.14%. If we compare the performance of Bitcoin for the last seven days, it has shed 8.08%. The sudden rise in the latter’s value shows how the current bearish wave has been for the market.
The price value for Bitcoin has also gone berserk, as it is currently in the $36,490.42 range. If we compare the market cap value, it is estimated to be $694,754,645,649. In contrast, its 24-hour trading volume of it is about $43,995,184,109.
BNB reverses its pace
Binance Coin has also changed its direction as its losses have increased in a sudden turn. The change has affected the whole market as a bearish trend prevails. But if we look at the situation of the leading coins in the market, they have suffered comparatively more, and Binance Coin is no exception.
If we look at the 24-hour losses for Binance Coin, it has shed 6.27%. If we compare the weekly losses, their pace has increased, shedding 6.52%. The increase in losses indicates hard times that might prevail if there is no positive change in the market.
The price value for Binance Coin had begun to recover, but the current changes have brought it to $378.34. If we look at its market cap value, it is estimated to be $61,761,563,392. In comparison, its 24-hour trading volume of it is about $2,418,799,794.
LINK suffers a huge blow
Chainlink has been no different from other coins in losses. The change in market mood has affected its gains as the bearishness led to the loss of 10.22% over the last 24 hours. If we compare the data for the last seven days, the depreciation is about 12.96%. The price value has been affected likely as it is currently about $11.96.
If we take a peek at the market cap value for Chainlink, it is estimated to be $5,126,956,988. If we compare the 24-hour trading volume, it has seen a reduction in value as it remained at $561,085,554 over the last 24 hours. The circulating supply of it remained at 467,009,550 LINK.
XLM sees a sudden reversal
Stellar has also been affected by the sudden reversal in the market value. The change has affected its value, receding 8.66% in the last 24 hours. If we compare its weekly performance, its losses have increased to 7.54%. The price value has also depreciated and is currently in the $0.1709 range.
If we look at the market cap value, it is estimated to be $4,231,998,494. The 24-hour trading volume for Stellar XLM remained at $291,238,300. The circulating supply of Stellar XLM remained at 24,788,753,159 XLM.
The global crypto market has taken a sudden turn in value as a recessive wave has affected it. The current change has been drastic in the value of the crypto market. The change in its value is evident from the global market cap value, which is $1.68T as per the latest updates. The changes might continue for a while, but it would take Bitcoin and other major currencies consistent efforts to improve.