- The global crypto market suffers another loss that goes through a dip of 4.15% in 24 hours.
- Bitcoin turns bearish, changing its course, and the losses for 24 hours are 4.36%.
- Binance coin also suffers a dip, losing 4.70% in 24 hours.
- Chainlink and Tron, both in a losing mood, suffer losses of 7.67% and 2.28%, respectively.
The global crypto market has tried to recover since the situation changed in December 2021. If we compare it to the previous recessions in the market, it was a formative phase for the upcoming hard times. Since then, there has been no significant change, and it is irritating the investors. A meaningful rise gives the investors hope, and suddenly, it changes to further dips. The situation needs to improve to prevent further customer trust erosion.
The influence of crypto is growing, and there is news that more than 10% of the global working-age web users own digital assets. It needs to be kept in mind that this number is encouraging despite the changes in the market situation. It has been hardly thirteen years that crypto has been there, attracting this significant number. As the use of mobile phones and the internet increases, it will add further to the growth of the crypto investment. If the investment in other cryptocurrencies increases, it will reduce bitcoin’s market dominance.
The finance secretary of India has stated that they will never accept crypto as a legal tender. This statement came as the result of a question from the media. He declared that digital money could never be the legal tender of the Indian Union. However, it is yet to be seen if the market changes favor it.
Here is a brief overview of some leading cryptocurrencies like bitcoin, Binance coin, etc.
BTC turns in favor of bears
Bitcoin has continued in a difficult situation because of the unfavorable market. There have been questions from investors about whether it will ever cross $40K. Though the questions seem too hard, it is a fact that bitcoin needs serious effort to revive its previous value. If it happens, it will be a significant addition to the value of the market.
The data for the last 24 hours shows that bitcoin suffered a dip of 4.36%. Compared to this loss, the performance for the last seven days has been better, gaining 3.13%. The losses might reverse to gains as the market goes through new additions.
The current bitcoin price is in the $36,916.51 range, while the hopes for $42K have been reduced to $40K. The existential question that bitcoin faces are whether it will be able to cross $40K. The current market cap for bitcoin is estimated to be $699,470,723,442.
The trading volume of this coin for the last 24 hours is estimated to be in the $19,452,459,146 range. The mentioned amount can be converted to $18,947,368 BTC.
BNB, following bitcoin, exceeds in bearishness
Binance coin has been performing well in the previous days, but it has also fallen prey to the ongoing recession since then. The losses of this coin are comparable to bitcoin and amount to 4.70%. If we take a peek at its seven-day performance, it has gained 0.53%. Due to the continuously thinning situation of the Binance coin, Tether has continued to occupy rank 3 in the list.
The current price for the Binance coin is $365.21 as per the latest updates. At the same time, the current market cap is estimated to be $60,280,119,884. In comparison, the trading volume for the last 24 hours remained 2,801,574,771.
A view of its graph for previous days shows continuous fluctuations.
LINK going in tandem with the receding market
Chainlink is currently ranked 22nd on the global list and has a price of $15.65. The previous 24 hours didn’t prove good for it as it lost 7.67%, while the gains for the previous seven days amounted to 7.13%.
The current market cap for this coin is about $7,305,913,038. At the same time, the trading volume for the last 24 hours is estimated to be $694,693,147. The value of trading volume in its native token is 44,406,268 LINK.
TRON is holding its horses to prevent recession
Tron currently ranks 26th in the global list of cryptocurrencies. Its situation is no different from other market coins, as it has also been bearish. The data for the last 24 hours shows that it has lost 2.28%. The seven-day data shows a gain of 7.21%. If it continues in recessive mood, it might lose the gains that it has made.
The current market cap for this coin is about $5,977,449,884. At the same time, the 24-hour trading volume is about $788,311,102
The market is receding in an anomalous manner as it has lost about 4.15% in 24 hours, while the market cap is estimated to be $1.70T. The losses are mainly on the side of bitcoin and some leading altcoins. At the same time, the small tokens in the market have continued to flourish. There is no certainty if these will be able to continue bullish. In contrast, there is also the possibility of gains for bitcoin and close following altcoins.