TL;DR Breakdown
- On its way to improvement, the global crypto market adds 2.48% in 24 hours.
- Bitcoin also shows signs of growth, adding 2.47% in the last 24 hours.
- Ethereum also turns bullish after prolonged dips, adding 0.19%.
- Solana and Avalanche are trying to make up for their losses, adding 3.53% and 3.17% in 24 hours.
The global crypto market has been through one of the worst crashes, and the result has been huge losses for all major coins, including bitcoin, for the past week. These losses would have resulted in further value reduction if the crisis had continued. Experts are attributing the continuing bearishness of the market to various reasons. The top of them includes inflation, health situation, and a ban on mining hubs in the different parts of the world.
The global crypto market is always in a state of uncertainty because of the fears of bans from governments. A recent update is from the US, where there is reportedly a preparation ongoing related to an executive order. The order is about assessing risks in the crypto market, and government agencies might soon begin working on it once the order is issued. The mentioned order might result in further steps if the President thinks it necessary.
So, there are chances that there are some regulatory steps taken from the side of the US govt. If it happens, it will have long-lasting impacts on crypto investors. Here is a brief overview of the major coins of the market like bitcoin, Ethereum, and other significant names.
BTC is trying its best for stability
Bitcoin has the lead position and market dominancy, which makes it suffer more than other coins. The recent market bearishness is proof as bitcoin led to a reduction in the bulk of the market. If bitcoin had continued to reduce in value, it would have reduced the market further.
The latest data for bitcoin shows a gain of 2.47% in the last 24 hours. If we compare that to the past seven days, it shows a loss of 7.56%, which means it is going in the right direction. The current bitcoin price is in the $36,875.97 range.
If we take a peek at the current market cap of bitcoin, it is estimated to be $698,496,140,242. The trading volume of bitcoin for the last 24 hours is estimated to be $24,678,080,882. The mentioned amount of trading volume can be converted to the native currency of 669,218 BTC.
ETH trying to breathe after prolonged dips
Ethereum is another lead coin holding the second position after bitcoin on the list. Thus, it took blows in the same amount compared to its bulk. The changes were evident in the form of weekly losses, which amounted to 18.12% as it continued through bearish times.
Now, as the market has begun to change the mood, Ethereum is also following in the footsteps of bitcoin. It has added 0.19% in the last 24 hours. Though the amount of gains is not comparable to that of bitcoin, it has changed course from bearish to bullish.
The current price for Ethereum is in the $2,391.53 range. At the same time, the current market cap for the said coin is estimated to be $285,406,227,938. If we take a peek at the trading volume of Ethereum for the last 24 hours, it is estimated to be $15,243,160,174.
SOL turns to the bullish mood after continuous bearishness
Solana has also become efficient in gains after the market has changed to bullishness. The data for the last 24 hours shows that it has gained 3.53%. The comparison to the previous seven days shows a loss of 28,27%, which is huge looking at the bulk of this coin.
The current price for Solana is about $90.48, while its ranking is 8th. The recent changes in the market have upset the position of various coins. The trading volume of Solana for the last 24 hours is estimated to be $2,385,469,692. At the same time, the current market cap of this coin is about $28,499,495,908.
AVAX is making efforts for a revival
Avalanche is one of the leading coins, currently ranking 12th on the global list. The data shows that it gained 3.17% in the last 24 hours, while the losses for the last seven days amount to 15.98%. The current price for this coin is about $64.72, while its current market cap is estimated to be $15,730,525,561.
The trading volume of Avalanche for the last 24 hours is estimated to be $746,524,750.
Final Thoughts
As the market continues to improve, there is a rise seen in the value of individual coins. The current market cap of the global crypto market has reached $1.66T after it reached new lows. The market might go further high if there are no impediments to its growth. The current scenario seems to be difficult for the market because of the multiple challenges. The market might regain its value if the situation persists like this.
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