The global crypto market has continued to face problems as its value has receded. The change in the pace of losses increased as the market moved towards a speedy recession. Bitcoin and other coins’ performance shows that the losses have increased, gaining pace to the negative side. Even though the market had resumed speedy gains momentarily, the impacts haven’t been that lasting. It is yet to be seen how long the bearishness will continue to affect the market.
J. P. Morgan CEO Jamie Dimon has predicted an incoming economic hurricane. The chances of growing economic problems are increasing, putting the crypto market and others in a precarious situation. Dimon has said that he doesn’t know whether it would be a large-scale hurricane or small-scale, but there is a surety of the growing problems. Though Fed has tried to solve the problem by taking measures like increasing interest rates, etc., it hasn’t worked yet.
Here is a brief overview of the current market situation, analyzing the performance of Bitcoin, Ethereum, and some other altcoins.
BTC continues to recede
According to the recent data, the previous market bullishness has increased the market dominance of Bitcoin. This time, the week started green for Bitcoin this time, helping it accumulate further from the investors. Though its market dominance has increased, its price and other metrics still show negative signs.
The latest data for Bitcoin shows that it has shed 6.38% over the last 24 hours. The past seven days show lowering gains, remaining at 0.46%. The latter value has been reduced considerably.
The price value for Bitcoin is in the $29,828.42 range. If we look at the market cap value, it is estimated to be $567,445,415,711. The 24-hour trading volume of this coin is about $41,605,237,076.
ETH lowering speedily
Ethereum merge is getting closer, and the pilot steps have started. Ropsten Testnet has executed its first pilot project. Though the merge was expected in June, various problems prevented it. The mentioned merge will offer app developers the new features resulting from the upgrade.
The latest data for Ethereum shows that it has shed 5.97% over the last 24 hours. In comparison, the data for the last seven days shows a loss of 6.20%. The decrease in value has increased amid the anticipated merge that might help enhance its value.
The price value for Ethereum is in the $1,828.03 range. If we compare the market cap value, it is estimated to be $220,764,540,791. The 24-hour trading volume of ETH is about $21,132,922,875.
DASH sees a steep reversal
Dash is in no better situation because of the ongoing recession in the market. The current changes in the market have brought losses of 10.44% over the last 24 hours. If we compare the weekly performance, the losses amount to 5.94%.
The increasing trend of losses has brought its prices to $59.09. A peek at the market cap value shows that it is estimated to be $634,641,796. The 24-hour trading volume for the same coin is about $147,197,017. The same amount in its native currency is about 2,494,477 DASH.
CELO in a bearish mood
Celo has been in a bearish mood since the market changed its direction. The latest data for this coin shows that it has receded 10.40%. In comparison, the losses for the past week are 8.82%. The downtrend has gained momentum due to the recession.
The price value is in no good state as it has been lowered to $1.31. The market cap value for CELO is estimated to be $581,196,561. Its 24-hour trading volume of it is about $67,277,951. The circulating supply for it is about 445,012,828 CELO.
Final Thoughts
The global crypto market has continued to lower its value as it has remained unfavorable. The value of Bitcoin and other major coins in the market is downtrend. The global market cap value has reached $1.23T due to these losses. The losses have continued, so the value might lower further if the bearish pull strengthens. The upcoming recession in the global markets might adversely affect crypto as the investments are directly affected by this factor as evident from the previous record.
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