TL;DR Breakdown
- The global crypto market has turned bearish, shedding 0.27% in the last 24 hours.
- Bitcoin has also changed mood as the losses for the last 24 hours amount to 1.36%.
- Ethereum is still bullish adds gains worth 0.55% over 24 hours.
- Axie Infinity and Klaytn are also bearish, shed 0.87% and 1.46%, respectively.
The lasting bullishness in the global crypto market has finally come to an end, and the result is a bearish trend. The previous day’s performance was a clear indication of the market’s next move. The lowering gains of bitcoin indicated that the market would again plunge to losses. The current reduction in the market value shows the possibility of a further decrease in the value. The recent bullish rally resembled the one back in the starting days of the Ukraine-Russia conflict, which brought speedy gains and later led to an even speedier depreciation. It is yet to be seen if it will complete the second phase of this happening.
While the market was enjoying an increasing ratio of investments, Twitter also saw a crypto trend. According to Twitter stats, there has been a growth of 242% in crypto and NFT topics. The number of tweets about crypto and NFTs is more than 300 million, which tells of how crypto is the focus of discussions. Gold has been seeing a decrease in value for the past few weeks, strengthening Bitcoin. Compared to other weeks, this week was relatively better for it, but it couldn’t get back to the previous value.
Here is a brief overview of the market performance using Bitcoin, Ethereum, and some other cryptocurrencies.
BTC back to $40K
Bitcoin prices have lowered due to fears of a crash, and the miners have begun to accumulate their gains. The result has been a trend of sell-off seen in the market. There is no certainty of how long will this bearishness last. The speedy rally towards Bitcoin didn’t last long, making Bitcoin suffer.
The recent data tells of a recessive mood from Bitcoin. The data for the last 24 hours shows that Bitcoin has shed 0.27% over the last 24 hours. While in comparison, the performance for the last seven days is relatively better. It has gained 4.68% in the mentioned period.
The current bearishness has brought it back from $41K as it currently has a price of $40,542.56. If we look at its market cap, its value is estimated to be $769,041,792,484. In comparison, the 24-hour trading volume of Bitcoin is estimated to be $22,834,88,734.
ETH continues bullish
Ethereum has remained in the $2.5K support levels for long, which is problematic for the investors. If the support levels continue to be this low, there are chances of depreciation in the investor capital. The results can be in the form of sell-offs. The recent data shows that Ethereum has lowered its gains and amounted to 0.55% for the last 24 hours.
While if we compare the weekly performance, it gained 8.49%. The uptrend in the Ethereum price has also lowered. The result is a hike in price to $2,783.15 over the last 24 hours. If we compare the market cap value, there has been an increase lower than other days. The current value of it is estimated to be $333,817,552,173.
The 24-hour trading volume of this coin remained at $13,098,822,315. While the same amount can be converted to 4,708,153 ETH.
AXS plunges to bearishness
Axie Infinity has also suffered due to ensuing changes in the market. The result has been a gradual lowering of gains, and it shed 0.87% over the last 24 hours. In comparison, it had performed much better in the last seven days. It was able to clench gains of 7.46%.
The current price for AXS is in the $49.57 range, while there are chances that it might be lower in value. The market cap value for it is estimated to be $3,019,248,592. While the 24-hour trading volume is estimated to be $245,101,469.
The circulating supply of Axie Infinity remained 60,907,500 AXS over the last 24 hours.
KLAY reversing the gains
Klaytn has also lowered gains over the last 24 hours. The weekly graph shows that it couldn’t maintain a smooth trend of gains. Instead, it had followed a fluctuating pattern. If we compare the last 24 hours, it has a shed value of 1.46%, which might go even lower.
In comparison, its gains for the last seven days aren’t as high as it got gains of 0.14%. The current price for Klaytn is in the $1.09 range. If we look at its current market cap value, it is estimated to be $3,012,453,602.
The 24-hour trading volume for Klaytn remained about 53,758,094. While the same amount can be converted to 49,257,126 KLAY.
Final Thoughts
The value of the global market cap has lowered to $1.82T after the change in gaining pattern. The majority of coins remained bearish over the last 24 hours. Bitcoin was one of the main currencies that started to experience depreciation, and the rest of the market followed. There is no certainty about the next move, but there are hopes that this bearishness might not last long. The investors have felt inclined towards sell-offs because of the fear of loss in capital. If the market can regain value today, it might save the market from a significant decrease in value.
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