TL;DR Breakdown
- The global crypto market takes a turn, losing 0.03% over the last 24 hours.
- The value of Bitcoin fluctuates due to bearish changes in the market, reducing its gains to 0.36%.
- Binance Coin couldn’t resist the ongoing market change and turned bullish, depreciating 0.27% in 24 hours.
- Algorand and Ethereum Classic are both bearish as the value of losses amounts to 0.56% and 0.36%, respectively.
The global crypto market couldn’t maintain the momentum set during the last two days. The change in the market value was optimistic for the investors the last two days, but soon, change followed. The market couldn’t resist the bearishness, so Binance Coin and some other coins turned bearish. The start of the day was better for the market, but the fluctuations left it in losses. It is yet to be seen how it will start its new day.
Ripple‘s CEO believes that the concept of ‘tribalism’ is affecting the market. Brad Garlinghouse spoke against the monopoly of Bitcoin and how cults have been formed to support it. Brad believes that such acts are harming the market in total. As the focus of the investor remains on a specific coin, the rest of the coins in the market suffer. He believes that Bitcoin tribalism has dragged other coins into the market, affecting their growth. There would have been much better market competition if all coins had equal opportunities.
Here is a brief overview of the current market situation using the performance of Bitcoin, Binance Coin, and some other names.
BTC down to $41K
The price value for Bitcoin has continued to fluctuate as the market hasn’t let it stabilize at a specific position. The recent changes in the market speak of the same situation. Bitcoin hit the 10-day highest level as it reached $42K, but it fluctuated soon. According to analysts, it seems undervalued, thus detrimental to investor trust.
The recent data for Bitcoin performance shows that it has gained 0.36% over the last 24 hours. If we compare its weekly data, its gains amount to 0.55%. The market has been through fluctuations that have affected its daily and weekly gains.
The price value for Bitcoin came down to $41,514.90 from $42K due to reduced gains. The market cap value for Bitcoin is estimated to be $790,202,527,806. In comparison, its 24-hour trading volume of it is about $28,929,889,361.
BNB remains bearish
Binance Coin has taken more blows than Bitcoin, and the result has been a bearish situation. It had been in a much better situation than Bitcoin over the last few days but couldn’t resist the bearish pull, and the results are evident.
The data for the last 24-hours shows that Binance Coin gradually reduced its gains. The change affected its daily gains, which turned to a bearish value and is about -0.27%. In comparison, its weekly performance shows a loss of 0.17%.
The price value for Binance Coin is in the $420.61 range. If we compare the market cap value, it is estimated to be $68,749,244,742. In comparison, its 24-hour trading volume of it is about $2,054,560,781. The same amount in its native currency is about 4,879,508 BNB.
ALGO fluctuates
Algorand has also seen fluctuations in value which affected it to bearishness. The changes show that it has shed 0.56% over the last 24 hours. If we compare the performance for the last seven days, it has shed 1.13%. The graph for this coin shows that it could achieve new highs over the last two days but couldn’t maintain them.
The current price value for Algorand is in the $0.7458 range. If we take a peek at its market cap value, it is estimated to be $5,004,117,708. In comparison, its 24-hour trading volume of it is about $173,090,255. The circulating supply of it remained at 6,709,845,032 ALGO.
ETC in difficult waters
Ethereum Classic has also entered a difficult phase due to changes in the market. The ongoing bearishness has affected its daily performance, showing a loss of 0.36%. In comparison, its weekly gains have been reduced to 4.38%. The price value for Ethereum Classic is in the $36.95 range.
If we compare its market cap value, it is estimated to be $4,963,633,644. At the same time, its 24-hour trading volume is about $560,336,300. In contrast, the circulating supply of it is about 134,343,349 ETC.
Final Thoughts
The market couldn’t maintain the bullish trend, and the day has come to a close, with the market being bearish. The change has affected most of the coins, but Bitcoin is still bullish and might join others soon. The global market cap value remained at $1.92T, and it might improve if the market sees hope. The current change seems to be a break from bullishness, and the market might change course soon.
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