TL;DR Breakdown
- The global crypto market has taken a sharp turn, shedding 4.98% over the last 24 hours.
- The changes in the market have affected Bitcoin badly as it shed 5.24% in 24 hours.
- Binance equally faced the hardships of bearishness, shedding 3.58% in 24 hours.
- Loopring is bearish as it has depreciated 5.30%, while Kyber Network is bullish, adding 0.17% in the past 24 hours.
The global crypto market couldn’t continue the short-lasted bullish wave, and the result was an abrupt change in the performance of various coins. The change was harsh for many coins as they moved even below the previous lows. The situation of Bitcoin and Binance Coin is evidence of the fact that the market is going through. As the market moves in completely difficult waters, it would make it hard to look for recovery too soon.
Mutual funds giant Fidelity is moving towards new plans for its customers. According to the news from official sources, it is planning for Bitcoin pension plans. Even though the situation of Bitcoin is not that stable these days, the plans are likely to be implemented soon. As various companies are moving towards availing crypto for their uses, this step will introduce something new to the market. The National Assembly of Panama is also planning to bring a crypto law project. The said bill will help introduce a legal framework for crypto in the said country, making the investments safer.
Here is a brief overview of the current market situation using the performance of Bitcoin, Binance Coin, and some others.
BTC suffers a sharp reversal
Bitcoin has gone through some bigger fluctuation over the last few days, and it shows the market’s current situation. The influx and efflux ratio of the market shows the level of activity that might improve if additional funds follow it. The case is the same for Bitcoin, through steep deprecation.
The data for the last 24 hours shows that Bitcoin has shed 5.24%. If we compare the losses for the last seven days, these amount to 7.23%. The value of losses is quite bigger than usual, and it might be a prediction of new highs for Bitcoin.
The current price for Bitcoin value is in the $38,450.72 range. Comparing the said price to that over the last few days has shown a variation in thousands. The market cap value for Bitcoin is estimated to be $731,077,297,766. In comparison, its 24-hour trading volume of it is about $35,918,862,322.
BNB affected by sudden changes
Binance Coin has also been affected by the sudden changes in the market. As its situation went berserk, Binance Coin shed a considerable amount. Since then, the bearishness has continued, and there has been little change in its situation.
The recent data shows that Binance Coin has suffered losses of 3.58% over the last 24 hours. If we compare the weekly performance, the losses have grown in value and are about 7.50%. The graph shows a continuous decrease in value with shorter periods of stability.
The price value has also been affected and fell below $400. It is currently in the $390.38 range. If we compare the market cap value, it is estimated to be $63,740,325,454. The 24-hour trading volume also decreased and is about $1,667,025,418.
LRC continues bearish
Loopring has been in tandem with major coins like Bitcoin and Binance for its losses. The hopes for improvement dwindled as its losses grew in value. The recent 24 hours saw a depreciation of 5.30% in its value. In comparison, the seven-day performance show losses growing to 12.64%. Its price value of it is in the $0.8521 range.
If we take a peek at its market cap value, it is estimated to be $1,131,542,669. In comparison, its 24-hour trading volume of it is about $121,912,546. The circulating supply of this coin remained at 1,329,725,273 LRC.
KNC continues to grow
Kyber Network has been favorable compared to other coins in the market as it remained bullish. The data for the last 24 hours shows that it added 0.17%. If we compare the weekly performance, it has added 28.86%. The price value has grown likely as it is currently in the $5.48 range.
The market cap value for this coin is estimated to be $967,019,660. In comparison, its 24-hour trading volume of it is about $438,283,604. The same amount in the native currency of Kyber Network is 80,588,751 KNC.
Final Thoughts
The global crypto market has seen sudden fluctuations in value during the last few days. The changes were quite distressing for Bitcoin and Binance Coin because of the value of losses. If we look at the current value of the global market cap, it is about $1.78T, the lowest in the recent period. Even though there are chances of improving the market value, it has brought the threshold level too low.
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