TL;DR Breakdown
- The global crypto market is in a bearish mood, lost 5.17% in the last 24 hours.
- Bitcoin is about to cross the red line, losing 5.02% in the last 24 hours.
- Binance Coin is also going through hard times, losing 8.03% in the last 24 hours.
- Terra LUNA and Avalanche are also bearish, losing 4.58% and 7.57%, respectively.
The market is witnessing a major upset, resulting in a huge reduction in the value of the global market cap. The result is losses for major and minor coins, which have reduced their bulk. This year, the mentioned change is the first of this magnitude as the changes previously weren’t of the current value or near it. So, the losses are higher in comparison to previous ones.
As we can see from the impact on bitcoin, the changes have deprived it of a significant amount. If this situation continues, it can lead to further losses, which will be unfortunate for bitcoin and other altcoins. Experts refer to this situation as the rise and then sinking of bitcoin and other coins. Though bitcoin and other coins might have the plans to come out of this situation currently, none is working, which is quite unfortunate.
There are reports that Meta has been working on incorporating NFTs on its Facebook and Instagram social sites. Once these social media platforms can integrate NFTs, there are chances that traffic from decentralized crypto markets is attracted. So, this situation might prove a new challenge to the already weakening market.
Here is a brief overview of the market situation and the prices of bitcoin and other leading coins.
BTC nearing the red line
Bitcoin is the most resilient coin in the market as it was the one that laid the foundation of the market. It has a significant role in the market as its market dominancy is more than other coins. The current situation has affected bitcoin badly as it has lost 5.02% in the last 24 hours.
The situation for the past seven days is no different, and bitcoin seems to break its previous records. If we take a peek at the weekly loss, it has lost 6.65% in the past seven days. The result of these changes is evident from changes in the market prices of bitcoin, which has come down to $39,897.91.
The current market cap for bitcoin is estimated to be $755,475,455,495. At the same time, the trading volume for the last 24 hours is estimated to be $23,954,189,899. The change resulted from a steep fall, and bitcoin might take much time to recover.
BNB had a bloodbath
Binance Coin has also been amongst the top sufferers in the market like bitcoin. The change in the market situation has led it to lose 8.03% in 24 hours. The change for the last seven days is about 10.32% which is a huge amount if we compare it to the bulk and market cap for Binance Coin.
The price for Binance Coin is $430.89%, while the current market cap is estimated to be $71,134,902,752. The situation change has also affected the trading volume of the said coin, and it has come down to $2,112,336,052.
LUNA is trying to save itself from humiliation
Terra LUNA is also on the list of suffering coins, and it has depreciated 4.58% in the last 24 hours. The bearish situation is likely to continue, and if it happens, the price might also be affected for this coin. The change for the past seven days is estimated to be 2.34%.
The current market cap for this coin is estimated to be $27,709,133,111. The current price for Terra LUNA is in the $77.75 range, while the trading volume is estimated to be $1,288,584,198.
Avalanche depreciates, knowing no halt
The market has been harsh to all coins, and Avalanche is also in a bearish mood. The latest change in the market has deprived it of 7.57% in 24 hours. For the last seven days, the data shows a change of 14.48%, which has lowered its market cap and prices.
If we take a peek at the market cap for Avalanche, it is estimated to be $18,822,282,762. The current price for this coin is in the $77.03 range, while the trading volume is about $551,205,067.
Final Thoughts
The market has turned bearish again, and the coins have suffered much more this time. As a result of the new changes, the global crypto market has lost 5.17%, which has reduced the value of the market to $1.88T. The reasons for the change of the market’s mood are the same as there is no evident upset in the market, but the impacts are too harmful to coins.
There are hopes that the market will reverse these losses, and if it doesn’t happen, there are fears of the market facing a more difficult situation.
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