The global crypto market has taken a dramatic turn ass it changed speedily. The gains for Bitcoin turned to bearishness while some coins are yet bullish. These changes suggest that the market might be facing another bearish wave. The global market cap value will also decline as the situation has changed. There is no surety about how long the market will face bearishness.
One of the main reasons for the decline in the value of the global crypto market is the scams. The recent came from hacking the British Army’s social media accounts. The hackers posted content to promote fake giveaways and other crypto scams. It might take time to recover the accounts, but it is not the first of the kind nor the last. Recently the account of renowned NFT Bored Ape Yacht Club was hacked.
Ghana has also been reconsidering its plans for crypto as the economic situation worsens. Its citizens staged protests amid the changes in the IMF bailout. Crypto has affected some states because of their too many crypto-friendly policies.
Here is a brief overview of the current market situation, analyzing the performance of Bitcoin, Binance Coin, and others.
BTC back to recession
The market has seen fluctuations, but Bitcoin mining companies continue to thrive. One of these is Digihost Technology which has seen 129% growth in the recent quarter. It mined 72.18 BTC recently as its total worth of Bitcoin holdings reached 293.30. Its worth has reached $5.8 million, considering the current price of BTC.
The latest data for Bitcoin shows that it has receded 1.29% over the last day. In comparison, the weekly performance has also declined, showing a loss of 7.39%. These changes have affected its growing value.
The price value for Bitcoin is in the $19,457.29 range. If we compare the market cap value for Bitcoin, it is estimated to be $372,318,087,404. The 24-hour trading volume of Bitcoin is about $24,726,276,705.
BNB loses momentum
Binance has continued to offer its services for the expansion of DeFi. The latest in this regard is Gnox utilizing Binance smart chain for its ‘hold to earn’ ecosystem. It will help the mentioned name in proving DeFi services.
The value of BNB saw a decline as it has reduced its gains to 0.92% over the last day. In comparison, the weekly performance also shows bearishness as it has shed 5.86%. These changes have continued to affect it.
The price value for BNB is in the $225.20 range. If we look at its market cap value, it is estimated to be $36,770,423,548. The 24-hour trading volume of the same coin is about $1,256,268,797.
NEO faces stark bearishness
Neo has also faced a decline in value as the market has been recessive. The latest data shows it has shed 3.05% over the last day. In comparison, the weekly losses for this coin are about 14.57%. These changes have brought its price value to the $8.18 range.
If we look at its market cap value, it is estimated to be $577,146,748. The 24-hour trading volume of the same coin is about $42,542,364. The same amount in its native currency is about 70,538,831 NEO.
LRC continues bullish
Loopring has been moving in contrast with the other coins in the market. According to the available updates, it has added 3.63% over the last day. If we compare the weekly performance for this coin, it has shed 3.96%. These changes have helped it enhance its price value a bit which is currently about $0.4038.
The market cap value for LRC is estimated to be $537,150,770. The 24-hour trading volume of this coin is about $102,153,747. The circulating supply of this coin is about 1,330,088,530 LRC.
The global crypto market has seen changes in value as the bearish current began to strengthen. These changes have affected Bitcoin, Binance Coin, and other major names. These changes have plagued the market for a while as it needed respite but hasn’t seen any. The global market cap value has also been affected, which is estimated to be $883.06 billion. It has receded from the $900 billion mark.