The global crypto market hasn’t seen any significant changes as the losses for Bitcoin, and some other major coins persist. Though the market was continuing towards bullishness, the past 24 hours didn’t bring it any good. Rather the small gains have helped it change direction from bearish to bullish. The market needs a strong bullish current instead of the momentary bullishness, which has no lasting impact. The uncertainty has had lasting impacts on the market as there have been little gains for the investors, thus leading to pullbacks.
India has been the major shocker to the crypto market as the market is moving towards a speedy dwindling. According to the available updates, India has plans to levy 28% GST on all crypto transactions. The proposed change would have drastic impacts on the local and global markets. As the amount of funds in the global crypto market is thinning, this new change would further the speed of losses. The mentioned amount is too much for the investors as they won’t be able to utilize their gains. The negative point for it is the imposition of GST on all crypto transactions, which seems too high.
Here is a brief overview of the current market situation using the performance of Bitcoin, Binance Coin, and some others.
BTC is in a recovery mood
Though the Bitcoin market has shown resistance over the last 24 hours, it is debated whether it will last or lose strength soon. The good news amid the hard times for Bitcoin is El Salvador’s commitment to continue the project of Bitcoin City. The mentioned project was halted due to fluctuations in Bitcoin value. El Salvador has released the images for the design of Bitcoin City, and hopefully, the work will commence soon.
The latest updates regarding Bitcoin tell the same tale as it has continued to shed value. The last 24 hours saw a decrease in losses as it shed 0.07%. If we compare the weekly performance of Bitcoin, it has shed 18.43%. There has been an evident change in the value of Bitcoin losses.
The price value for Bitcoin has also thinned as it is currently about $30,947.68. If we compare the market cap value for Bitcoin, it is estimated to be $589,136,108,765. The trading volume for Bitcoin also lowered as it is estimated to be $55,494,794,410.
BNB makes improvement
Binance Coin has also improved in value, but it would need an even stronger push to improve its value. The recent changes in the value might prove momentary if Binance Coin isn’t able to maintain the momentum. The ongoing period might prove significant in deciding its direction.
The latest data for Binance Coin shows that it has added 3.46% over the last 24 hours. In comparison, the weekly losses have been reduced to 17.39%. Though the later amount is high, it would take a strong bullish current to bring any lasting changes.
The current price value for Binance Coin is in the $318.42 range. If we compare the 24-hour trading volume for this coin, it is about $2,873,617,059. In contrast, the 24-hour trading volume is estimated to be $51,990,917,361.
XRP had been in gains, but its value has fluctuated recently. The graph for it shows improvement followed by a decrease in gains which as per the latest updates amount to 1.79%. The weekly losses have strengthened in value as they are about 16.32%. The increase in weekly losses suggests the speedy depletion.
The price value for XRP is in the $0.5128 range. While if we take a peek at the market cap value for XRP, it is about $24,789,774,012. In contrast, the 24-hour trading volume for XRP remained $3,113,488,447. The same amount in the native currency of this blockchain is about 6,071,684,518 XRP.
DOGE affected by changes
Dogecoin has also been in continuous losses due to ongoing changes. The losses have brought its value much lower compared to the stable period. The latest data for Dogecoin shows that it has added 1.93% over the last 24 hours. The weekly data suggests another story as the losses amount to 16.74%.
The price value for Dogecoin didn’t keep itself stable and is about $0.1084. The market cap value for Dogecoin is estimated to be $14,391,654,072. If we compare its 24-hour trading volume, it is about $1,495,509,813.
The global crypto market has improved a little over the last 24 hours. The changes have brought an air of freshness to various coins which have been through hard times. Even though the dominant trend is bullishness, Bitcoin has continued to depreciate. The result is little improvement in the global market cap value, which is currently about $1.41T, a drastic change compared to its value a month back. The market would have to stay bullish to retain the current value.