The global crypto market is again facing a downtrend due to increased losses. The changes have resulted in decreasing gains for Bitcoin, Ethereum, and other coins in the market. The impacts of recession have begun to surface as various coins have turned bearish. The ongoing situation tells of a coming bearishness for Bitcoin and other coins in the market. It is yet to be seen whether it can take a positive turn in the meantime.
The repercussions of the instability in the market have continued. The latest in the series is the happenings with Bancor. It is a decentralized AMM and exchange. According to the available updates, Bancor has paused its impermanent loss protection feature and others. The pause is temporary and is said to protect its users and protocols from harm.
Likely changes have occurred across various exchanges, which saw a downtrend in value due to a bearish market. If the current bearish trend persists, there are chances that the market might see a staggering decrease in value. It would have to stay consolidated at its support levels.
Here is a brief overview of the current market situation, analyzing the performance of Bitcoin, Ethereum, and other altcoins.
BTC lowers its gains
Investors have continued to compare gold and Bitcoin for their benefits. These comparisons have come amid the bearish market, which proved cumbersome for investors. Bitcoin critics continue to say that gold is a safe investment, and this debate will likely continue. Bitcoin has remained resilient and might prove it again.
The latest data for Bitcoin shows that it has lowered its gains to 0.06%. In comparison, the weekly performance of Bitcoin shows a decrease of 6.09%. If the current situation continues, the price value of Bitcoin will be back in limbo.
The current price value for Bitcoin is in the $20,651.87 range, which has seen a downtrend. The market cap value for Bitcoin is also decreasing, estimated to be $393,906,668,352. The 24-hour trading volume of Bitcoin is about $28,989,879,479.
ETH turns bearish
Ethereum has continued to face problems while market analysts suggest it might cross $2K if a 73.7% ascent occurs. Ethereum saw its highs back in November 2021 and has lowered value afterwards. Though the mentioned estimates show its possible rise, it is less likely to happen because of the lowered investor trust and other issues.
Ethereum has faced a decrease in value as it has turned bearish. The latest data shows that it has shed 0.83% over the last 24 hours. In comparison, the seven-day data shows that the losses for Ethereum have risen to 6.81%. The increase in losses is increasing, which has affected its value metrics.
The current price value for Ethereum has been lowered to the $1,121.64 range. The market cap value for this coin is estimated to be $136,009,511,580. The 24-hour trading volume of ETH is about $15,286,622,850.
FTM still bullish
Fantom has remained bullish as other coins in the market saw a decline in value. The data for the last 24 hours shows that it has added 5.68%. While the gains of this coin for the last seven days are about 15.56%. The change in the influx of capital has strengthened its value as its price is currently about $0.2687.
The market cap value for FTM is estimated to be $683,943,243. The 24-hour trading volume for this coin is about $220,499,330. If converted to its native currency, the same amount is about 820,495,243 FTM.
NEO showing downtrend
Neo has also faced problems keeping its value intact as losses have continued. The 24-hour data for this coin shows that it has shed 0.11%. In comparison, the weekly performance of this coin saw a loss of 5.58%. The change has resulted in lowering its price value to $9.23.
If we look at the market cap value for this coin, it is estimated to be $650,399,050. The 24-hour trading volume of this coin is about $62,295,250. The circulating supply for the same coin is 70,538,831 NEO.
Final Thoughts
The global crypto market has seen a decrease in value as the changes occurred. These losses have resulted in an increase in sell-offs for Bitcoin and other coins. The investor trust might also be affected if the losses continue. The global market cap value has been reduced to $911.43 billion after the changes.
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