The global crypto market hasn’t been able to see an improvement in value. The changes show that Bitcoin and other following coins have increased the pace of losses. The change in the pattern shows that the market is going through hard times again. The recent few weeks saw the market stabilizing, but the current wave of bearishness has had a strong impact. The current situation shows that the market is shuffling its support levels.
Russia has been taking steps to ensure it fills gaps created due to sanctions. According to the latest available updates, the Bank of Russia has continued to work on the digital Ruble that will enable it to join the digital currency club. Western sanctions have put it out of pools from decentralized currencies and other benefits. On the other hand, Russian industrial giant Rostec has announced an alternative to SWIFT. It will be a decentralized blockchain-based system. Russian banks and other financial organizations haven’t been able to benefit from SWIFT since the imposition of sanctions.
Here is a brief overview of the current market situation, analyzing the performance of Bitcoin, Ethereum, and other altcoins.
BTC wavering
Bitcoin has faced some of the severest blows since March 2022, which is the reason for pessimism in the market. Despite the bearish market, there has been an increase in predictions regarding its bullishness. The latest has come from Devere Group, which has predicted a bull run for it in the Q4 of 2022.
The latest data for Bitcoin shows that it has shed 8.45% over the last 24 hours. If we compare the seven-day performance of Bitcoin, it shows a loss of 15.16%. The decrease in the value of Bitcoin has continued for a while.
The price value of Bitcoin has been the prime target of losses as it has been reduced to $25,955.14. In comparison, the market cap value for this coin is about $497,415,862,334. The 24-hour trading volume of Bitcoin is about $39,108,184,786.
ETH drops below $1.4K
Ethereum hasn’t been able to improve its value despite various attempts. This weekend saw a considerable decrease in value as it decreased to a fifteen-month low. The change was unexpected because Bitcoin has performed much better in recent days. In contrast, Ethereum has continued to lower its value.
Ethereum has continued to shed value as it has receded 10.25% over the last 24 hours. In comparison, the last seven days show a loss of 26.27%. The increase in losses tells of depreciating price value, which has dropped to alarming levels.
The current price value for ETH is in the the1,363.87 range. If we take a peek at the market cap value, it is estimated to be $165,608,029,214. The 24-hour trading volume of this coin is about $26,017,322,087.
XMR trying to stay stable
Monero has also been unable to turn bullish as it has faced depreciation. The latest data shows that it has shed 6.61% in the last 24 hours. In comparison, the weekly losses for it are about 20.59%. The changes have also affected its price value, as it is about $152.73.
If we compare the market cap value for XMR, it is about $2,769,499,710. The 24-hour trading volume of this coin is about $150,513,582. The same amount in its native currency is about 985,520 XMR.
ETC sees a speedy slip
Ethereum Classic has faced a strong bearish current due to changing market. The latest data shows that it has shed 12.77%. Comparing the weekly performance, its losses have increased to 29.41%. The changes suggest that Monero might see a considerable decrease in price value.
The current price value for ETH is in the $15.81 range. If we compare the market cap value, it is estimated to be $2,128,817,629. The 24-hour trading volume of this coin is about $339,655,743. The circulating supply of the same coin is about 135,258,640 ETC.
Final Thoughts
The global crypto market has continued to shed value as the losses have considerably increased. The decrease in the value of Bitcoin and other currencies shows that the market would suffer further. The global market cap value has also decreased, which is currently about $1.05T. It has almost halved over a couple of months, losing more than a trillion dollars.
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