- The global market cap continues to depreciate; the 24-hour losses are about 1.36%.
- Bitcoin continues its journey on the negative side of trajectory, depreciates 1.22%,
- Ethereum, also following a bearish pattern, loses 3.78% in 24 hours.
- Cardano adds 2.32% while Dogecoin gains 0.11%.
The market hasn’t yet changed the pattern, and it is affecting the global market cap and the individual prices of different coins. The recent dip has taken the global market cap value to $2.00T, and this has been the most significant dip since December 2021. It is yet to be seen how long this recession will continue and if the currencies will witness new lows. The continuing bearish pattern of the market says it all.
The sell-off pattern intensifies as the total market cap is nearing $2.0T, which many investors see as alarming. If the market continues to go low even after that, it would be a point of serious thought for investors, as they might reconsider their investments.
Though the current situation for bitcoin and other leading coins is bearish, Raoul Paul predicts that the crypto market’s cap will reach 100x of the current value in 2030. There is a likely possibility of it because of the growth expected for the crypto industry shortly.
Even though the situation is unfavorable for the market, it will soon turn bullish as the future belongs to crypto and other modern tech forms.
BTC pained by the furthering losses
The market has seen no hopes for revitalization recently, and the same is true about bitcoin. According to Mike Novogratz, the bearishness might continue, taking the Bitcoin price low to $38K. Though there is no surety, there is a possibility of rising prices as they can’t stay this low for long.
Also, the developments in blockchain technology are continuing, replacing the traditional technology, which will make it more essential. As a result of the current dip, the price for Bitcoin has lowered to $42,265.35, while the loss for 24 hours is estimated to be 1.22%. The loss for seven days is comparatively bigger, i.e., 12.05%.
The current market cap for bitcoin is estimated to be $799,758,326,727. At the same time, the trading volume for the last 24 hours is about $63,056,180,170. The chart for changes in the market shows a bullish trend, and there is no certainty if it will change soon.
ETH’s bloodbath hasn’t come to an end
Ethereum has suffered more than expected during the recent recession. The recent changes are worth calling a bloodbath because of the value that it has shed. The current price for Ethereum is estimated to be $3,229,95, which has come to lows from $4.2K. It was soaring higher during the bullish days and has reached new highs.
The 24-hour loss for the said token is estimated to be 3.78% which is much more if we look at its ranking and value. The seven-day losses are about 14.59% and tell a sorry tale about its dips. The current market cap for Ethereum is estimated to be $384,619,739,738.
If we take a peek at the trading volume for the previous 24 hours, it is estimated to be $23,382,547,222.
ADA strengthening in a depreciating market
It is an amazing experience for a coin to grow due to the recessive period. The dominant trend in the market is that of bearishness, but Cardano has begun to regain its momentum. Cardano has gained 2.32% in the previous 24 hours as per the latest updates.
The current price for the said token is about $1.23, while the seven-day losses amount to 9.43%. The current market cap for the mentioned coin is about $41,431,049,247. If we look at the trading volume for the last 24 hours, it is about $1,827,996,399.
DOGE gains as others show a bearish mood
Dogecoin was going through a suffering period but has begun to recover in the recent 24 hours. The growth for the previous 24 hours is about 0.11% compared to a 10.03% loss in seven days.
The current price for Dogecoin is about $0.1563 and is evidence of the support from Elon Musk. Musk has been continuously supporting, and it might strengthen further in the future if the patronage continues. The current market cap for Dogecoin is estimated to be $20,742,151,641, while the trading volume is estimated to be $793,556,126.
The market’s current situation is showing a continuous recession that has deprived it of a significant amount. If it continues, the prices for various coins might go further low, an alarming situation. Bitcoin and Ethereum are among the top losers as they have a significant value in the global market cap.
There are hopes for the revival of the market, and if it doesn’t happen soon, it will affect the investor trust. Eroding investor trust has been the reason that market has suffered losses. If it continues, the chain of losses will continue. The worsening situation will afffect bitcoin and Ethereum more than other coins.