- The global crypto market has seen no improvement over 24 hours, shedding 4.98%.
- Bitcoin continues to chart troubled waters, shedding 5.91% in 24 hours.
- Ethereum has been facing the same situation as Bitcoin as its losses continue, shedding 5.91%.
- The Sandbox and Axie Infinity are influenced by the popular trend, shedding 9.86% and 9.10%, respectively.
The global crypto market has resorted to complete bearishness compared to the previous trend. Instead of following an alternating pattern, it has seen a dominant turn towards sell-offs, which has affected its value to a great extent. The recent changes in the market are proof of it as it has back-rolled its gains. The results are pessimistic for the investors as they hadn’t expected this sudden turn of events.
The thinning market situation for many coins has led to an increase in Bitcoin. Recently, LUNA Foundation Guard had purchased a significant amount of Bitcoin for their blockchain. The recent update tells of the further purchase of Bitcoin worth $231 million. The total number of BTC they own is 5,040 as of the latest updates. The increase in acceptance of crypto has led to a UN agency’s acceptance of donations in crypto. It is the first of its kind when a UN agency has accepted donations in a stable coin worth $2.5M. The said donation would be used to help refugees in Ukraine. The unstable situation had led to popular donations of crypto for Ukrainians.
Here is a brief overview of the current market situation using the performance of Bitcoin, Ethereum, and some other significant names.
BTC facing hard times
Bitcoin has seen a decrease in positive activity since the market has begun to waver. The difficult situation has led to customers considering their investments as the situation hasn’t brought any significant profits recently. As productivity decreases, there is a complementary decrease in investments.
The recent data for Bitcoin shows that it has shed 3.98% over 24 hours. The previous performance of Bitcoin shows no good results as the market hasn’t been able to stay stable. Thus, the weekly losses are about 4.77%. The current price for Bitcoin is in the $44,966.71 range.
The market cap value for Bitcoin has also been reduced significantly as the prices came down. Its current value is estimated to be $854,562,749,410. In comparison, the 24-hour trading volume of Bitcoin remained at $37,467,739,913.
ETH experiences increasing losses
If we compare Ethereum’s performance to Bitcoin, it has been through even hard times. The recessive bouts for the market have continued, affecting most of the coins. The result has been reducing losses for them, affecting the productivity of investors.
For the last 24 hours, the data shows that Ethereum has suffered losses of 5.98%. In comparison, the previous seven days’ performance has continued to show progress downwards—the seven-day losses for Ethereum amount to 2.98%. If the bearishness continues, the latter value will see further deterioration. The current price for Ethereum is about $3,320.78.
The market cap value for Ethereum is estimated to be $399,379,258,574. Its 24-hour trading volume of it was about $23,332,410,439. If we convert this amount to the native currency of Ethereum, it is about 7,028,188 ETH.
SAND lowers further
The Sandbox has also been through losses, as evident from its performance graph. Even though its value fluctuated, the losses significantly impacted its growth. Thus, it remained to tend to a downward trajectory. The recent data also conform to it as it hasn’t yet turned bullish.
The 24-hour data shows that it has depreciated 9.86%. If we compare the seven-day performance of SAND, it shows losses amounting to 10.33%. The continuous loss has affected its price value which is currently in the $3.14 range.
The market cap value for SAND has also been through depreciation as sell-offs affected it. It is currently estimated to be $3,639,960,320. If we compare the 24-hour trading volume, it is about $695,990,057. The circulating supply of it remained at 1,157,908,752 SAND.
AXS sees no hope
Axie Infinity is no different from other coins as the popular recession trend has continued to affect the market. The recent data shows that the losses for it amount to 9.10%. In contrast, the weekly losses are relatively moderate, as it has lost 9.95% over the past seven days. The price value is in the $59.03 range, while it might decrease further because there is no surety about market bullishness.
The market cap value for Axie Infinity is estimated to be $3,570,934,638. In comparison, its trading volume of it is about $671,844,166. The circulating supply of it remained at 60,907,500 AXS.
The global crypto market hasn’t been able to recover as the investors feel intimidated by the harsh changes. The result has been a steep fall seen in the value of the global market cap, which has been reduced to $2.07T. Further decreases might continue as there is yet no change in the market expected sooner. There is a possibility that the market would see bullishness in the coming days as normality would also take time. Bitcoin has increased losses instead of decreases which is a clear indicator of the market is heading.