TL;DR Breakdown
- The global market is again recessive, losing 1.37% in 24 hours.
- Bitcoin has also turned bearish, losing 0.75% in the last 24 hours.
- Ethereum’s situation is no different, as it has lost 1.01% in the last 24 hours.
- Cardano and Polkadot are both on the negative side of the trajectory, losing 10.75% and 2.99% in the last 24 hours.
Though the market situation is not going in a positive direction, it is quite stable compared to the previous bear market. The relative stability of bitcoin and the other two major coins is why it has not begun to follow a free-fall pattern. The current global market cap might be a warning of what might be coming ahead if the pattern didn’t change. Even though it is approaching a red line, there are chances that the market might recover soon.
The current situation might also result from the continuation of the price correction phase as bitcoin hasn’t been able to get out of the $43K range. If it overcomes this barrier, there are chances that the situation will become stable for bitcoin and the whole market. So, the rise of the market depends mainly on bitcoin and other leading coins whose performance will determine the market’s success.
Though the bitcoin prices are in a stable range yet, the number of bitcoin tokens in profit has decreased. If the situation continues, then bitcoin might suffer price changes as well.
Here is a brief overview of the analyses of the leading cryptocurrencies in the market.
BTC is trying hard to prevent losses
Bitcoin has been relatively stable compared to other coins like Cardano, whose losses have made them suffer a huge amount. The data for the last 24 hours shows that bitcoin lost 0.75% in the last 24 hours. The losses for the past seven days are no less and amount to 3.69%.
The current bitcoin price is in the $42,016.62 range, while the current situation shows a continuous bearish situation. If the change in bitcoin prices worsens, the market will also get affected because of the bulk that bitcoin has and the resultant market domination.
The current market cap for bitcoin is estimated to be $795 billion, while the trading volume sits at around $23.6 billion.
ETH might be losing control over depreciation
Ethereum is getting more hits than bitcoin as its losses have been about 1.01% for the last 24 hours. The data for Ethereum shows that it depreciated about 6.43% in the past seven days, and currently, there is no positive development in the situation.
The current price for Ethereum is about $3,126.11, while the graph shows that its performance has slowed down gradually, thus reaching this value. The current market cap for Ethereum is estimated to be $372 billion.
The trading volume has also suffered as the changes in the market have continued. At the time of writing, the trading volume was $13 billion in the 24-hour timeframe.
ADA dips as the losses rise
The rise in the losses for different coins has continued, resulting from a change in the global market situation. Cardano is no different and has lost about 10.75% in the last 24 hours, a huge amount compared to other coins.
The graph shows that the loss is still not that huge for Cardano as its gains during the recent days were more. The data for the last seven days shows a gain of 1.53%. According to the latest data, the current price for Cardano is $1.35, while the market cap is estimated to be $45 billion. The trading volume for the last 24 hours shows a value of $3.1 billion.
DOT might be next in facing increasing dips
The amount of dips for Polkadot is small, but they might increase if the bearish situation continues. The data for the last 24 hours shows that it lost 2.99% in the last 24 hours. If we compare this to the data for the past seven days, the losses amount to 9.51%.
The current market cap for Polkadot is estimated to be $24 billion. The trading volume for the last 24 hours is estimated to be $1.1 billion.
Final Thoughts
The market is going in a bearish mood, despite the positive changes after the injection of new capital into the market. The reason for the lagging of the market is bitcoin which has not improved much in recent days, and as a result, any positive change in the global market cap is almost non-existent. Thus, if bitcoin revives and adds gains to its value, there are chances that the market will get a positive boost.
The small coins in the market follow the footsteps of leading coins, so a slight change will help revive the losing market.
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