The global crypto market couldn’t retain its gains as the situation has gone berserk. The changes were sudden as the market turned from growth to a speedy recession. The changes have affected coins from the top to smaller ones, as Bitcoin is one of the leading victims. As the bearishness seems stronger in value, there are chances that it will face hard times ahead. The previous patterns show that bearishness affects the market for a while before recovery. It might bring a shift in the threshold value of the majority of the coins.
The changes in the crypto world are speedy, and there have been efforts to improve them. A new video from World Economic Forum shows that Bitcoin is considering shifting its code to Proof-of-Stake. If it happens, it will bring further ease to its use while also lowering the expenses for transactions. The uncertainty in the current situation has dipped it further, and Bitcoin investors are looking for ways to help it recuperate.
The Central Bank of Cuba has started a virtual asset service to help with crypto regulation. Though it also faces sanctions from the US, the future of these changes is not clear. Here is a brief overview of the current market situation using the performance of Bitcoin, Ethereum, and some other altcoins.
BTC back to the regression
Bitcoin has been facing a hard situation, and the situation seems not to see any improvement. The changes have mainly triggered the growing discontent due to increasing inflation. As there is little improvement seen on the global level, there is little chance that Bitcoin will achieve the goals that its investors had set a few months back.
The recent data for Bitcoin shows that it has shed 2.00% over the last 24 hours. The current wave of bullishness had hampered its progress over the last few days. The weekly performance shows a loss of 3.95%. If the losses increase, the latter value will also see a rise.
The current price value for Bitcoin is in the $38,922.16 range. In comparison, the market cap value has seen little positive change, and it is currently estimated to be $740,518,386,982. While its 24-hour trading volume of it is about $35,938,437,690.
Ethereum has also remained miserable due to the recurrent bearish waves. The market has tried several times to recuperate, but the improvement is lost to bearishness soon. The current data shows the same results as Ethereum has gone back to its pre-bullish value.
For the last 24 hours, the data shows that Ethereum has suffered a loss of 2.05%. In comparison, the losses for the last seven days have increased with time. The recent data sees a rise in weekly losses to 4.85%. These losses directly affect the price value, and it has receded further.
The current price value for Ethereum is in the $2,864.39 range. If we look at the market cap value, it has been reduced to $345,374,681,850. The 24-hour trading volume has also been affected, and it is about $19,421,826,798.
AVAX super bearish
Avalanche also shows signs of evident bearishness that has reduced its value. The data for the last 24 hours shows that it shed 5.31% while further losses might continue. The weekly losses have increased in value as the bearishness has continued. The latest data shows that its weekly losses have risen to 12.89%.
The current price value for Avalanche is in the $66.22 range. A peek at the market cap value shows that it is estimated to be $17,787,273,437. In comparison, its 24-hour trading volume of it reduced to $820,763,097. The same amount in its native currency is about 9,374,385 AVAX.
MATIC sees no change
Polygon MATIC has also gone through a difficult phase because of the strong bullish wave. The sell-offs have resulted in a loss of 6.13% over the last 24 hours. If we compare the weekly performance, the losses have soared to 18.82%, one of the highest values. The losses have shown a consistent increase in value.
The price value for MATIC is currently in the $1.19 range. If we compare the market cap value, it is estimated to be $9,314,883,322. In comparison, its 24-hour trading volume is estimated to be $600,292,585. The circulating supply of this coin remained at 7,848,866,567 MATIC.
The situation of the global crypto market has deteriorated instead of improving. The last 24 hours took it from a bullish to a bearish trend. The change has affected the global market cap value to a great extent which is currently about $1.78T. If the bearishness continues, the losses might dip the market to a greater extent, comparable to the start of the Ukraine-Russia crisis. The changes will leave a lasting impact on the market because the value of losses is higher.