TL;DR Breakdown
- Positive progress for the global crypto market is seen, as the losses reduce to 0.53%.
- Bitcoin gained 0.48% in 24 hours, performing better than previous days.
- Ethereum’s losses continue losses 1.37% in 24 hours.
- Algorand and Internet Computer both going in a positive direction, add 2.74% and 1.70% in 24 hours.
The market has begun to recover after the losses continued for a long period. The previous 24 hours proved to be relatively helpful as its losses were reduced to 0.53% while the total market cap reached $1,98T. Compared to the previous day, the performance is relatively improved, as the total market cap was about $1.97T.
TradingView has predicted a bear storm in the coming days, as they have based it on the transactions made by Justin Sun. Sun has transferred $166M Stablecoins between his wallets, and they have inferred that it was mainly due to the fears of the upcoming hard days for the market. The progress for NFTs has been comparatively good, and they have recorded a great addition to the previous volume with the start of the new year.
As the market is going through a recessive period, some investors benefit from it. An example is Canada’s Bitfarms who bought bitcoins worth $43 million, adding to their worth. Even though bitcoin has been going through hard times, this proved big support. Also, it will bring the investors great profits.
Here is a brief overview of some coins from the crypto market.
BTC regains momentum after a momentary dip
The previous 24 hours proved hard for bitcoin as it went through difficult times, closing to $40K which happened for the first time in the last 3 months. But the dip was short-lasting, and then bitcoin regained momentum. Experts referred to this dip as a worsening pullback that might continue in the coming days. Though there is not something to be said for sure, the continuing pattern shows that bitcoin might take time to stay bullish.
The current market cap for bitcoin is estimated to be $798,204,849,795. At the same time, the trading volume for the same coin during the previous 24 hours is about 32,943,964,515. If we compare the 24 and seven-day performance, then bitcoin has performed relatively better in the last 24 hours, gaining 0.48% compared to 8.60%. The current bitcoin price is about $42,175.99.
ETH continues bloodbath
Ethereum has been affected adversely by the ongoing recession in the market and no day passes when it doesn’t lose from its bulk. The last 24 hours were the same for it, and it shed 1.37%, compared to 16.49% in the past seven days. The situation might continue because, in normal cases, recovery is gradual.
The current market cap for Ethereum is estimated to be $371,161,314,599. The trading volume during the last 24 hours remained $19,838,482,286. Though Ethereum has been going through continuous dips, the relative stability is due to the investment in NFTs from investors. The current price for Ethereum is about $3,111.11 and might go further low if the dips continue.
ALGO flexing to add further to its value
Algorand has been going in a positive direction, and the performance for the last 24 hours is better than seven days. The 24-hour performance shows that it gained 2.74%, while the seven-day loss shows that the bearishness cost 21.10%.
The current market cap for this coin is about $9,232,979,616. The current price for Algorand is about $1.43. The price might add value if the performance remains on the positive side of the trajectory.
The trading volume for the said coin during the last 24 hours is estimated to be $426,649,083.
ICP continues undisturbed
Internet Computer coin has been through relatively good times compared to other coins. The performance for the last seven days and 24 hours is evidence of it. ICP has gained 1.70% in the last 24 hours, while the gains during seven days are estimated to be 29.38%.
The current price for the Internet Computer coin is in the $36.53 range. If we look at the current market cap for Internet Computer tokens, it is estimated to be $7,150,148,723. In contrast, the trading volume for the same coin is estimated to be $1,095,596,917.
Final Thoughts
The market has continued to be in a recessive mood, but the last 24 hours were relatively good for it because of its gains. The losses for the market have been continuous, and as a result, some coins like bitcoin went through an alarming phase. The bitcoin drop to $40K was thought to be a threshold point, crossing which might have been a significant drop.
Fortunately, bitcoin made a recovery, and soon it made some significant gains, taking it to a safe range. If the situation continues and other coins recover, the overall stats will improve. It is hoped that the long-awaited recovery will soon happen.
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