TL;DR Breakdown
- The global crypto market continues recessive, losing 2.18% in 24 hours.
- Bitcoin continues to shed its value, losing 2.97% in 24 hours.
- Binance coin sees no change in its situation, as it loses 2.25% in 24 hours.
- Solana continues bearish, losing 3.61% in 24 hours, while Cronos shed 1.99%.
The world has been facing a difficult period for the last few weeks because of the ongoing geopolitical crisis, rise in the value of petroleum products, and increasing prices of products in the global market. The situation has been worsened further by the US inflation, which has cost those who have stakes in global markets. Crypto is one of the most affected ones in the current situation, which has gone through a loss of millions of dollars.
The only support that comes to this market is from the NFTs, which continue to make space for themselves in the market. The positive aspect of this situation is fluctuations that are not letting the market go completely down. As we saw in the case of bitcoin, it went through fluctuations that took it from $45K to $38K and further again $39, and so it has continued.
Along with the escalation in Russia-Ukraine tensions, there has been an increase in gold prices. As per the latest data, there have been significant increases in the value of gold. The more there is a rise in prices, the more it will affect different markets. It is yet to be seen how long the markets will suffer due to the current situation.
Here is a brief overview of the crypto market using the performance of some leading cryptocurrencies like Bitcoin, Binance Coin, etc.
BTC falls back to $36K
The mining tax in Kazakhstan has created a new problem for miners. Those who have not registered themselves are in trouble as authorities have begun to take punitive actions. As per CoinMarketCap, the Kazakh authorities have seized more than 360 Bitcoin ASICs. The bitcoin market is already in shambles, and this step has worsened it further as a fall in the value of bitcoin is witnessed.
The latest data says that there has been a 2.97% decrease in the value of bitcoin. If we compare this to the weekly data, it is about 16.11% which is evident from the decrease in price value. The current bitcoin price is in the $36,969.41 range.
As we have seen recently, there has been a significant decrease in the value of bitcoin, as it fell from $45K to $38K, and now this value. The current market cap for bitcoin is estimated to be $701,205,155,432. In contrast, the trading volume of bitcoin is about $22,761,992,094.
BNB recedes further into losses
Binance Coin and Ethereum usually follow bitcoin in the dominant trend. The situation for the Binance coin is no different this time as we see a decrease in its value. The latest data says that it has lost 2.25% in the past 24 hours. In comparison, the loss for the last seven days is about 14.81%.
The current price for the Binance coin is in the $365.77 range as the trend for loss continues. Though it struggled hard to enhance its position, it hasn’t yet replaced Tether, which occupies the third position in the global list, following Bitcoin and Ethereum.
The current market cap for Binance Coin is estimated to be $60,397,526,222. The trading volume of Binance Coin, in comparison, is $1,660,791,505. The mentioned amount in its native currency is about 4,540,327 BNB.
Solana continues to shed value
Solana has been in trouble following the dominant trend of recession. It has continued to lose value while 3.61% in the last 24 hours. The past seven days were no different, and it has lost 17.05%. The current price for Solana is about $84.72, while it might reduce in value if the losses continue.
The current market cap for this coin is about $27,103,339,331. In contrast, the 24-hour trading volume is about $2,328,206,645. The graph for its weekly performance shows that Solana hasn’t performed well recently. The circulating supply of this currency is about 319,795,738 SOL.
Cronos no different in the dominant trend
Cronos has also been one of the affected currencies in the ongoing situation. It has shed 1.99% in the past 24 hours. The amount of its losses for the past seven days is about 18.29%. The current price for this currency is about $0.3922.
The current ranking of Cronos is 18th on the global list. It might continue bearish as it has been for the last seven days. The current market cap of it is about $9,909,145,212. At the same time, the 24-hour trading volume of this coin is estimated to be $129,041,282.
Final Thoughts
The global crypto market is in chaos as it has lost 2.18% over the last 24 hours, taking its market cap to $1.68T. The situation resembles that of December 2021, when the market was in continuous loss and shed value. The current situation seems more alarming, which has affected investor trust. The constant decrease in value shows that the investors have felt insecure for the last seven days. Still, experts hope it will get better as the market regains its value.
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