Bitcoin, Ethereum, Stellar XLM, and Hedera Daily Price Analyses – 6 March Roundup


TL;DR Breakdown

  • The global crypto market sees another dip, sheds 4.06% in 24 hours.
  • Bitcoin is the leading coin in the dip, shedding 3.41% in 24 hours.
  • Ethereum’s losses continue, shedding 4.77% in 24 hours.
  • Stellar XLM and Hedera, too, are bearish, shedding 4.75% and 4.31%, respectively.

The market continues its dips as there are no productivity gains to raise it. The result is continuous bearishness which is worsened by the ongoing political situation. Thus, the result is continuing bearishness which is affecting the market. The business for the crypto market has been motivated by donations these days. Since the start of the Russia-Ukraine conflict, the number of donations has been significant. According to the latest estimates, there have been donations of more than $70 million since the start of the war. As the war continues, there might be new donations to support Ukrainians.

The two significant changes in the market are Ukraine’s decision to cancel Airdrop and OpenSea banning users in Iran. Though these two might affect the market worth, there might still be some achievements that the decision-makers might be seeking. The market is bearish for currencies and stocks as well, and the result is the continuous shedding of value.

Here is a brief overview of the market situation using leading market currencies like Bitcoin, Ethereum, and some other names.

BTC takes another dip

Analysts predict a new rally for Bitcoin in the upcoming days. It is going below $40K these days, but soon it might cross $50K. Top crypto analysts refer to the current phase as a significant change in the Bitcoin value as it will go through a correction phase. Once the correction phase is over, Bitcoin might soon be crossing $50K. The rallies might continue, but Bitcoin needs stability in a specific price value so that the investors remain steadfast to it.

Source: TradingView

The data for the last 24 hours shows a loss of 3.41%. If we compare it to the performance over the previous seven days, it shows a gain of 0.65%. The latter might also turn red if the trajectory for Bitcoin didn’t change. The current price for Bitcoin is in the $38,161.43 range. It currently ranks below $40K, but there are chances that its threshold level turns to $40K.

The current market cap for Bitcoin is estimated to be $724,014,753,947. In comparison, the 24-hour trading volume is estimated to be $21,491,378,824.

ETH lowers further

Ethereum has also witnessed dips like Bitcoin and has shed 4.77% in the last 24 hours. Experts predict that it might go further low in contrast to Bitcoin. It might be trying new resistance levels at the $2.5K range, which means that its price can go further low. The data for the last seven days tells the same story as it has shed 3.89%.  

Source: TradingView

The current market cap for Ethereum is estimated to be $2,537.54 range. If we take a peek at its performance for the last seven days, it shows a sharp curve resulting from the shedding of the gains that it made. The current market cap for Ethereum is about $303,993,109,165.

While the 24-hour trading volume of Ethereum is estimated to be $9,874,141,172, the same amount can be converted to 3,893,081 ETH.

XLM facing challenging times

Stellar XLM is also facing a difficult situation due to unending bearishness in the market. The result has been reduced investments, resulting in a loss of 4.75% in the last 24 hours. If we compare that to the data for the previous seven days, it shows a reduction of 4.98%. The price for this currency has also lowered due to the losses and is estimated to be $0.1713.

Source: TradingView

The current market cap for this coin is estimated to be $4,209,040,459. In comparison, the trading volume for the last 24 hours is about $214,947,261. The circulating supply of XLM is approximately 24,566,060,393. The graph of this coin shows a steep fall in its value.

HBAR losses unrestrained

Hedera has gone through fluctuations and then a straight reduction in value. Its 24-hour data shows a loss of 4.31%, while the seven-day data shows a loss of 4.34%. The current price for this coin is in the $0.2016 range. There has been a slight improvement in its value as it has seen few gains.

Source: TradingView

The current market cap for this currency is about $3,947,345,152. If we compare the 24-hour trading volume, it is estimated to be $43,996,780. The circulating supply of this coin remained 19,565,358,901 HBAR.

Final Thoughts

The market is currently going bearish, while experts predict that it might experience further dips, leading to a rally. The current global market cap has lowered further as it is about $1.71T as per the last updates. The change in the value of Bitcoin and Ethereum has affected its value. Once these two currencies are back on track, there are chances that the progress will resume. There are hopes for the best because crypto has been unpredictable, and sudden rallies have added much. 

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Muhammad Ali

Muhammad Ali is an expert on crypto investments. Loving to write about fintech, he joins the team to provide detailed analyses of the hottest crypto news.

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