TL;DR Breakdown
- The global crypto market is again in the doldrums, losing 5.66% in 24 hours.
- Bitcoin, in a bullish mood, has added 0.55% in the last 24 hours.
- Ethereum added 2.74% in the last 24 hours, and it seems sets to increase further.
- Uniswap loses 3.54%, while Algorand adds 3.70% in the previous 24 hours.
The global crypto market has changed mood as the overall market cap has seen a recessive trend in the last 24 hours. This time, major coins like Bitcoin and Ethereum are still bullish and performed well. Some affected coins are from the top list, while others are small coins. Even though the leading coins haven’t been affected by this change, the value of the loss, i.e., 5.66%, is massive for the market. It is a reversal of the market’s gain over the past few days.
One good news for crypto is that the Indian government has finally decided to regulate the market. The Finance Minister of India, Nirmala Sitharaman, will announce the tax on crypto in the upcoming union budget. The tax will be 30% of the income of a person’s investments in crypto. Many experts have welcomed this decision as more investors will be attracted to this business.
As Bitcoin moves towards stability, there is news of an increase in its market dominance. Even though the market has been in a fluctuating state, Bitcoin has performed relatively well, which has led to this new gain. Besides the news about India, CoinShare recently reported that carbon emissions from bitcoin mining aren’t significant and are exaggerated. These reports help to push prices up momentarily.
Here is a brief overview of the market situation and the performance of different coins like Bitcoin, Ethereum, etc.
BTC adds new gains to reach $42K
Though bitcoin is preparing for a new move, the investors are unsure what the results would be. It has been eyeing the $42K barrier for some time, and now it is almost close to achieving this position. Though bitcoin might achieve it soon, investors aren’t sure what this will result. If there is bearishness in the market, they will suffer dips. So, it is yet to be seen if the next move of bitcoin is successful.
The current performance of this coin is satisfactory, and it has gained 0.55% in the last 24 hours. Comparatively, the seven-day performance has been much better as its gains are about 4.46%. The current price for this coin is in the $38,585.84 range, while it might grow further if the market is favorable.
The current market cap for bitcoin is about $731 billion. At the same time, the trading volume of bitcoin for the last 24 hours is estimated to be $20 billion.
ETH bullish in a bearish market
Ethereum, like bitcoin, has continued bullish in a bearish market. In contrast to the market situation, it has gained 2.74% in the last 24 hours. The weekly gains for it are about 12.86%.
The current price is about $2,769,62, which might add further to its value if the performance continues well. The current market cap for Ethereum is estimated to be $330 billion. The market cap is likely to improve, directly related to gains.
The trading volume of this coin is estimated to be $13 billion for the last 24 hours.
UNI breaks momentum
Uniswap currently ranks 23rd on the list, and evidently, its position has improved after the market crash. The performance of this coin remained good, but again it has taken a turn. The data for the last 24 hours shows that it has lost 3.54% in the previous 24 hours. The gains for the last seven days are about 4.91%.
The current market cap for this coin is estimated to be $7 billion, while its price is in the $11.15 range. The trading volume of this coin for the last 24 hours is about $218,897,250.
ALGO continuing non-stop
Algorand has the current price of $0.9898, while the gains for the last 24 hours are about 3.70%. Comparably the weekly gains for the last seven days are high and amount to 6.73%.
The current market cap for this coin is about $6.4 billion. At the same time, its trading volume is estimated to be $216,476,869. The current ranking of Algorand is 25th on the list.
Final thoughts
The global crypto market has come down as there has been a significant reduction in the value of the global market cap. It came down to $1.65T from $1.70T, which has affected many coins. Though the impacts have not yet reached leading coins like bitcoin and other significant names, it might also affect their performance. There is a hope that the market will recover as the leading coins can prove support. As bitcoin and Ethereum eye new targets, they will bring new investments to the market, which might support the global market.
[the_ad_placement id=”writers”]
Land a High-Paying Web3 Job in 90 Days: The Ultimate Roadmap
