TL;DR Breakdown
- The global crypto market continues to recede, losing 5.79% in 24 hours.
- Bitcoin is going through a continuous plight of losses as it shed 4.85% in 24 hours.
- Binance coin is no different in losses as it recedes 8.47% in the past 24 hours.
- Polkadot and Cosmos are both going bearish, losing 6.91% and 10.82%, respectively.
The crisis for the global crypto market hasn’t come to an end. The recession has continued as coins have shed their value, including top currencies like Bitcoin, Ethereum, Binance Coin. Many refer to the changes as corrections in the value of bitcoin, but the fact is that it is something more than that. The geopolitical factor can’t be shrugged off because of the impacts it has shown in the previous days.
The change in the market has led to a change in the expert views regarding bitcoin. According to the crypto exchange Houbi’s experts, the next bull run is expected in 2024. So, there might be chances that bitcoin can show recovery in a short time but might not show consistent growth. As the result of this prediction, some experts say that investors should buy bitcoin and forget about their investment. Once it reaches the expected growth value, it will bring the fruits of their patience.
Here is a brief overview of the market situation through leading currencies like Bitcoin, Binance Coin, etc.
BTC recedes further, touches $37K
Though the market is currently difficult for bitcoin, a California legislator is working on making bitcoin legal tender. Ian C. Calderon and Dennis Porter are taking the project to widen the sphere of influence for bitcoin. The main reason for their bill is the growing use of bitcoin for daily life needs. They believe that mainstreaming will help with the ease for users and mainstreaming the currency.
The 24-hour performance for bitcoin shows a continuing trend of loss. The result is a 5.21% recession in the value. The weekly performance shows a loss of 14.58%. The recession from $45K to $37K is a difficult phase for bitcoin, which it might soon recover as it has previously done. Currently, the main worry of investors is about the threshold level of bitcoin. They expect it to stop receding soon, which, if it happens, might be a great relief.
The current market cap for bitcoin is estimated to be $703,596,994,144. In comparison, the trading volume of bitcoin is about $29,637,994,648. The current bitcoin price is in the $37,116.59 range.
BNB losing value, sees no gains
Binance coin has continued to recede like bitcoin and has shed a valuable amount. The data for the last 24 hours shows a recession of 8.47%. The current price for the Binance coin is in the $358.21 range, while the recession for the last seven days amounts to 13.17%.
If we look at its graph for weekly performance, it shows a continuous bearishness that has affected investor trust. The current market cap for Binance Coin is estimated to be $59,078,254,550. In comparison, the 24-hour trading volume is estimated to be $2,237,202,150.
If we take a view of its circulating supply, it is about 165,116,761 BNB.
DOT in continuous trouble
Polkadot has continued in difficult waters since the recent geopolitical crisis. The data for the last 24 hours shows a loss of 5.69%, which is a significant amount to be lost in a single day. As the result of continuing daily loss, there is a decrease in its price. The current price for Polkadot is in the $16.23 range.
If we take a peek at its weekly performance, it is even worse. It has shed 15.52% over the past seven days, bringing a significant change in the value. The current market cap for this coin is estimated to be $16,029,702,359. The 24-hour trading volume of Polkadot is estimated to be $1,378,214,662.
The current ranking of Polkadot is 13th on the global list, which might be threatened if the losses continue.
ATOM sees no difference in losses
Cosmos ATOM is another victim of the ongoing crisis in the global crypto market. Its performance over the last 24 hours has been a loss of 10.82. Its past seven days have been no better as it has shed 15.05%.
The current price for this currency is $23.96, which might be reduced further if the losses continue. The current market cap for it is estimated to be $6,861,432,346. The 24-hour trading volume of this coin is estimated to be $902,794,280.
Final Thoughts
The market is going in a difficult direction because of the ongoing crisis. The result of consistent losses has been the reduction of the global market cap to $1.68T. It is yet to be seen if the losses will stop at this value or continue further. The losses on coins like bitcoin have been degradational as their threshold level has gone uncertain in this situation. The improvement is mainly related to the current Russia-Ukraine situation; the market will improve if it improves.
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