TL;DR Breakdown
- The global crypto market sees yet another turn, shedding 2.89% over the last 24 hours.
- Bitcoin is also facing losses due to market volatility, shedding 2.89%.
- Binance Coin is also going through volatility, losing 2.44% in 24 hours.
- Helium and Zcash are both bearish as the market didn’t improve, losing 4.67% and 2.46%, respectively.
There has been no change in the alternating pattern of losses and gains over the last 24 hours. The market suffered due to the same market situation, which is making it go through a trajectory of ups and downs. The result is a dominating sense of losses which is affecting new investments. One of the main reasons for it is lesser gains compared to the losses over the period when the market began to waver. The current situation is affecting the market stability because of the uncertainty over the direction of the capital.
The desire for increased control over crypto forces many countries to go for new legislation. One of them is Singapore which is working on enhanced control over those companies which aren’t located in Singapore but claim it as their home. If the legislation takes place, it might curb many liberties of those companies, and they might get affected. The city-state might require a mandatory presence in Singapore and other relevant ones to ensure that the companies are held for their actions. If this happens, Bitcoin and Ethereum will be one of the major suffering coins.
Here is a brief overview of the current market situation using the performance of Bitcoin, Binance Coin, and some other names.
BTC back to redness
The exponential growth of crypto made it possible for some currencies to soar higher than expected. One of them was Bitcoin which saw tremendous gains, especially in 2020-21 when it knew few impediments to its growth. Its enhancement has stalled since 2021 because of the geopolitical situation and many other reasons.
The last 24 hours didn’t prove any good for Bitcoin as it hasn’t been able to overcome the impediments. The recent data shows that Bitcoin has shed 2.89% in 24 hours. If we compare the data for the last seven days, Bitcoin has shed 4.00%. The growing rate of bearishness shows that Bitcoin is again entering a difficult phase.
The market cap value for Bitcoin is estimated to be $862,646,664,481. In comparison, the 24-hour trading volume of Bitcoin is about $33,852,721,685. The price value for Bitcoin is about $45,409.51.
BNB in need of uplift
Binance Coin is facing the same transitional phase as Bitcoin, which seems to come to no end. The constant volatility is weakening its value, but the short-lasting bullishness adds to its strength. It has worked anxiously on turning bullish, but the sell-offs haven’t currently allowed that.
The recent data shows that Binance Coin has shed 2.44%. The seven-day data shows that Binance Coin has added 2.84%. The latter value shows that it is currently in a better state than Bitcoin. If the market turns bullish, Binance Coin might progress better.
The current price for Binance Coin is in the $443.70 range. The market instability has impacted all indicators for this coin, and the market cap is no exception. Its current value is estimated to be $73,267,044,270. The 24-hour trading volume of this coin is about $2,303,905,368.
HNT is speeding the pace of losses
Helium’s graph shows that it has been in continuous recession because of the unfavorable customer influx. The change in the situation has led it to continuous depreciation with short bullish intervals.
The recent data shows that it has shed 4.97% over the last day. In comparison, the gains for the last seven days are about 0.71%. The depreciation has also affected its price value, which is currently about 23.89.
The current market cap value for Helium is estimated to be $2,733,801,880. In contrast, its 24-hour trading volume of it remained at $43,544,719. The circulating supply of Helium remained 114,878,118 HNT.
ZEC going downward
Zcash is no different from Bitcoin or other coins in the popular trend of losses. The recent metrics show that it has gone further low, shedding 2.26% in the last day. If we compare the weekly performance, the losses amount to 9.55%. Its price value is also on its way to decreasing, which is currently in the $172.16 range.
The market cap value for this coin is estimated to be $2,424,735,219. In contrast, the 24-hour trading volume of this coin remained at $286,797,437. If we convert the trading volume for Zcash to its native currency, it is about 1,668,514 ZEC.
Final Thoughts
The global crypto market is on its way to recession as the current scenario hasn’t brought it any good. The recent data shows that its market cap value has reduced to $2.09T, which is much lower than the previous one of $2.13T. If the recession continues, many coins like Bitcoin, Ethereum, etc., will go further low from their current threshold levels. Thus, it means that the overall market will suffer. Even though analysts predict bullishness but it has yet to become a reality.
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