TL;DR Breakdown
- The global crypto market continues in bearish times, losing 2.31% over the last 24 hours.
- Bitcoin faces difficult times as its performance shows no improvement, losing 2.73%.
- Binance Coin is facing the same dilemma; it lost 2.04% over the last 24 hours.
- Internet Computer Coin and Hedera are both in recessive mood, depreciating 1.02% and 2.54%, respectively.
The global crypto market is going through a recessive phase at a very fast speed. The change in the value of various coins, including Bitcoin, has astonished the investors. The current situation is the continuation of the hard times predicted a couple of days back as the market changed its direction soon after it was super bullish. Even though the metrics tell of a dominant wave of bullishness, there are chances that the market will return to usual business soon.
Samsung had also shown interest in the metaverse startups recently, and now it has taken a decisive step. The investment from Samsung came in the form of $25 million for DoubleMe, a South Korean startup. It had taken another initiative back in January 2022 when it went for the launch of its metaverse store named Samsung 837X. The current startup is seen as a big step from a corporate giant like Samsung, which will lead to investment from other companies of the same nature. Bahrain is setting an example for other countries globally as it is all set to grant a license to Binance for its services.
Here is a brief overview of the current market situation using the performance of Bitcoin, Binance Coin, and some other names.
BTC lingering at $39K
As Bitcoin has been going through fluctuations, some giant names have continued to purchase its dips. But Michael Saylor, the CEO of MicroStrategy, has gone in the opposite direction. Saylor was too aggressive on Bitcoin as he continued to purchase it, but he has begun to change his mind. A report from a whistleblower tells of Saylor’s continued sale of Bitcoins that he has owned previously.
The data for the last 24 hours suggests continuous sell-offs. Bitcoin has shed 2.73% over the last 24 hours as per the latest updates. If we compare the weekly performance of Bitcoin, it has shed 2.20%. The price value has decreased likely, and it is currently about $39,585.58.
The market cap value for Bitcoin is estimated to be $752,529,587,377. In comparison, the 24-hour trading volume of Bitcoin is about $26,666,401,377.
BNB staying at its threshold
Binance Coin has been the victim of unfavorable waves in the market. The ongoing bearishness has continued for a while now, depriving various coins of their gains. The situation for Binance Coin is no different as it has suffered a while.
The data for the last 24 hours shows that it has shed 2.04% over the last 24 hours. If we compare the performance for the last seven days, the losses are about 3.19%. The performance graph for Binance Coin shows that it has been through a fluctuating pattern for the last few days.
The current price value for Binance Coin is in the $402.47 range. If we compare the market cap value, it is estimated to be $65,649,928,228. In comparison, the 24-hour trading volume of this coin is about $1,887,552,980.
ICP fluctuates
Internet Computer Coin is also bearish, following the dominant market pattern. The data for the last 24 hours shows that it has shed 1.02%. Its losses for the last seven days have increased, and the value is about -0.91%. The current price value for it is in the $16.73 range.
If we take a peek at the market cap value for ICP, it is estimated to be $3,765,393,638. If we compare the activity for the last 24 hours, the trading volume shows an amount of $179,106,305. The circulating supply of this coin is about 225,151,809 ICP.
HBAR in uncertainty
Hedera is also uncertain as its graph shows fluctuations from lows to highs. The recent 24 hours show negative activity as it has shed 2.54%. The past week is no different as it has depreciated 5.88%. Likewise, the price value has reduced and is currently in the $0.1883 range.
The market cap value reduced as the losses battered it and is currently estimated to be $3,684,853,515. In comparison, its 24-hour trading volume of it is about $42,626,826. The same amount in its native currency is about 226,334,389 HBAR.
Final Thoughts
The market is going through speedy depreciation as the losses have increased for various coins. The investors were expecting Bitcoin to turn bullish, but it didn’t change its direction and remained in a recessive mood. The global market cap value has been reduced to $1.84T and might continue to lower if the losses continue. It is reaching the threshold levels, and it would be alarming for the market if it goes below that.
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