TL;DR Breakdown
- Hopes for the recovery of the global crypto market weaken as it loses 11.24% in 24 hours.
- Bitcoin continues in a bearish manner, shed 0.19% in 24 hours.
- Ethereum follows bitcoin, as it loses 0.36% in 24 hours.
- Cardano and Dogecoin continue to lose, shed 0.88% and 0.57%, respectively.
The global crypto market continues the same pattern as it had followed for the past few days. The balance has shifted again to leading tokens though they yet show bearishness. The increase in the total value of the crypto market is evident from the loss of 11.24%, which is huge. It is yet to be seen if this pattern will continue in the upcoming days or last short.
El Salvador’s recognition of Bitcoin as the legal tender has started a new debate. US senators believe that it will affect the US economy as well. They have worked on the bill to ensure that steps are taken to lower the impacts of this decision on the US. Once the bill is accepted, it will repercussions the El Salvador government.
While there are attempts from governments to reduce the use of crypto for criminal activities, some news astonishes the reader. One of these is about $11 billion of criminal money in crypto wallets. It might create problems for the industry that is seeking legitimacy. As there is some development, governments will take the requisite steps.
Here is a brief overview of the market and how leading coins like bitcoin, Ethereum, etc., have performed during the last 24 hours.
BTC is struggling to cross the $44K barrier
Different indicators show that bitcoin might be preparing for its next leap as it has remained stable at $42K, so it might become its new support level, which will change how it will continue ahead.
In comparison to the past few days, Bitcoin has continued stably. It has not made any significant gains but didn’t lose much either. The data for the last 24 hours shows that it has shed 0.19%. Compared to this, the seven-day data shows that losses for bitcoin amount to 0.84%. Thus, these two are going in a balanced manner, causing no bog loss to bitcoin value. The current bitcoin price is in the $43,929.01 range, while its market cap is estimated to be $934,922,358,430.
The 24-hour trading volume of bitcoin is about $19,412,189,910.
ETH turns red after short-lasting gains
Ethereum has closely followed bitcoin in recent times. The 24-hour data shows that it has shed 0.36% in the past 24 hours. In comparison, the losses for the last seven days are about 3.02%. It means that Ethereum is reducing the margin of losses.
The current price for Ethereum is in the $2,129.48 range. If we take a peek at its market cap, it is estimated to be $375,775,442,490. In comparison, the 24-hour trading volume of Ethereum is about $12,061,510,137.
The recent two months have kept Ethereum stuck in a difficult situation because it has seen no significant growth in its value compared to the past few months.
ADA continues bearish
Cardano has remained bearish for the past seven days, as evident from the data. It has lost 8.84%, while its 24-hour losses amount to 0.88%. The losses for this coin have continued despite fluctuations in the market.
The current price for Cardano is in the $1.09 range. At the same time, the market cap is estimated to be $36,619,241,886. The 24-hour trading volume of Cardano is about $1,004,998,300.
The graph for this coin shows continuous recession over the past week.
DOGE lowering its losses
Dogecoin has also remained bullish for the past seven days. The weekly data for it shows losses amounting to 6.75%. At the same time, the 24-hour data shows that it has lost 0.57%. The current price for Dogecoin is about $0.1495, while its ranking is 11th in the list.
The current market cap for Dogecoin is about $19,829,135,643. While the trading volume of it is about $470,731,461.
Final Thoughts
The market is continuing difficult times, but these might prove good for it in the upcoming future. It is evident from the rise of support levels for bitcoin, which are currently at $42K, while experts suggest that these might reach $50K shortly. The global market cap tells a miserable story as it has reduced from $1.96T to $1.76T. If the same pattern continues, there are chances that the smaller currencies will benefit in the upcoming phase. However, it is yet to be seen if the same pattern continues for long.
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