The performance of the global crypto market has continued to lower as the market changed its direction. The performance of Bitcoin changed as the market wasn’t able to continue bullish. The changes suggest that the market might go further into lows. The performance of other coins hasn’t been any better as the overall market suffers. The market has remained uncertain for a long period, and it is yet to be seen how long it will continue like this.
Australia’s Gold Coast has also taken a step forward regarding crypto. Recent changes suggest that Gold Coast might be opening its doors to crypto. Gold Coast’s mayor Tom Gate has suggested that they might allow the use of crypto for tax payments in the future. Though he has expressed this desire, some detractors are worried about the possible impacts of this decision. According to the opposition to this decision, the main concern is the instability of the crypto market. It is yet to be decided if crypto gets approval from the legislative bodies for this purpose.
Here is a brief overview of the current market situation, analyzing the performance of Bitcoin, Ethereum, and some others.
BTC resumes losses streak
Bitcoin adoption has continued even though its performance has shown fluctuations. According to the latest updates available, Octagon Networks has decided to convert its balance sheet to Bitcoin. It is a cybersecurity firm, and it would be the first to do so. The continued adoption from corporate giants shows that crypto has a brilliant future.
The latest data for Bitcoin shows that it has shed 2.30% over the last 24 hours. Its weekly performance shows the same situation as it has receded 5.12%. The increasing trend for losses has impacted its price value.
The speedy bearishness has retracted Bitcoin value to $29,895.57. If we compare the market cap value for Bitcoin, it is estimated to be $569,814,982,625. The 24-hour trading volume for Bitcoin is about $34,440,835,842.
ETH speeds up the reversal
Ethereum has also been in a difficult situation due to sudden changes in the influx of funds. The pumping and profiteering have continued while the overall market has been affected. Analysts predict that Solana and Ethereum might face a bearish market which might be unexpected for many investors. Ethereum has faced severe impacts due to market fluctuations.
Ethereum has shed 4.99% over the last 24 hours as the market underwent sudden changes. The data for the last 24 hours shows that it has shed 11.36%. The latter losses are even more, which suggests the amount of losses.
The price value for Ethereum is in the $1,759.04 range. If we look at the market cap value for this coin, it is estimated to be $212,978,815,372. The 24-hour trading volume for this coin is about $19,227,472,742.
XTZ back to bearishness
Tezos has also been in losses due to the receding market. The latest data shows that it has receded by 1.80%. In comparison, the seven-day performance shows a loss of 7.04%. The increasing trend for losses has deprived it of the recent gains.
The current price value for this coin is in the $1.99 range. If we compare the market cap value, it is estimated to be $1,786,047,655. The 24-hour trading volume of the same coin is about $87,616,679.
APE facing problems
ApeCoin has suddenly changed its direction due to the increasing amount of losses. The latest data suggests that it has shed 3.71% over the last 24 hours. Due to the current bearish wave, the seven-day losses have increased to 14.34%. The price value has also decreased in tandem, about $6.09.
The market cap value for this coin is in the $1,778,933,522 range. If we look at the market cap value for this coin is about $259,617,056. The circulating supply for this coin is about 897,296,795 XTZ.
Final Thoughts
The global crypto market has remained recessive as it has suddenly changed direction. The sudden turn deprived various coins of their gains while a dominant trend for losses is dominant. The increase in losses has led to a decrease in the global market cap value, which is currently about $1.22T. If the losses continue, it will lead to a further decrease in the mentioned value.
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