- The global crypto market has seen a decline in gains as it added 1.13% in 24 hours.
- The performance of Bitcoin shows a continuation of gains as it added 1.10%.
- The value of the Binance Coin has also continued to grow as it added 0.88% in a day.
- Elrond and Quant are both bearish as they have shed 1.27% and 3.82%.
The global crypto market has seen a change in performance. The recent data shows a trend of decline for various coins. The gains for Bitcoin, Binance Coin, and others saw a considerable decrease in the amount of gains. While the following tokens changed their performance to bearishness. If the current situation persists, there is a chance that the market might again go to losses. The recent changes have come after a long while, and if these don’t continue, the investors will be discouraged.
Elon Musk has warned of a dire situation in the US economy, which he says is headed towards deflation. Musk said that further hikes in interest rates from Federal Reserve would result in deflation. His warning came before the jumbo hike after the September FOMC meeting. If the US economy sees a big change, it will have lasting impacts on the global crypto market.
Also, big names like Michael Burry have predicted a 2008-level economic crisis in the US. Meanwhile, Peter Schiff has warned of hyperinflation. There is a multitude of reasons for deflation in the market, and Musk has warned about them. Musk said that deflation risk is due to the contraction of the money supply.
Here is a brief overview of the current market situation, analyzing the performance of Bitcoin, Binance Coin, and others.
BTC continues bullish
MicroStrategy has announced that it will sell $500 million in its stock shares to buy more Bitcoin. Though the value of Bitcoin saw a considerable decline, MicroStrategy has remained bullish on Bitcoin. The decision to buy BTC might help it with enhancing its business if the ongoing gains continue.
The recent changes for Bitcoin show a slowdown in gains. The latest data shows an addition of 1.10% over the last 24 hours. The weekly data shows an addition of 7.11% for Bitcoin.
The price value for Bitcoin is currently in the $21,262.35 range. The market cap value for Bitcoin is estimated to be $408,116,814,049. The 24-hour trading volume of this coin is about $41,109,370,282.
BNB in gains
Bank of America has said that Binance will benefit from an increased supply of its own stablecoin. BAC has also clarified that the automatic conversion of other stablecoins could impact Binance’s business. The following days will show the clear impacts of the giant’s decision.
The performance of Binance Coin has also shown a trend of slowdown. The latest data shows an addition of 0.88% over the last 24 hours. The weekly data shows a gain of 6.55% for it.
The price value for BNB is currently in the $294.50 range. The market cap value for this coin is estimated to be $47,513,130,842. The 24-hour trading volume of this coin is about $937,123,508.
Elrond has also seen a decline in value due to a bearish market. The latest data shows it has shed 1.27% over the last 24 hours. In comparison, the weekly data shows a gain of 3.10%. The price value for EGLD is currently in the $53.74 range.
The market cap value for Elrond is estimated to be $1,246,045,935. The 24-hour trading volume of this token is about $53,083,893. The same amount in its native currency is about 984,809 EGLD.
QNT loses momentum
The value of Quant has also declined due to a bearish trend in the market. The latest data for this token shows a loss of 3.82%. The weekly data for this token shows that it has gained 9.68%. The price value for Quant is estimated to be $102.70.
The market cap value for Quant is estimated to be $1,242,242,175. The 24-hour trading volume of this token is about $22,862,418. The circulating supply of this token is about 22,862,416.
The global crypto market has seen a decline in value as the negative trend has set in. The latest data shows that Bitcoin, Binance Coin, and some others have slowed down their gains. While the following ones have turned bearish. As the negative changes continue, the global market cap value might also be affected. The latest data shows that it is estimated to be $1.05 trillion.