- The recessive mood persists, the market loses 0.02% in the last 24 hours.
- Bitcoin gains 0.21%, currently trying to steady itself at the $46.85K range.
- Ethereum shows signs of growth, adding 0.48% in the last 24 hours.
- Terra LUNA is on its way to adding further gains, adding 6.33% in the last 24 hours, while Chainlink loses 2.66%.
This weekend proved relatively serene for Bitcoin and Ethereum. In contrast to previous weekends when they would shed a huge amount due to free fall. The two leading coins remained in the safe zone while Binance Coin lost 0.81% in the last 24 hours. The previous few weeks might prove a transition period for the crypto market because of the tremendous changes. These changes are not limited to a specific currency or area; rather, their influence will be seen in coming times.
CoinMarketCap refers to this period as the major change which might lead to the ‘flippening’ of leading coins like Ethereum and Bitcoin. The situation might change if Ethereum and Bitcoin introduce major changes to their blockchain system. Despite the long-term changes, there are hopes for a Santa rally in the coming days. Change in the situation means that these coins will recover due to the Christmas season. There are hopes for the resurrection of leading coins due to addition resulting from the Christmas season.
The leading coins are aware of the challenges they might face soon. For this reason, they have begun to take eco-friendly measures. One of these is Carbon-neutral bitcoin, which will help lower carbon emissions. New models are expected to be tested and launched to help tackle the new challenges.
Is BTC sure about resurgence?
Bitcoin has been the worst affected coin because of its gigantic bulk and lead position. Because of its important position and share in the global market cap, Bitcoin has suffered significant losses in the latest recession.
The coin that was expected to cross $100K in the near future went back to $46K from $59K. In the case of other minor coins, this much loss would have meant a complete crash of the coin but bitcoin was persevering.
In challenging times like these, it has faced many developments, including both losses and gains. The recent changes added 0.21% to its bulk, and the current price has reached $46,858.02. The weekly losses for Bitcoin amounted to 4.01%.
The current market cap for it is $885,872,198,839 while the trading volume during the last 24 hours was $27,118,658,157.
ETH shows green signals
Ethereum was the leading partner in losses when Bitcoin reversed its journey forward. Both of them were affected by the recessive market and showed bearishness. They have continued to show fluctuations during recent times.
As per the latest updates, Ethereum has gained 0.48% during the last 24 hours. The current price for this coin is estimated to be in the $3,943.68 range, while it has lost 1.08% in the last seven days.
The market cap for the mentioned coin has improved after the shrinkage from the recent recession and is estimated to be $468,551,791,252. If we look at the market cap for the same coin, it remained $17,198,000,940 during the last 24 hours.
The previous weeks’ journey proved bumpy as investor trust varied due to the changing market situation. The liquidation in the market was why it continued its journey in the reverse direction.
LUNA adds sixer to its bulk
Terra LUNA has performed well even during recessive times. In contrast to other coins, its chart has remained green because of the consistent investments. The gains that it made during the last 24 hours amounted to 6.33%, which took its price to $78.55.
The past seven-days gains that Terra LUNA has made amount to 30.44%. The gains in the recessive times show that it has not let the investor trust erode. For the last 24 hours, the current trading volume for Terra LUNA is estimated to be $2,492,627,020. If we look at the market cap for Terra LUNA, it has also improved and is estimated to be $29,383,480,367.
The changes in the market have proved a blessing for a few coins, and Terra LUNA is one of them. The gains that it has made show that it can move ahead in the competition if it continues to progress.
LINK going through hard times
Chainlink has gone through hard times since the latest recession. Currently ranked at the 22nd position in the list, it has lost 2.66% in the last 24 hours while shedding 4.32% in the last seven days. As a result of losses, its price has been brought to $18.92.
In the same manner, its market cap has seen a depreciation. As per the latest updates, the estimated market cap for it is $8,836,769,063. The trading volume recorded for Chainlink during the last 24 hours is estimated to be $723,719 619.
The hopes for its recovery are not over as its fluctuating journey has shown positive and negative signs. Investors expect a recovery on Chainlink’s side once the market begins to recover.
The latest changes in the market show improvement on the side of leading coins. Once they are on their way to recovery, the rest of the market will follow. The mentioned change has been witnessed several times during the previous recessive changes. Hopefully, the oncoming days will bring a positive change as the Santa rally might attract investors to giants like Bitcoin and Ethereum.
As there have been no significant losses on the side of these currencies during the weekend, there is an expectation of gains during the coming week. Once the market is on track after new investments, the investor trust will resume, and we might see improvements in the global market cap and individual coin prices.