- 6.63% recession seen in global market cap after major currencies depreciate.
- Bitcoin witnessed a fall in prices to $53K after a 6.43% decrease.
- Ethereum faces a shock of 8.16%.
- Tether and USD Coin are among gainers in the leading list.
The crypto market has been witnessing a depreciation due to the liquidation of the market. The new Covid variant, Omicron, apparently fueled the crypto market in a YOLO response. A new currency named after this variant, Omicron, benefited from this situation while most others couldn’t keep their momentum. Major coins were expected to recover soon after the depression, but there has been no significant change yet.
Across the globe, Egypt went on a wheat-buying spree on Monday as Chicago wheat prices fell to a nearly three-week low on Tuesday. Concerns about the spread of the Omicron coronavirus variant could slow the global economy, driving investors to reduce risk exposure. A market analyst at The Price Futures Group noted that much of the sell-off was caused by funds seeking cover.
The overwhelming fundamental in the market right now is fear over Omicron and what it could do to demandJack Scoville, market analyst at The Price Futures Group
The conditions remain like the previous day, and major tokens’ downward trajectory has continued. Bitcoin, Ethereum, and Binance Coin suffer losses from the previous blow. These coins haven’t been able to keep their gains in recent days. Even though the crypto market is showing no significant improvements in the case of major tokens, the investors are eager to see a resurgence, which might not be far away.
Is Bitcoin waiting to resurge after a prolonged silence?
Bitcoin has been through a rough journey of ups and downs for the past few days. Compared to yesterday’s value, it has depreciated, i.e., the $56.5K range. This shedding amounted to 6.43%, bringing it to the $52.95K range.
This trend continues mainly due to the fear of investors that the market is seeing depreciation and impacting the major coins. Some investors dominated by the thought that it might devalue due to liquidation have affected its value. This change has brought the market cap for bitcoin to $1.000238 billion.
If we look at the trading volume of bitcoin, it was $40,435,397,106 at the time of writing. If we want to convert this volume to BTC, we get 763,663 Bitcoins. The circulating supply for this lead token is 18,890,506 BTC. There is no clear indication of its next move, but there are hopes for good times.
Ethereum and Binance Coin testing steepness?
Ethereum and Binance Coin are the affected ones like Bitcoin. Ethereum’s price, as per the last roundup, was in the $4,519 range, which has lowered to the $4,155 range today; it seems as if it is practicing sharp changes. This depreciation is about 8.16%, much more than the effect of liquidation on this as it witnessed yesterday.
ETH’s 24 hours performance is not good compared to seven-day activity, which is about a 1.52% gain. The market cap recorded for Ethereum is $492,896,505,842, which has reduced significantly after the recent shocks. It has been see-sawing between the $4.8K and $4.2K range, and it is to be seen what its next move is. The statistics show that the traders are yet fully confident in it, and this is evident from the trading volume, which is $26,614,267,610. Ethereum’s current market cap, which is $492,869,505,842, shows signs of resilience.
Binance Coin has also been closely following the progress in the market. It is one of the affected ones whose progress has been impeded by the recent lows. Recent changes brought a bearishness of 5.02%, which changed its price to the $584 range compared to yesterday, i.e., $614.
Even though there have been impacts of depreciation, the current market cap of Binance Coin is satisfactory. It was recorded to be $97,505,536,566 at the time of writing.
Tether and USD Coin, likely gainers in the depressing times?
Tether and USD Coin were amongst the top 20, showing the lowest depreciation at writing. Tether ranks fourth on the list and seems least impacted by the changes in the market. USDT has shown a growth of 0.01% in the last 24 hours, bringing its price to the $1.00 range.
In comparison, its depreciation was 0.05% in the last seven days, which means that it is on its way back to rise and might prove the leading token that has regained momentum. Its gain in momentum has already improved its trading volume, which is $93,711,262,439.
USD Coin ranks 8th and has shown a fall in the value of a mere 0.09% in the last 24 hours and 0.10% in the last seven days. This depreciation has had no significant impact on its value because other tokens have been in trouble because of increased losses. It has continued the steady price of $1.00, which is better in these depressing times for the crypto market.
The market cap for USD Coin is $39,072,430,794. The volume for this token shows that it is performing well and might add further. At the time of writing, its volume is $6,039,325,097.
If these two coins continue to grow, it will be a prelude to the boom in the market after the sirens of the new virus variant.
As of now, the depreciation in the market is affecting the leading currencies. But there is hope for resurgence and improvement in the global market cap, which has suffered losses of 6.63% in the last 24 hours. The currencies that have led this progress journey are currently Tether and USD Coin, but soon the leading troika might replace them if they resurge.
Intense research into the new coronavirus variant first identified in southern Africa has just begun. World leaders have urged people not to panic and get vaccinated if they can. On Tuesday, Regeneron said its Covid antibody treatment might be less effective against Omicron, indicating that the popular and widely beneficial monoclonal antibody drugs may need to be updated if the new variant spreads aggressively.
There is no final say in the market predictions, but the investors whose trust determines the value of additions to the market. So, there is a possibility that they will pour their capital in favor of top currencies, changing the ongoing depreciation trend. Looking at crypto market cycles in sequence over the years, we can see that Bitcoin has still exhibited a generally upward price trend even in the face of adversity. YOLO may be partially driven by the growth of consumer confidence, rather than fear.
We look forward to changes in late December as there are likely chances of changing the mood for investors. They weigh their options and will likely go for a better chance to “shoot for the moon.”
How about Elon Musk or any crypto trillionaire find ways to save the world rather than funding trips to the moon?