TL;DR Breakdown
- The global crypto market cap sheds 3% and falls to $1.74 Trillion.
- Bitcoin lacks further momentum after crossing $38,500.
- Ethereum hovers around the $2,700 mark.
- Ripple’s XRP loses over 6.50% to plunge to $0.73.
- Waves gain around 9% in an overall bleeding crypto market.
The cryptocurrency market has become a global hit in recent times. People from all over the world are taking interest in it. The crypto sector is also showing promising growth, as people continue to accumulate profits through trading, investing, staking, mining, and other crypto-related services. However, the digital asset industry is highly influenced by global circumstances. This has been a major factor in the stagnant performance of the market lately.
The escalating issue between Russia and Ukraine was a major reason for the crashing of global financial markets throughout this week. Along with stocks and forex, crypto also shed majorly as investors kept pulling out money from the market, causing a noticeable decrease in the global crypto market cap.
The increasing correlation between crypto and the traditional financial market was also evident, as the consequences were suffered by all forms of markets. The increasing global tension could further action against the interest of investors. However, the market bounced back towards the later part of the week. But it still looks unstable and sluggish.
Bitcoin loses around 2.60% in the last 24 hours
Bitcoin is typically advocated as the face of the crypto market. Many investors and experts analyze the performance of Bitcoin to judge the overall market. The coin also has an influence over the rest of the market, as it triggers new trends and patterns. Over the last 7 days, Bitcoin has gone through a disruptive fluctuation of prices, mainly because of Russia’s invasion and military operation towards Ukraine.
Towards the middle of the week, Bitcoin suffered from a major crash. The leading crypto token fell through major support levels to drop to around $34K. The percussions of this market crash were felt greatly by the crypto community. However, Bitcoin staged a slight comeback to regain the levels of above $38K. As the chart below shows, BTC touched $40K for a brief moment in the last 24 hours. But the coin is now at around $38,500 after shedding 2.60% on the daily chart. The market cap of the coin is over $731 billion whereas its 24-hour trading volume sits at around $17.25 billion.
Source: TradingView
Ethereum gets back to the $2,700 level
Ethereum is one of the most sought-after coins in the crypto market. It is believed to make it big in the crypto space, as its extensive use-cases and high-profit potential attract more users to the blockchain protocol. Over the last 24 hours, Ethereum shed around 3.44% to be back at $2,700. In terms of weekly price fluctuation, the coin has only decreased by 0.20% which shows that the $2,700 mark continues to be ETH’s favorite price spot.
Source: TradingView
The overall market cap of Ethereum is around the $324 billion mark. Its trading volume is at $11.19 billion. The coin is significantly below its all-time high price mark. This is a concerning factor for the Ether community as the coin is failing to clear local resistance levels by a fair margin. Eth keeps on retracing which is not good against its reputation as one of the top performers of the crypto market.
XRP loses over 6.50%, as several altcoins bleed
Ripple’s XRP stands at #66 in the list of top cryptocurrencies by market cap. The coin is advocated as a potential breakthrough in the global payment system. However, XRP is yet to reach its full potential in terms of its prices and adoption. The coin has suffered from significant losses in the last 24 hours, shedding over 6% to drop at around the $0.73 mark.
Source: TradingView
The weekly tally for XRP’s losses is at around 8%. Its market cap is at $35 billion, and its trading volume is at $2.75 billion. As a positive sign, the coin has recovered after falling into the $0.60-$0.70 range. The coin is currently at a critical point, and it will have to perform exceptionally well to rise.
On the other hand, several altcoins have suffered from similar losses in the meantime. Cardano (ADA) has now lost over 12% in the last 7 days. Solana is reversing its gaining pattern by shedding over 6% in the last day. MATIC, XLM, and LTC have lost over 5%. Metaverse and gaming coins like MANA, GALA, UNI, and SAND are also standing on the wrong side of the market. GRT and CAKE have lost a major portion of their value. Most of these coins are adding to their tally of weekly losses which shows that there is no momentum or strength in the market.
Waves gain over 9.50% to top the gaining list
As the overall crypto market is colored red, there are only a handful of coins that have managed to stay green in this time. The best performer in the top 100 cryptocurrencies is the WAVES token. It has gone against the ongoing trend to accumulate over 9.50% in the last day. Its weekly price has seen a positive impact of over 24%. WAVES is currently valued at around $11.80.
Source: TradingView
The coin topped off at over $13 in the last week. However, the coin retraced for a while but it is still well over its last week’s price. Also, it has attracted more investors with its surging price. It has helped in boosting the market cap of the coin which now stands at over $1.26 billion. The coin is also moving up the ranks of top cryptocurrencies.
In addition to this, Anchor Protocol (ANC) has gained 1.25% in the last 24 hours. However, the noticeable factor is its weekly price change that shows the coin’s exemplary performance. ANC has gained over 51.50% in the last 7 days or so. Among other gainers, ATOM has gained 1.50% to reach $28.58. It has gained over 10% in terms of weekly price gains.
Final Thoughts!
The cryptocurrency market is riding on its unpredictable nature, however, the deteriorating international issues are also of no help. Investors and traders are still finding the crypto market to be highly unstable and risky for investment. The performance of Bitcoin and Ethereum is also sluggish. Therefore, the rest of the market is also experiencing a similar momentum.
The coming few days or even weeks are crucial as they will show how things go between Russia and Ukraine. The disputes between the two countries are causing major problems and tensions at the global level. Russia’s relations with the western world are also dipping, as the US and ally European countries continue to impose new sanctions on Russia. It is yet to be seen how the crypto market reacts to these developments.
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