Bitcoin, Ethereum, Cardano, Polygon MATIC Daily Price Analyses – 23 January Roundup

In this post:

TL;DR Breakdown

  • The global crypto market takes a breath of respite as it gains 1.09% in 24 hours.
  • Bitcoin, also in a bullish mood, adds 1.19% in 24 hours.
  • Ethereum also changes course after continuous losses as it gains 1.06% in 24 hours.
  • Cardano is bullish as it adds 0.67%, while Polygon loses 1.75% in 24 hours.

The market is trying to recover from the recent crash as it suffered huge losses in a few days. The market dip to $1.60T was a new low in recent times as there was no one to save it. The continuing bearishness has come as a huge blow to many investors who have lost their whole portfolio to these changes. There are chances that this new wave of bullishness will help recover the losses for those who can yet compete, but that might take time.

Though there is a market meltdown, it hasn’t affected the purchase of big initiatives. These include the purchase of Activision by Microsoft, Twitter, Meta’s integration of NFTs, etc. As these new developments continue, there are few chances that the market will completely crash. Experts believe that these changes are a part of the correction of the value of the market and won’t completely vanish.  

The new developments in decentralized technology have taken firm roots, but the traditional system adopts the new change. Both systems need each other and might continue this in the future. So, there are no chances of imminent vanishing of the crypto market.

Here is a brief overview of leading coins like bitcoin, Ethereum, etc., for the readers.

BTC is trying to reverse from the negative direction

Bitcoin is going through hard times again and needs support from outside in the form of new capital to maintain its position. The recent bearishness has left it too weak, but how long bitcoin stays like this is yet to be seen. The new changes might take it higher, but the recent crash has left it in a too frail state.

Source: TradingView

The stats for the last 24 hours shows a little improvement for bitcoin. Bitcoin has gained 1.19% in 24 hours and might add further with time. Compared to 24-hour performance, bitcoin has also suffered a loss of 17.12% in the past seven days, and it has been the worst since December. The current price of bitcoin is in the $35,601.83 range. If the recession continues, it might go further low.

The current market cap for bitcoin is estimated to be $874,234,821,365. While if we take a peek at its trading volume, its value for the last 24 hours is estimated to be $25,880,988,831.

ETH is trying to steady itself after continuous blows

Ethereum is also going through hard times, and the situation has suffered it to lose a considerable amount. If we check the losses for the past seven days, these amount to 26.13%, which is a huge amount if we look at Ethereum’s bulk. The performance for the last 24 hours is comparatively good and shows a gain of 1.06%.

Source: TradingView

The current market cap for the said coin is estimated to be $292,778,815,213. The graph for Ethereum for the past few days shows a sharp decline in value which it suffered due to the ongoing crisis in the market.

The trading volume for Ethereum during the last 24 hours is estimated to be $16,084,060,812. The current price for Ethereum has come down to $2,454.43, which had once crossed $4.3K. The trading volume of this coin has also suffered due to ongoing market changes and has been about $16,084,060,612 for the last 24 hours.

ADA turns bullish after huge losses

Cardano has also been through hard times and has begun to recover slowly. The current data for Cardano shows a gain of 0.67% in the last 24 hours. While if we look at the gains for the past seven days, the loss for this coin is about $23.39%. Many investors are blaming Cardano for its over-promotion, which made them suffer.

Source: TradingView

The current price for Cardano is $1.08, while its ranking is 6 on the list. If we look at the current market cap for this coin, it is about $36,078,492,065. Due to the recent market dips, the trading volume is in no different situation from market cap and price. It is estimated to be $2,290,324,124 for the last 24 hours.

MATIC is continuing to lose

While other coins have changed their course positively, Polygon is still lingering in losses. The data for the last 24 hours shows that Polygon lost about 1.75% in the last 24 hours. At the same time, it has also suffered a loss of 36.98% in the past seven days. The mentioned losses have made it cut its bulk to a greater extent.

Source: TradingView

The current price for Polygon is about $1.52, while the current market cap is estimated to be $11,335,151,571. If we compare the trading volume for the last 24 hours, it is about $1,377,254,465.  

Final Thoughts

The market has suffered considerable losses, and this has affected the investors. The current value of the market is $1.63T while bitcoin has also improved. Many investors’ complete investments have been wiped due to the recent crisis. The situation of uncertainty has led to a rally of customers away from the market, which worsened the situation. The market has begun to recover and might continue in this manner, but new changes will take time in effect.

The recovery for the market might be slow, which has strengthened the feeling of loss among investors. If bitcoin boosts its gains, the rest of the market will follow. 

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Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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