TL;DR Breakdown
- The global crypto market continues to recede as it loses 2.59% in 24 hours.
- Bitcoin is also going in a recessive mood, shed 2.36% in the last 24 hours.
- Binance Coin is no different in the bearishness, has lost 3.61% in the last 24 hours.
- XRP and Chainlink, also suffering due to the bearish market, suffered a loss of 2.71% and 4.90% in the last 24 hours.
The global crypto market seems to have taken the same course as it did in December 2021. The results of this continuous bearishness are evident in the form of losses for most coins in the market, including bitcoin, Ethereum, Binance coin, etc. The losses since December 2021 have been that of billions of dollars and might continue if the market continues to stay red.
The fears that have led to the market’s bearishness include ongoing political turmoil in different parts of the world, pandemic situation, the bans on bitcoin mining, etc. The major reason for the suffering of the market before the recent crash was the Chinese ban on the mining sites in China. There were fears that Russia might ban crypto mining as well Putin’s recent statement has confirmed that there would be no ban on crypto.
Erdogan has ordered a study of the metaverse. If the officials submit a report of all-good, there are chances that Turkey might also invest in it. If it happens, it will increase investments on higher levels because state-driven investments are more beneficial for businesses.
Here is a brief overview of the market situation and the progress of leading coins like bitcoin, Binance coin, and other tokens.
BTC sees no improvement
Bitcoin has been the unchallenged market leader since its very first days. It was the coin that laid the foundation of the market and led to a road of success for the following coins. The journey of bitcoin has been that of success so far, but the recent fluctuations have made it suffer hugely. Bitcoin had risen to $59K recently, and then suddenly, it began to recede. The result is evident before us as bitcoin has come down to the $35K range.
As per the latest updates, bitcoin has suffered a loss of 2.36% in the last 24 hours. The result of these losses can be seen in the form of the current price for bitcoin, which is in the $35,989.46 range. The change in bitcoin price has also made the market cap suffer, which is estimated to be $681,601,914,398—the seven-day losses for bitcoin amount to 14.36%.
The trading volume for bitcoin during the last 24 hours is about $31,138,913,594.
BNB speeding up recession
Binance coin is no different in recession from Bitcoin. The losses for the Binance coin in the last 24 hours amount to 3.61%, while the seven-day losses have crossed the value of 22.29%.
The negative changes in the market have made the Binance coin suffer, and its price has come down to $364.26. While if we look at the trading volume of this coin, it is estimated to be $60,171,356,865. The result of continuing bearishness is evident on different stats as it has affected every aspect of the currency.
One of them is the trading volume of Binance coin, which is estimated to be $2,247,200. It has been reduced significantly due to the ongoing crisis in the market.
XRP continues red sees no difference
XRP coin has been one of the major suffering coins in the market due to its significant position in the top list. Currently ranking 7th in the list, this coin has suffered a loss of 2.71% in the last 24 hours.
The situation for the previous seven days is no different as bearishness prevailed, and it lost 19.19%. The current price for this coin is in the $0.6008 range. At the same time, the current market cap for this coin is estimated to be $28,680,850,733.
The trading volume of this coin for the last 24 hours is estimated to be $2,307,947,055.
LINK continuing its journey in hard times
Since the December 2021 crisis, Chainlink has improved as it added new gains to its bag. But the current crisis has made it recede, and it has suffered considerable losses. The data for the last 24 hours shows that Chainlink lost 4.90% while its price came down to the $14.65 range.
The current market cap for this coin is estimated to be $6,844,763,763. Also, the situation of the trading volume for the last 24 hours is the same, which is estimated to be $1,220,718,064. The value of seven-day losses for this coin amounts to 32.56%.
Final Thoughts
The market is continuing in a negative direction, and the losses are evident from the value of the global market cap, which has come down to $1.62T. The losses for most coins are evident if we see a huge amount of capital wiped from the global crypto market. The changes in the market were not predicted, and no one knows how long they will continue. 2022 started on a bearish note and has continued like this so far. If the losses continue, there are chances that the market won’t be able to attract new investments.
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