The performance of the global crypto market over the last day shows the coming back of it to the same pattern, as evident from Bitcoin’s performance. It has continued to alternate between bullish and bearish waves. The changes have brought momentary ups, but the impact is not lasting. These gains help lift the value of the market for a while but bring it to a much lower value after the bearish change. The market might continue the same pattern as the value of gains doesn’t exceed a specific value, changing the threshold level.
South Korea has also launched a probe to investigate the collapse of LUNA and UST. The repercussions of the collapse of LUNA have continued as various countries are looking into the matter. The ’emergency’ investigation attempts to look into the matter to sort the complete details related to the problem. On the other hand, Elon Musk believes that the problems of the market will continue for a while. Based on his predictions for the ongoing recession, Musk has predicted that the recession could last for 18 months. If it happens, the market will face problems in the same manner.
Here is a brief overview of the current market situation, analyzing the performance of Bitcoin, Ethereum, and some other altcoins.
BTC nearing bearishness
Bitcoin has continued in harsh market situations as there has been little change to overcome the problems. The hashrate for Bitcoin has remained high, and it poses problems related to mining. In comparison, the price remains low, increasing the burden on Bitcoin. The difficulty has reached an all-time high for Bitcoin.
The data for the last 24 hours shows that Bitcoin has added 0.65% over the last 24 hours. As the value of daily gains has begun to lower, the weekly losses have increased. The weekly losses for Bitcoin are about 1.92%. The market situation suggests rapid changes in the value of Bitcoin.
The price value of Bitcoin has also remained inconsistent as it is currently in the $30,163.69 range. If we compare the market cap value for Bitcoin, it is estimated to be $574,401,317,998. In comparison, the 24-hour trading volume of Bitcoin is about $29,084,684,755.
ETH lowers gains
Ethereum has also begun to lower gains as the influx of capital has loosened. The change in the Ethereum value has been because of the sluggish market that has continued to affect the overall market. The changes might continue because of the global recessive economy.
The latest data for Ethereum shows that it has gained 1.36%. Though the current value is not that bad, it suggests receding the market towards losses. In comparison, the seven-day losses for it are about 11.41%. Ethereum would face hard times if the noose tightened, reducing the influx of capital.
The current price value for ETH is in the $2,069.79 range. If we compare the market cap value for this coin, it is estimated to be $250,112,656,414. Its 24-hour trading volume of it is about $18,131,568,489.
AVAX facing hard times
Avalanche is also facing difficulties due to a reduction in the incoming capital to the market. For the last 24 hours, Avalanche’s performance shows that it has gained 1.14%. If we compare the losses for the last seven days, it has receded by 22.35%. The ongoing reduction in bearish current strength might add further to them.
The current price value for AVAX shows a receding pattern as it is currently about $33.98. If we compare the market cap value, it is estimated to be $9,143,199,453. The 24-hour trading volume for the same coin is about $671,023,100. The trading volume in the native currency of it is about 671,023,100 AVAX.
LTC maintains its gains
Litecoin has been in a better state compared to other coins like Bitcoin. It has continued to add value, as the additions for the last 24 hours amount to 5.39%. In comparison, the seven-day data shows a loss of 8.15%. The enhancing value suggests that its price value will improve further in the upcoming days.
The current price value for Litecoin is in the $72.70 range. If we compare the market cap value for Litecoin, it is estimated to be $5,111,251,346. The trading amount was also enhanced due to the influx of capital, as it is about 782,068,130. The circulating supply for this coin is about 70,306,544 LTC.
Final Thoughts
The global crypto market is bearing the brunt of the ongoing global recession. The impacts of US inflation rates have affected the influx of capital to the market, affecting the market’s productivity. Thus, the change in the value has brought alarmingly low levels. An example is the global market cap value which is currently at $1.30T. If the negative changes continue, it is supposed to lower.
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