TL;DR Breakdown
- The global crypto market impeded by new changes lost 2.22% in the last 24 hours.
- Bitcoin also reverses its progress, loses 2.41% in the last 24 hours.
- Ethereum’s fate is no different from bitcoin; it loses 2.35% in 24 hours.
- Shiba Inu and Algorand also turn bullish, losing 6.88% and 5.14%, respectively.
The progress for the market was expected to last long, but suddenly the investors have changed their minds and begun to pull out their capital. This move has affected the market mood, and the result is a 2.22% loss in the global market cap. After the mentioned loss, the global market cap volume is about $2.03T which has reduced from $2.08T. There was a dire need for stability in the market because bearishness had continued for a long period.
Now investors are looking forward to a positive change in the market because they can’t afford more losses. The good news is from Thailand, where many companies have decided to spend millions of dollars and begin bitcoin mining. Once they begin the process, they will help promote bitcoin because bitcoin suffered a lot after shutting down mining hubs in China and Kazakhstan.
US Congress has announced that they will hold a hearing about the energy spending on crypto and its related processes. This session seems to be a decisive step in reducing the energy spending on crypto and making it an eco-friendly industry.
Here is a brief performance overview of the leading coins in the market.
BTC creeps back
Bitcoin had continued unimpeded progress, and the past three days had proved fruitful for it in gains. The situation has turned against it, and the new changes tell a different story. The change made bitcoin shed 2.41% in the last 24 hours, which was more than the gains that it had made the previous day.
The change in the market’s mood has also affected its seven-day progress, and it has turned -0.62%. The current bitcoin price is in the $42,646.80 range, while the market cap is estimated to be $806,353,758,521.
The trading volume for bitcoin during the last 24 hours is estimated to be $45,376,061,564. The same amount in the native token is 1,065,068 BTC.
ETH faces another blow
Ethereum has also turned its progress following bitcoin, and the result is a 2.35% loss in the last 24 hours. The progress for Ethereum didn’t continue for long, though there is the possibility of a revival in the coming days.
The current price for Ethereum is about $3,267.84, while the losses for the last seven days amount to 3.39%. Though Ethereum had soared higher, now the impacts of bearishness are evident from its market cap, which has come to $388,976,933,034.
If we take a peek at the trading volume for the last 24 hours, it is estimated to be $15,327,966,455.
SHIB reverses the progress speed
Shiba Inu has also reversed its progress after changing the market’s mood. The data for the last 24 hours tells a different story. The loss during the mentioned period is about 6.88%, while this change has taken the weekly loss to 2.38%.
The price for Shiba Inu has also been affected, and it is in the $0.00002982 range. The current ranking of the said coin is 14th, while the market cap is estimated to be $16,373,936,752.
The trading volume for Shiba Inu has also been affected and is estimated to be $1,420,235,597. The pro that Shiba Inu has got is the backing from Elon Musk, who can help it recover after some new announcement.
ALGO is also facing hard times
The situation of Algorand is no different from the coins mentioned above. The change in the market mood has taken its 24-hour losses to 5.14%, while the seven-day losses amount to 8.90%.
The current market cap for this coin is about $8,884,406,288. If we compare the trading volume, it is estimated to be $547,780,026 for the last 24 hours.
Final Thoughts
The market’s bearish turn is in no one’s favor, and it can bring enormous losses if it continues for long. The results of the previous dips are evident in the form of lowered token prices and the global market cap. If this situation continues, there are chances that bitcoin and other coins will face a threatening situation. Though the hopes for a revival of the market can’t be overlooked, currently, there is a need for speedy positive change.
If the market changes its mood to bullish, the leading coins and altcoins will progress, recovering their losses.
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