The global crypto market has been able to stay bullish though the current strength is not as it was at the start. The change has brought Bitcoin gains to lows compared to the peek points. The optimistic point is the retained bullishness for the following coins, which suggests that the market might be able to stay bullish in the upcoming hours. If it happens, the market would be able to continue its journey of revival, helping it heal the losses. If its pace slackens and turns bearish, the impacts would be far-reaching, affecting the investors.
The Terra UST fiasco has shaken the global crypto market. The collapse of a stablecoin was the event that shocked most investors and market experts. There was little imagination of how can a stablecoin collapse. The collapse has had multifarious impacts on the blockchain system as its value saw a fall and affected the apps working on it. The most significant event resulting from this happening was the disappearance of over $35 billion from the peg of stablecoins. The estimated value of stablecoins was about $200 billion, reduced to $163.7 billion.
Here is a brief overview of the current market situation using the performance of Bitcoin, Ethereum, and some others.
BTC sluggish
The performance of Bitcoin has also begun to enter a difficult phase after making gains. The value of its gains slackened with time. As a result, its gains have been reduced to a nominal value. Some experts predict that Bitcoin can even plummet to $17K, a new low for it.
The latest data for Bitcoin shows that it has reduced its gains to 0.68% over the last 24 hours. New gains reduced the weekly losses, but they have begun to gain strength. The latest data shows that they have reached 17.61%. The weekly losses for Bitcoin might rise if gains continue to lower.
If we look at the price value of Bitcoin, it is about $29,653.76. If we compare the market cap value for Bitcoin, it is estimated to be $565,078,141,326. The 24-hour trading volume of Bitcoin is about $42,213,724,266.
ETH is trying to stay bullish
Ethereum has also been striving to maintain its momentum. The gains for Ethereum have remained stable in comparison to Bitcoin. Ethereum’s co-founder Vitalik Buterin has donated USDC $4 million to the University of NSW for blockchain-related projects. It will be a smart-contract-enabled network.
The performance of Ethereum remained stable compared to other days as its gains remained at 2.18%. If we compare the weekly losses, their value has been lowered to 23.30%. The decrease in the value of losses suggests successful improvement with time.
The current price value for Ethereum is about $2,059.16. If we compare the market cap value for Ethereum, it is estimated to be $248,585,672,942. In comparison, its 24-hour trading volume of it is about $24,285,621,202.
UNI retaining pace
Uniswap has also continued to add value as the amount of its gains is in a stable range. If we look at its gains for the last 24 hours, it has added 7.75%. In comparison, its losses over the last seven days are about 29.90%. The decrease in the value of losses suggests continuing improvement.
If we look at the price value for Uniswap, it has been added as it is about $5.28. In comparison, the market cap value for UNI has risen to $3,666,355,643. In comparison, the 24-hour trading volume UNI is $234,085,488. If converted to the native currency of Uniswapthe same amount is 44,107,789 UNI.
ETC optimistic
Ethereum Classic has also shown improvement with time as it remained bullish. The latest data for this coin shows that it has added 8.39%. Its performance has improved as the negative rise has declined, bringing the weekly losses to 23.65%. The price value for Ethereum Classic is in the $21.16 range.
If we take a peek at the market cap value for Ethereum Classic, it shows a value of $2,856,284,306. The 24-hour trading volume of this coin is about $496,208,784. The circulating supply for it is about 134,752,381 ETC.
Final Thoughts
The global crypto market has continued to gain value. The difference between the other day and the last 24 hours is the decrease in the pace of gains. The global market cap value has been reduced to $1.29T due to a reduction in its pace. If the gains strengthen in value, the market will see its rise. The enhancement in the value of Bitcoin is necessary for the market’s uplift, and Coinbase’s CEO predicted that it would be soaring soon.
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