TL;DR Breakdown
- The global crypto market is losing 0.83% over the last 24 hours.
- Bitcoin is also facing hard times, depreciating 1.27% over the last 24 hours.
- Binance Coin is no different in facing market depreciation, losing 2.60%.
- Waves and VeChain lose 3.38% and 4.92%, respectively.
The global crypto market hasn’t yet seen any hope for change in the situation. In contrast to other days, this time, the market depreciation seems to be lasting longer than usual. If the straining situation continues to last, it might resemble the situation right before the final escalation of the Russia-Ukraine conflict. The market growth was at record levels, and then it fell to new lows. If the current market depression continues, there are chances that the losses might be bigger than expected.
Tesla has plans to resume production at its Shanghai plant from April 4. TradingView, a known name in crypto and business news, has information from sources that the production will begin from the stated date. The increase in the number of Covid cases in China might affect this resumption as the cases are growing tremendously. The number of cases reported on April 2 was 1506, while that a day back was 2,129. The increase in new cases is worrying investors because of the Chinese government’s possible chances of lockdown and other preemptory measures.
A new debate has started regarding Bitcoin and Ethereum‘s competition in the crypto world. Many experts predict that the addition of new updates to Ethereum might put it soon in a competing position. Here is a brief overview of the current market situation using the performance of Bitcoin, Binance Coin, and some other currencies.
BTC plunges lower
Bitcoin has been through the hardest time of the week as its situation worsened instead of seeing any improvement. Even though experts viewed the bearish situation as a short-lasting one, it has affected the market for Bitcoin.
The data for the last 24 hours shows that Bitcoin has shed 1.27%. The increase in losses tells of the speeding sale-off process, which needs to be stopped. If we compare the weekly performance of Bitcoin, it has added 2.89%. The continuing bearishness has lowered weekly gains at a considerable level. The current price for Bitcoin is in the $45,946.37 range.
The current market cap value for Bitcoin is estimated to be $873,035,488,554. If we compare the 24-hour trading volume of Bitcoin, it is about $27,421,230,090.
BNB experiences steep fall
Binance Coin is also going through difficult times as it also turned bearish. The change in the situation led to shedding 2.60% over the last 24 hours. The weekly performance is relatively better, which shows a gain of 5.10%. The weekly graph shows fluctuations for the last three days as it has experienced an increased volatility ratio.
The current price value for Binance Coin is in the $437.20 range. If we take a peek at the market cap of Binance Coin, its value is estimated to be $72,188,328,731. If we compare the 24-hour trading volume, its value is about $2,150,218,679.
The circulating supply of this coin remained 165,116,761 BNB.
WAVES following the dominant trend
Waves have also experienced lows as the market couldn’t see a rise in value. The ensuing changes resulted in a depreciation of 3.38% for it over the last 24 hours. If we compare the gains for the last seven days, it has gained 58.46%. The current price value for Waves is in the $50.26 range.
If we look at the market cap value for Waves, its value is estimated to be $5,408,207,338. In comparison, its 24-hour trading volume of it remained at $1,281,689,530. The same amount in its native currency is about 25,571,679 Waves.
The circulating supply for this coin remained 107,902,060 WAVES.
VET shedding its gains
VeChain is in no different situation compared to other coins. The ongoing market depression has also affected its weekly and daily performance. For the last 24 hours, the data shows that VeChain has shed 4.62%. If we compare the weekly performance, the gains are about 19.02%. If we take a peek at its price value, it is in the $0.07781 range.
i
The current market cap value for VeChain is estimated to be $4,994,439,075. In comparison, its 24-hour trading volume of it is about $488,398,853. The same amount in its native currency is about 6,289,325,695 VET. The circulating supply of VeChain remained at 64,315,576,989.
Final Thoughts
The global crypto market faces hard days because of the lowering value of major currencies like Bitcoin, Ethereum, and others. There has been no positive indication of whether the market will be able to recover anytime soon. If it happens, the market would be able to save the gains that it made recently. The decrease in gains has also affected the global market cap value, estimated to be $2.14T. Though it is in a stable range there is a need for improvement.
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