- The global crypto market lowers its value, shedding 1.15% in 24 hours.
- Bitcoin is also bearish, shedding 0.43% in the past 24 hours.
- Ethereum also changes direction, shedding 2.38%.
- KuCoin Token is in loss as it shed 1.42% while Quant gained 0.24%.
The global crypto market couldn’t retain the previous gains as the bearish trend dominated. The change came after the speeding addition in the value of top coins like Bitcoin, Ethereum, and other major names. The weekend didn’t prove fruitful for the market as it couldn’t get what it aimed at. The market cap value was expected to increase or retain the recent high, but it couldn’t do either.
Analysts predict that Bitcoin, Luna, Avalanche, etc., are some coins that might see a bullish trend in the coming week. The previous week proved productive for many of these, and if the following one retains the same spirit, it will be much more productive for investors. The main point for coins in the current situation is to gain momentum as they might gain value, but whether they would be able to maintain the momentum is the question.
El Salvador was one of the top countries for crypto adoption in 2021. Its process of crypto adoption has lowered since then. The start of it was too optimistic for the investors and the government because Bitcoin was going high at a faster pace. The lag in value gains has affected the investors and the government. It is yet to be seen how this policy will proceed.
Here is a brief overview of the current market situation using the performance of currencies like Bitcoin, Ethereum, and some others.
BTC in the reverse gear
Bitcoin was moving faster this week, but the gains have come to a halt, and the recent stats tell of a lag in value. Instead of new gains, there is a depreciation in its value seen. One of the significant factors that have affected its progress is its inability to cross $42K this weekend, as many investors expected it.
The data for the last 24 hours shows that Bitcoin shed 0.43% over the last 24 hours. While in comparison, its weekly performance was much better. The gains for the last seven days were about 7.13%. The latest stats show a decrease in its price, which has come down to the $41,552.42 range.
The market cap value for Bitcoin is estimated to be $788,456,398,647. While the 24-hour trading volume of Bitcoin is estimated to be $21,242,427,579. The same amount in its native currency is 511,591 BTC.
ETH lowers value
Ethereum has lowered the value of gains as its rivals saw a rise in bullishness. Ethereum is considered one of the favorites for the upcoming week because of its performance. Its position and value also make it the best choice for investors in the market after Bitcoin.
The data for the past 24 hours shows that Ethereum depreciated 2.38%. In comparison, it could clinch gains of 12.43% over the last seven days. Its weekly graph shows a slow decline in value after the sell-offs ensued. The current price for Ethereum is in the $2,878.89 range.
The market cap value for Ethereum is estimated to be $345,573,938,408. The 24-hour trading volume of Ethereum is estimated to be $12,282,101,254.
KCS drops value
KuCoin has seen a drop in value at the weekend as it couldn’t maintain the momentum. The change in value has resulted in a loss of 1.42% over the last 24 hours. The last seven days were normal for it as it bagged 1.54%. The reason for it is the fluctuating pattern for this coin.
The weekly chart for this coin shows that it remained volatile and didn’t gain much value. The current price for KuCoin Token is in the $18.22 range. While the current market cap value for this coin is estimated to be $1,459,974,371.
The trading volume of this coin is about $5,058,743. The circulating supply of it remained 80,118,638 KCS.
QNT continues bullish
Quant retained gains as it continued bullish over the last 24 hours. Its gains remained 0.24%, while the weekly performance shows gains of 2.79%. The current price for this coin is in the $118.32 range.
The current market cap value for Quant is estimated to be $1,428,482,986. In comparison, the 24-hour trading volume remained $41,132,923—the same amount in the native currency of this coin, 347,632 QNT.
The circulating supply of Quant remained at 12,072,738 QNT. The chart for this coin shows a short interval of bullishness and then a decrease in value.
The global crypto market has receded in value due to ensuing bearishness in the market. The value of the global crypto market has reduced to $1.87T over the weekend. The decrease is from $1.89T, which was the market cap value as per the recent estimates on the last day. The market might gain momentum further as experts predict bullishness for Bitcoin and some altcoins. It will also impact the other coins as Bitcoin can push the whole market.