The global crypto market has seen a rise in the value of losses as the sell-offs continue. The market wasn’t expecting this drastic change as the petty changes continued for Bitcoin and other coins, keeping them in a specific cycle. The current changes have affected them greatly as the losses have been a setback to coins that were expecting a comeback soon.
The impacts of Terra UST collapse have continued as the market is still trying to recover from its repercussions. The latest in this regard is from the IMF chief, who has urged the investors not to shun all crypto after this collapse. She shared these views because of the growing mistrust of crypto and the continuous decline in its value, which has affected the global market cap.
Here is a brief overview of the current market situation, analyzing the performance of Bitcoin, Binance Coin, and some other altcoins.
BTC giving way to bears
The market has continued to plunge into bearishness as there has been little improvement. The changes have affected Bitcoin because of its leading role in the market. Analysts predict that it might suffer further as its price might lower to $22K, which would be difficult for investors.
The latest data for Bitcoin shows that it has shed 1.26% over the last 24 hours. If we compare its performance over the last seven days, Bitcoin has shed 1.30%. Though the losses continue in a balanced manner, Bitcoin has continued to recede in value.
The price value for Bitcoin shows that it has reached $28,968.83. If we compare the market cap value for this coin, it is estimated to be $552,800,195,138. The 24-hour trading volume of Bitcoin is about $30,989,346,492.
BNB recedes speedily
Binance Coin has also continued to lower value as its losses skyrocketed. Compared to Bitcoin, its losses have been far high while its price value has continued to lower. The current bearish wave has strengthened in value instead of giving in to bullishness as part of the pattern.
The latest data for Binance Coin shows that it has shed 4.75% over the last 24 hours. The weekly losses for Binance Coin are comparatively low as it has gained 3.22%. The changes in the influx of funds have continued to affect its price value which has lowered.
The current price value for Binance Coin shows that it is in the $309.97 range. If we compare the market cap value for this coin, it is about $50,713,945,803. In contrast, the 24-hour trading volume of this coin is about $2,327,708,959.
XLM in a regressive mood
Stellar has been in no good mood as its losses have continued to increase. The latest data for this coin shows that it has shed 4.27%. The weekly losses for this coin have reached 3.85%. The price value has been moving in reverse as the losses continue to increase.
The current price value for XLM is in the $0.1235 range. If we compare the market cap value for this coin, it is about $3,071,297,781. The 24-hour trading volume for XLM is about $181,769,266. The same amount in its native currency is about 1,471,753,493 XLM.
ETC affected by market changes
Ethereum Classic has also continued to lower value as the result of losses. The latest data for this coin shows that it has shed 7.64% over the last 24 hours. If we compare the performance for the last seven days, the gains for this coin are about 7.25%. The price value shows the impacts of the fluctuating market.
The current price value for ETC is in the $21.79 range. If we compare the market cap value for this coin, it is about $2,755,694,310. In comparison, the 24-hour trading volume of this coin is about 538,679,763. The circulating supply of this coin remained 134,959,184 ETC.
Final Thoughts
The global crypto market has continued to move towards negative changes in value. The recession for Bitcoin and other major market currencies has continued, thus affecting its value. The global market cap value is $1.22T as per the latest updates. If the current pace of losses continues, the market would see a faster decline and might cross the $1.20T barrier to lower even further.
