TL;DR Breakdown
- The global market cap experiences another dip loses 0.36% in 24 hours.
- Bitcoin continues to lose as the momentum breaks again, losing 0.41%.
- Binance coin going in the positive direction gains 0.09% in 24 hours.
- Cardano and Chainlink follow the market’s bearish trend, losing 0.58% and 0.79%, respectively.
The market seems to continue in a bearish mood as no improvement is seen. The evident fact is the further loss in the global market capitalization, which has come down to $1.95T. However, there were hopes 24 hours back about the market’s revival as it continued to grow. But again, the sudden fluctuations have taken it further down.
The question is yet to be seen if January 2022 proves profitable for the crypto market. The days have been difficult for the market as it has continued in a bearish mood. But twenty more days are left for this month which might help revive the market. Even though the dominant trend is that of bearishness, some coins are showing positive development, which is why the market is afloat.
Experts believe that the upcoming inflation data will further impact the market. If the situation is not favorable, then the value of bitcoin and other leading coins might recede. If the case is the opposite, the market in general and bitcoin in particular might see a revival. Here is a brief performance overview of some of the significant coins in the market.
BTC recedes further, killing hopes
Bitcoin has continued to lose as the market situation has been unfavorable. The reasons for its misery are growing further, and the leading amongst them is the Omicron variant. Instead of decreasing cases, there is a rise in the number of newly affected seen. As long as these cases continue to rise, there are little chances that the market will recover, and the same holds about bitcoin.
The current bitcoin price is about $41,678 after depreciation of 0.41% in 24 hours. The loss for the previous seven days is estimated to be 11.65% which is a huge amount if we look at the bulk of bitcoin. The problem is that the losses continue and haven’t seen a halt yet.
The current market cap for bitcoin is estimated to be $788,757,728,107 while the trading volume is about $21,404,464,185.
BNB reviving; recovers its losses
Binance coin has been relatively fortunate to have gotten out of the limbo of losses. If we look at the performance of seven days for this coin, it shed 18.02%. In comparison, the previous 24 hours have been fortunate when it gained 0.09%, taking its price to $434.73. The major blow to the Binance coin’s value was the Canadian government’s refutation of its claim about an exchange in Canada.
The current market cap for Binance coin is estimated to be $72,513,563,650. While in comparison, the trading volume for 24 hours is estimated to be $3,405,691,497.
ADA’s bloodbath continues
Cardano hasn’t yet recovered, and its losses for the previous seven days are estimated to be 15.06%. In comparison, the losses in the previous 24 hours are estimated to be 0.58%. The current price for Cardano has also gone through a recession and is estimated to be $1.16.
The current trading volume for Cardano has suffered and is about 872,923,712 ADA. Cardano’s graph is not good either and shows a continuous bearish performance. The market cap for Cardano is about $38,928,156,098. Though there are chances for improvement currently, Cardano needs to recover its losses that have affected its market value.
LINK not on track yet
Chainlink is one of the most revolutionary blockchain systems, which was why its token made significant progress. The ongoing recession hasn’t affected it that much, and it gained 19.75% in the last seven days. The current situation shows that it lost 0.79% in 24 hours.
The current market cap for Chainlink is about $12,558,879,970. In contrast the trading volume for Chainlink is about $3,028,246,596.
Final Thoughts
The market continues to linger in the lows as there are no improvements in the scene. Though there are chances that it might improve after a surge in investment, US inflation reports might affect it further. The market continues to lose because it is going down below the value of $2.0T, which was considered a disaster by many analysts. However, the recovery will take place. The market’s losses are much more and will take time to revive.
As of the current situation, the losses are continuing, but their value is low compared to the previous time. There are hopes that the market will soon be back on track.
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