TL;DR Breakdown
- The global market cap continues to recede as it loses 6.53% in 24 hours.
- Bitcoin suffers a huge change in its value while losing 7.32% in 24 hours.
- Ethereum is next to bitcoin in losses as it sheds 7.32% in 24 hours.
- XRP and Chainlink continue to be bearish, losing 6.16% and 8.55%, respectively.
The market continues its fluctuations as it has suffered a huge blow with a loss of 6.53%. The market is in losses due to opportunities for investors in other fields like oil and other commodities because of growing benefits. The prime example is that of oil, for which there is a rise in demand and consequently in the prices. It arose as the result of Russia-Ukraine tensions and has continued since then.
There are chances that the crypto industry and other investments will fall in the coming days. Fear of the Russian invasion of Ukraine is creating problems for the world economy. While on the other side, there is a change seen in Canada for crypto. It has sanctioned more than 34 crypto wallets because of their alleged links with truckers’ Freedom Convoy. Thus, these sanctions have also affected the total value of the market.
Here is a brief overview of the market situation and the condition of leading coins like Bitcoin, Ethereum, and others.
BTC takes a huge blow
The bitcoin price is going through an uncertain period due to the Ukraine tension. Investors fear losses if the tensions turn to war. For this reason, they have reduced their investments in futures, crypto, and other commodities. The result is a loss in the value of Bitcoin, which is unusual compared to the previous days’ trend. It has also affected bitcoin dominance which has fallen below 42%.
The 24-hour data for Bitcoin shows a loss of 7.32%, which has taken its price to the $40,810.23 range. The depreciation of more than $3K proved alarming for investors, which has affected the total market value for bitcoin. Compared to this, the weekly performance of bitcoin shows a loss of 5.13%. The current market cap for bitcoin is estimated to be $773,302,060,163.
The 24-hour trading volume for bitcoin is estimated to be $27,466,154,417.
Ethereum reverses all of a sudden
Ethereum has remained a close partner in sufferings with bitcoin. Both have shed value due to growing fears of Ukraine’s Russian invasion. The change in the market has affected Ethereum, which has lost 7.32% in 24 hours. At the same time, the losses for seven days amount to 4.60%.
The current price for Ethereum is $2,911.56. In comparison, the market cap for Ethereum is estimated to be $347,924,443,098. Analysis of the weekly graph for Ethereum shows that it had gained a significant amount a day back, and then all of a sudden, it shed it.
The 24-hour trading volume of Ethereum is estimated to be $18,550,854,068.
XRP sees no difference
XRP has continued bearish for the past few days. Though it continued fluctuating, the recent change has made it completely bearish. The 24-hour data for XRP shows a loss of 6.16%, which has taken its price to $0.7874.
If we take a peek at the seven-day data, it shows a loss of 3.86%. The current market cap of this currency is estimated to be $37,730,804,223. In contrast, the 24-hour trading volume of this coin shows a value of $3,028,802,001.
LINK shedding indifferently
Chainlink has changed course after gains. The last 24 hours proved difficult for it as it shed 8.56%. In comparison, the seven-day data shows that depreciation is about 8.19%. The current price for Chainlink is about $15.84, while its current ranking is 22nd.
The current market cap for Chainlink is about $7,396,029,754. In comparison, the 24-hour trading volume is estimated to be $750,545,885.
Final Thoughts
The market has again changed course due to the ongoing global political situation. The impacts of these changes on the crypto market are evident because of its losses. Due to the ongoing situation, the global crypto market’s value has been reduced to $1.86T. If the situation worsens, there are chances that it might recede further. The impacts on stocks, oil, futures, and other areas are evident as there is a trend of bearishness.
[the_ad_placement id=”writers”]
