TL;DR Breakdown
- The global crypto market witnessed another dip, losing 3.81% in 24 hours.
- After crossing $45K, Bitcoin reverses and loses 2.99% in 24 hours.
- Binance coin suffers a loss of 2.61% in the previous 24 hours.
- XRP coin and Algorand suffer losses, dipping 6.77% and 7.31%, respectively.
The global crypto market has been fluctuating for the last few days, as seen in the case of dips for smaller currencies. The recent trend is dipping for major coins like bitcoin, and its closely following altcoins. The result is loss of a significant value, as seen in the case of bitcoin, Binance coin, and other significant names. The mentioned dip was initiated by hawkish comments from a FED official, which led to a reversal of its progress.
The market has remained turbulent because of the distrust expressed by the RBI governor. The governor of the Reserve Bank of India called crypto a threat to the macroeconomic, financial stability of the country. He said that they are posing threats to the economy in the form of fluctuations as the crypto market is more volatile than other markets.
As the acceptance for metaverse is growing, Samsung has unveiled its new project. It is a crypto-compatible wallet that will come with Samsung devices. The mentioned wallet was unveiled at a metaverse event. As Samsung develops this tech further, it will stay in the market because of the growing demand. There has been a mixed attitude towards crypto, as seen from the predictions of market experts. A crypto expert said that the market might lose 80% of its value, as happened in the case of internet stock companies.
There is no clear evidence of whether it will happen soon or possibly.
Here is a brief overview of the market situation and leading currencies like bitcoin, Binance coin, etc.
BTC back to $42K
Bitcoin has performed well in the previous few days. It had crossed $44K recently, and the last day it was going above $45K, but soon it changed its course. The cause for this happening was comments from a FED official that showed hawkishness. The result impacted investors who pulled out their capital to save it from any mishap. The result was evident in the form of bearishness for bitcoin.
On another side, Russia benefits itself in the form of bitcoin as the pressures mount due to the Ukraine crisis. As there might be problems with the supply of dollars, it is helping itself in the form of bitcoin, which can prove good support.
The current bitcoin data shows a loss of 2.99% over the past 24 hours. The price of bitcoin has been reduced to $42,958.11 from above $45K as the market turns bearish. The weekly progress of bitcoin shows that it has gained 15.21%.
The market cap for bitcoin is estimated to be $815,597,599,353. At the same time, the 24-hour trading volume of bitcoin is estimated to be $34,244,441,878. As the previous performance of bitcoin shows that it has remained resilient even in hard times, it is expected to recover soon.
BNB takes a reverse turn
Binance coin has also taken a turn, as seen in the case of bitcoin. The latest data shows that it has lost 2.61% in the previous 24 hours. The data for the past seven days shows a gain of 10.62%. If we take a peek at its current price, it is estimated to be $410.69.
The graph shows a mix of bullish and bearishness for the past few days. Its market cap is estimated to be $67,870,822,735. While the 24-hour trading volume of this currency is about $2,096,714,890.
XRP indicates redness
XRP coin ranks 6th in the crypto list and is no different from other currencies. It has also changed its course after the market turned bearish. Its losses for the last 24 hours are about 6.77%. At the same time, its gains for the past seven days are about 34.61%. The losses might be less than weekly gains, but they might erode the XRP coin’s base if they continue.
The 24-hour trading volume of this coin is estimated to be $3,684,837,945. At the same time, its market cap is about $39,181,675,217.
ALGO is struggling to keep its value
Algorand had maintained good momentum so far, as evident from its weekly performance. It had gained 3.50% in the past seven days. It has taken a turn, and the losses amount to 7.31%. The current price for this coin is estimated to be $0.9659.
While the 24-hour trading volume is about $378,993,198, the current market cap of this coin is estimated to be $6,339,907,290.
Final Thoughts
The market has taken a sudden turn on bitcoin and other major currencies as they turn bullish. The losses for the global crypto market amount to 3.81%, while the total market cap is about $1.95T which has improved. It is yet to be seen how it performs in the future. However, experts predict that Ethereum will grow further as it gives a tough time to the following coins. The prospects for bitcoin are good as new corporate firms recognize it.
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