The global crypto market changed its direction soon after and speeded up its gains. Analysts expected that the ongoing bullish wave for Bitcoin and other coins in the market would continue unaffected. But it couldn’t stand the pressure and has begun losing intensity. Thus, the changes have been negative in the market as the momentum of gains has begun to break. The speedy revival has brought hope to the weakening market facing serious issues regarding growth. The current changes will determine if the market will be able to continue forward.
The global crypto market has seen bouts of severe volatility in recent times. According to new studies, the market’s volatility has led to some serious health issues in the case of some users. The continuous stress created due to an unsure market has led to health issues. Many mental health experts have started offering therapy courses to help those facing such problems.
Here is a brief overview of the current market situation, analyzing the performance of Bitcoin, Ethereum, and some others.
BTC on reversal
Bitcoin mining has brought huge revenue to some countries, one of which is Kazakhstan. According to the data compiled by Cambridge Centre for Alternative Finance, Kazakhstan has been able to get 18.1% of the revenues collected through Bitcoin mining worldwide. The U.S. has the largest share, which is about 35.4%. The amount the Kazakhstan government created in revenues from mining is $1.5 million.
The latest data for Bitcoin shows that it has added 1.07%. The comparison of Bitcoin performance for the last seven days shows that its gains remained at 7.59%. After the current change, the increasing tendency of losses might affect Bitcoin metrics further.
The price value for Bitcoin has been lowered to $31,856.47. The market cap value for this coin shows that it has remained at $607,022,979,600. The 24-hour trading volume of this coin is about $33,383,351,326.
Ethereum turns bearish
Ethereum faced some serious challenges in May as the market saw a downtrend. More than 1.2 million Ethereum transactions failed in May, according to the available data. These failed transactions have caused severe harm to the amount of revenue that Ethereum could have made. Also, it has affected the customer trust, which was lowered because of this failure.
The latest data for Ethereum shows that it has shed 1.97% over the last 24 hours. The comparison of the weekly performance shows a loss of 1.36%. The increasing tendency of losses is alarming for Ethereum.
The price value for Ethereum is in the $1,947.31 range. If we compare the market cap value for ETH, it is estimated to be $235,626,447,952. The 24-hour trading volume of ETH is about $18,190,231,343.
CHZ continues to grow
Chiliz has been in gains despite the changing market mood. The latest data for this coin shows an addition of 5.50% over the last 24 hours. The weekly performance shows a gain of 9.06%. Thus, it has continued mostly unaffected by the ongoing market changes.
The price value for CHZ is in the $0.1286 range. If we compare the market cap value, it is estimated to be $771,873,610. The 24-hour trading volume of Chiliz is about $115,151,995. The same amount in its native currency is about 895,166,742 CHZ.
STX lowers gains
Stacks’ performance has also been lowered due to changing market situation. The latest data for this coin shows lowering gains of 0.23%. The weekly performance has shown a red candle as the losses amount to 1.96%. As the amount of losses rise, the price value will be affected.
The current price value of this coin is about $0.5711. The market cap of this coin is about $751,446,502. The 24-hour trading volume of the same coin remained at $14,551,227. The circulating supply of it is about 1,315,862,048 STX.
Final Thoughts
The global crypto market has changed its direction after being able to continue its gains. The recent data shows that the losses for various coins have increased. As the gaining momentum of Bitcoin and Ethereum saw a break, it affected other coins in the market. The global market cap value is currently about $1.31T and might continue to lower due to losses.
[the_ad_placement id=”writers”]
