- TL;DR Breakdown
- The global crypto market has changed course, adding 0.58 percent over the last 24 hours.
- Bitcoin is in the red, contrary to the general market sentiment, shedding 0.20 percent in 24 hours.
- Ethereum is also facing hard times, depreciating 0.26 percent.
- Litecoin and Cosmos gain 3.12 percent and 1.88 percent, respectively.
Even though leading coins like Bitcoin and Ethereum are in losses, the global crypto market has taken a turn for another round of gains. The market might turn bullish for other coins if the bullishness for the smaller cap altcoins continues. No imminent problems could affect the market on a greater level, and smaller fluctuations in individual coins look more likely. There are no certain indications for the market’s direction, but there are hopes for performance improvement.
Mark Zuckerberg announced that Meta would soon introduce NFTs to Instagram. The move might be significant as it has the potential to challenge the traditional crypto market. It might also affect investors and investments in other NFTs marketplaces. It is still too early to speculate how this decision could impact the NFTs market. Many crypto experts criticize Meta for its services which do not agree with the values of decentralization.
Dissenting voices are growing in India in opposition to unfair crypto taxation. A lawmaker has raised this issue in the parliament to ensure the withdrawal of these taxes. If that happens, it will revive crypto investments in India. Here is a brief overview of the current market situation using the performance of currencies like Bitcoin, Ethereum, and some other names.
BTC sheds value
Bitcoin has been going through hard times recently as its value continues to depreciate. The change in the value reflected on the crypto market as the global market cap also reduced. However, the change in recent hours led to the unusual situation where the global market grew even though Bitcoin was bearish.
The data for the last 24 hours shows that Bitcoin has shed 0.20 percent. The losses have lowered as time passed, but it needs to turn bullish to get close to the recent gainers. The weekly report shows that Bitcoin has added 11.38 percent. The current price for Bitcoin is in the $47,307.48 range.
Bitcoin’s current market cap is estimated to be $898,251,494,117. In comparison, its 24-hour trading volume is about $28,328,030,389, which amounts to 599,146 BTC.
ETH is facing hard times
Ethereum follows Bitcoin as both coins record losses. They continue to depreciate and shed their gains over the last few weeks. The market seems to be changing as losses for Ethereum have also lowered.
Ethereum’s performance for the last 24 hours shows that it has shed 0.26 percent over the last 24 hours. Comparing the performance for the last seven days shows that gains are about 13.04 percent. The current price for Ethereum is in the $3,401.08 range.
If we take a peek at the current market cap value of Ethereum, it is about $408,289,975,702. The 24-hour trading volume of this coin is about 15,919,851,028. The circulating supply of Ethereum is about 120,174,754 ETH.
LTC continues to rack up gains
Litecoin is moving in the opposite direction of Bitcoin and other leading coins. For the last 24 hours, its performance shows that the gains are about 3.13 percent. If we compare the gains for the last seven days, they amount to 9.21 percent. It seems that Litecoin will gain momentum further in the upcoming days. The current price for it is in the $132.86 range.
The market cap value for Litecoin is estimated to be $9,280,483,467. The 24-hour trading volume for this coin remained at $909,378,310, which is about 6,855,124 LTC. The circulating supply for Litecoin for the last 24 hours is 69,958,631 LTC.
ATOM facing volatility
Cosmos Atom is one of the coins sustaining the bullish run. The change for the last 24 hours amounted to 1.88 percent. The weekly performance shows that it has gained 11.18 percent. The current price value for Cosmos Atom is in the $31.05 range.
The market cap for Cosmos is estimated to be $8,895,800,760, with a 24-hour trading volume of about 943,785,321 ATOM. The graph shows lower value, mostly due to recent sell-offs. The circulating supply of this coin remained 286,370,297 ATOM over the last 24 hours.
The global crypto market has gained value as some coins have increased their gains. Though Bitcoin, Ethereum, and other top coins continue to be bearish, their impact is not felt throughout the market. The market cap value has also improved due to gains for some coins. The current value for the global market cap is about $2.15T as per the latest updates. The market has a strong chance of increasing further as the gain influx continues.