There has been little change in the performance of the global crypto market. The changes in the value of Bitcoin and other coins show that the market bearishness has continued unaffected. The changes mean that the global market cap value might lower further. It is yet to be seen what will be the next turn for the market. The reason for it is the unexpected changes that the market saw recently.
India has continued to face scamming problems as another scandal has been revealed. According to authorities, a fraud company named Gain Bitcoin swindled the users of more than $12 billion. The mentioned company has been charged with running the largest scam in the country, affecting many customers.
It ran an illegal operation that lured the users into gaining Bitcoin while keeping them in the dark. Though the operations of this company have been shut down in March 2022, its victims are looking forward to swift justice.
Here is a brief overview of the current market situation, analyzing the performance of Bitcoin, Ethereum, and other altcoins.
BTC continues bearish
Predictions have continued for Bitcoin amid the bearish market. Some find it useful for Bitcoin to go through a bearish situation, while others consider it a waste of capital. According to Mike McGlone, $20K is the new $5000 for Bitcoin. Though Bitcoin has seen new lows this year, the majority of the analysts are of the view that it will recover value soon.
The latest data for Bitcoin shows that it has shed 1.09% over the last 24 hours. In comparison, the losses for the last week are about 30.00%. The losses for Ethereum have increased as the market hasn’t seen improvement.
The price value for Bitcoin has declined as it is in the $20,457.60 range. In comparison, the market cap value for Bitcoin is about $389,465,885,936. The 24-hour trading volume of Bitcoin is estimated to be $26,412,118,697.
ETH still suffering
Ethereum has faced problems due to price decline, but the market depreciation has also brought it some benefits. According to available information, Ethereum-dominated open interest has increased. The change is seen as the direct result of the price depreciation.
The latest data for Ethereum shows that it has shed 1.38% over the last 24 hours. In comparison, the losses for this coin are about 35.67% for the last seven days. The changes suggest that its value might see further decline.
The current price value for this coin is in the $1,078.96 range. In comparison, the market cap value for ETH is estimated to be $130,607,696,117. The 24-hour trading volume of Ethereum is about $13,682,450,188.
VET trying to stabilize the value
VeChain is also facing problems though it has made attempts to stabilize value. The latest data shows it has shed 1.36% over the last day. In comparison, the past week proved hard for it as it shed 22.84%. The price value for VET is in the $0.02298 range.
If we look at the market cap value for VET, it is estimated to be $1,660,234,773. The 24-hour trading volume of this coin is about $99,237,672. The same amount in its native currency is about 4,334,228,804 VET.
HNT speeds up its gains
Helium has performed better in comparison to other coins in the market. Its bullish market has increased 6.34% over the last 24 hours. The gains for the last seven days are about 0.02%. The changes in performance have improved its price value which is about $11.38.
The market cap value for HNT is estimated to be $1,365,658,277. The 24-hour trading volume of this coin is about $31,665,239. The circulating supply for this coin is about 120,002,228 HNT.
Final Thoughts
The global crypto market has seen no big change in value. The negative trend for most coins continues as Bitcoin and others still struggle to improve. The changes suggest that the market might have to go even lower. The global market cap value has also suffered as it is currently estimated to be $886.00B. The decrease in this value shows the overall emaciating market.
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