The global crypto market hasn’t performed well over the last 24 hours, as the indicators suggest a crash. Most of the coins, including Bitcoin, have entered a red zone as their value has depreciated to dangerous levels. Thus, it can be translated as an emergency for the market because of the imminent threats. The market hasn’t seen this level of degradation over the past year as it has continued to bearish since October 2021. The current losses seem to take it too low as there is little chance to help it.
Even though the crypto market is facing a downturn, there has been an increase in digital assets purchases. Institutional adoption of Bitcoin and other currencies has grown with time. The latest on the list is the investment of Citi, Wells Fargo, and BNY Mellon in Talos, a crypto firm. The acceleration of the purchase of crypto assets has been an attempt to purchase the dips. Various companies are weighing their options to get benefits from the dips that have emaciated the market. Also, the investors tend to go for sell-offs because of the decreasing value of their assets.
Here is a brief overview of the current market situation, analyzing the performance of Bitcoin, Ethereum, and some others.
BTC depreciates to $29K
As Bitcoin has continued to depreciate, the investors have preferred to go for pull-outs. But the situation, on the other side, has seen improvements as there has been an increase seen in the pace of institutional adoption of Bitcoin. The Shanghai High Court has declared it a virtual asset with economic value, thus providing it protection using Chinese law.
The latest data for Bitcoin shows that it has shed 3.89%. The losses for Bitcoin have grown with time as the losses have seen no stopping. The comparative performance over the last seven days is no go as it has seen an increase in depreciation. The weekly losses show that Bitcoin has shed 25.34%.
The current price value for Bitcoin is in the $29,610.99 range. If we compare the market cap value for Bitcoin, it is estimated to be $561,417,924,944. While its 24-hour trading volume of it is about $73,225,522,680.
Ethereum has also been in rags due to the ongoing market crisis. Analysts believe that the market is nearing a crash if the losses see no change. The speeding losses have led the market to a difficult situation as further losses have increased, cautioning the investors. Ethereum and Bitcoin are on the frontline in this war, suffering the hardest blows.
The latest data for Ethereum shows that it has shed 8.73%. In comparison, the weekly performance of Ethereum exhibits a loss of 27.50%. The increasing pace of losses has led to investors fleeing the market as no one wants to buy the consistent losses.
The current price value for Ethereum is in the $2,134.40 range. If we compare the market cap value, the losses for Ethereum have strengthened, affecting the said value, as it is estimated to be $255,785,245,053. In comparison, the 24-hour trading volume has also declined as it is about $47,169,476,208.
SHIB in lows
Shiba Inu has been in no good state as its value has almost halved due to losses. The latest data shows that it has depreciated 22.16% in a single day. The value of losses is amongst the highest daily losses bringing Shiba Inu to a staleness. The weekly losses for Shiba Inu have increased to 42.64%, another high in the market.
The price value has almost decreased to half as it is currently about $0.00001245. In comparison, the market cap value for SHIB is estimated to be $6,783,228,097. The 24-hour trading volume for Shiba Inu is about $1,673,670,314 as per the latest updates.
MATIC nearing crash
Polygon has also been pitiful due to losses while it is closing crash. The available stats show that MATIC has shed 20.52% over a single day. While if we compare the weekly losses, they have crossed 40%. With these heavy losses, the price value has automatically gone low and is currently about $0.6931.
If we look at the market cap value for Polygon, the losses have emaciated it as it is about $5,388,133,428. In comparison, its 24-hour trading volume of it is about $1,882,876,367. The circulating supply for this coin remained at 7,848,886,567 MATIC.
The global crypto market is in a free-fall state as its losses have increased. The changes in value suggest that it might have to undergo further losses as there is little improvement. The global market cap value has also seen a steep depreciation as its value is about $1.28T and might go further low. If the value of Bitcoin strengthens, the rest of the market will follow, but it would need a strong bullish push.