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Bitcoin, Ethereum, Cardano, and Solana Daily Price Analyses – 7 November Roundup

Bitcoin

TL;DR Breakdown

  • The global crypto market has witnessed a situation of bearishness as it shed 1.23%.
  • The value of Bitcoin has also continued to lower as it receded 1.93% in 24 hours.
  • The performance of Ethereum also shows lag as it shed 1.03% over the last day.
  • Cardano and Solana are both bearish as they have shed 1.10% and 11.36%, respectively.

The global crypto market has witnessed a decline in value due to lasting bearishness. The performance of Bitcoin, Ethereum, and others couldn’t improve. As the negative changes continue, there has been cynicism in the market. As the market continues to struggle with losses, the bearishness has strengthened. The negative changes are likely to affect the market in the coming days if the losses don’t come to an end. The market had crossed its previous resistance levels with difficulty, but it seems to be back to the previous situation.

Binance CEO has declined Alameda’s bid to buy his company’s FTX tokens. CZ said that he will stick with the ‘free market’ and has denied allegations of conspiring against FTX. Binance CEO has clearly told the CEO of Alameda that he won’t sell his FTX tokens. He responded to a question on Twitter saying that they would prefer to not be a part of a conspiracy against anyone.

Caroline Elison, Alameda CEO had publicly made an offer to purchase all the FTT that Binance intends to sell. The bid had come to limit the liquidation’s impact on the market. However, CZ’s response shows that they will slowly sell the rival exchange’s tokens in the market according to the original plan. Binance’s exit from FTT has come as a response to its backdoor lobbying against other players.  

Here is a brief overview of the current market situation analyzing the performance of Bitcoin, Ethereum, and others.

BTC continues to lower

Authorities have seized over $3.36 billion worth of Bitcoin linked to the Silk Road darknet market. US attorney Damian Williams announced Monday that authorities have seized over 50,000 Bitcoins allegedly linked to illegal online marketplaces.

BTCUSD 2022 11 08 07 24 12
Source: TradingView

The recent changes for Bitcoin show no improvement as it continues to lag. The latest data shows that it has shed 1.93% over the last day. The weekly performance shows no improvement as it has added a mere 0.65%.

The price value of BTC is currently in the $20,639.72 range. The market cap value of Bitcoin is estimated to be $396,308,249,856. The 24-hour trading volume of Bitcoin is about $51,832,874,570.

ETH sees no change

Ethereum co-founder Vitalik Buterin has brought a new roadmap for the blockchain network. He has disclosed the details of the new roadmap to put Ethereum back on track. According to available details, one of its phases is ‘The Scourge.’

ETHUSDT 2022 11 08 07 24 30
Source: TradingView

The value of Ethereum has also suffered losses as it couldn’t improve. The latest data shows that it has receded by 1.03% over the last 24 hours. The weekly performance shows that it has shed 0.59%.

The price value of ETH is currently in the $1,571.25 range. The market cap value of this coin is estimated to be $192,280,207,273. The 24-hour trading volume of the same coin is about $14,617,924,420.

ADA bearish

The performance of Cardano has continued to show bearishness. The latest data shows that it has shed 1.10% over the last day. The weekly performance of this coin shows a loss of 0.68%. The price value of ADA is currently in the $0.4049 range.

ADAUSDT 2022 11 08 07 24 50
Source: TradingView

The market cap value of Cardano is estimated to be $13,860,700,002. The 24-hour trading volume of this coin is about $536,365,585. The same amount in its native currency is about 1,328,997,107 ADA.

SOL super-recessive

There has been no change in the performance of Solana as it has seen super-recession. The latest data shows that it has regressed 11.36% over the last 24 hours. The weekly performance of this coin shows a loss of 10.50%. The price value of SOL is currently in the $29.31 range.

SOLUSDT 2022 11 08 07 25 58
Source: TradingView

The market cap value of Solana is estimated to be $10,516,905,117. The 24-hour trading volume of this coin is about $2,508,101,180. The circulating supply of the same coin is about 361,169,871 SOL.

Final Thoughts

The global crypto market continues to suffer as there is yet no way out of losses. The recent data for Bitcoin, Ethereum, and others show the continuation of losses. As the market continues to suffer, the investors have been for sell-offs. The global market cap value has also lowered in value due to the current situation. The latest data shows that it is estimated to be $1.03 trillion. 

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Muhammad Ali

Muhammad Ali

Muhammad Ali is an expert on crypto investments. Loving to write about fintech, he joins the team to provide detailed analyses of the hottest crypto news.

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