TL;DR Breakdown
- The global crypto market continues in a difficult situation as the losses amount to 1.99% in 24 hours.
- The value of Bitcoin is getting thinner with every passing day, shedding 1.30% over the last 24 hours.
- Binance Coin is in the same situation as Bitcoin, receding 2.63%.
- The Graph and KuCoin Token are following the recessive trend of Bitcoin, shedding 4.55% and 1.51%, respectively.
The global crypto market has turned to yet another low as the weekend didn’t bring any good in gains. The result was an overall feeling of lag which affected the performance of the majority of the coins. The result was a clear indication of impeding bearishness that might follow. An evident example of it was Bitcoin which remained in a nominal range of gains and didn’t add anything significant. Now, when the market has gone through changes, the impacts of bearishness are evident for the overall majority of coins.
The increasing demand for Bitcoin is the hedge helping it fight against sell-offs. The recent addition to the list of major blockchains buying Bitcoin is LUNA, which has purchased more. According to the latest estimates, the said blockchain holds 40,000 Bitcoin. The weekend purchase was the latest addition to its value. The increasing pace of development for Web 3 is helping with the further popularity of Bitcoin as the investors trust it more than any other coin. ‘Bitcoin 2022’ has also had a decisive role in this regard most recently.
Here is a brief overview of the current market situation using the performance of Bitcoin, Binance Coin, and some others.
BTC back to recession
Bitcoin is back on the way to decline, and it is affecting funds from those who want to invest further in Bitcoin. The recent change has brought it back to the state where faster than expected erosion has shocked the investors. The recent change is the result of a fall in Shanghai stocks value. As a result, the overall market for Bitcoin was affected.
The recent data for Bitcoin shows that its pace for loss was more than that of a decrease in Shanghai Stocks, i.e., 2%, as the losses for Bitcoin are about 1.30%. Comparatively, the last seven days’ performance is not good either as the losses are about 8.37%. The price range for Bitcoin didn’t improve as the threshold level lowered, and its current price is about $42,229.26.
The market cap value for Bitcoin is estimated to be $802,714,000689. In comparison, the 24-hour trading volume of Bitcoin is about $21,058,555,748. If the losses continue, the said metrics will go to further lows.
BNB in new lows
Binance Coin has continued to bear the brunt of hard changes in the market. The result for Binance Coin is no different from other tops coins because of its impact on the value of this coin. Even though it has a stable base of investors, the changes have eroded its value to a significant level.
The recent data for Binance Coin shows that it has shed 2.63% over the last 24 hours. In comparison, the seven-day performance shows that it has shed 7.04%. The decrease in value might continue as the losses increase in value. The current price for Binance Coin is about $415.75.
If we look at the market cap value, it is about $68,630,862,805. If we compare the value of 24-hour trading volume, it is about $1,644,621,948. The same amount in its native currency is about 3,956,742 BNB.
GRT in hard waters
The Graph coin is no different in losses as the market has continued to falter. The change affected both its weekly and daily gains. The recent data for this coin shows that it shed 4.55% over the last 24 hours. In comparison, the losses for the last seven days are about 25.09%. The latter value shows the pace of losses and what it might be in the coming days.
The current price for this coin is about $0.3816. While if we look at the market cap value for it, it is estimated to be $1,801,757,563. The 24-hour trading volume of this coin remained at $148,519,966. The same amount in its native currency is about 388,720,906 GRT.
KCS is entering a difficult phase
KuCoin Token has also begun to lower value as its pace of losses has begun to increase. The change in value has been 1.51% over the last 24 hours. While if we compare the past week’s data, it has shed 5.94%. The price value for it is about $19.90.
The market cap value has also been affected by the bearishness and is estimated to be $1,596,228,632. In comparison, the 24-hour trading volume of this coin is about $8,428,878. The circulating supply of this coin remained at 80,118,638 KCS.
Final Thoughts
The last 24 hours proved to be truly affecting the value of the global crypto market as coins lowered further in value. The results are evident in the value of the global market cap, which is currently about $1.95T. As the market has seen clear impacts of the losses in Shanghai Stocks, the hopes for improvement might also be related. As the market is currently performing bearish, the recovery might take time.
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