The performance of the global crypto market has seen no improvement as the losses continue. The changes have resulted in further losses for various coins, including Bitcoin. The changes have translated into strengthened bearishness, affecting the market’s overall performance. There has been no change in the bearishness over the last few days, triggering further sell-offs. Thus, the market awaits radical change to improve its value.
Elon Musk has continued to extend his support for crypto as he finds it a useful asset. As per his latest statement, he has hinted at crypto integration if his Twitter bid is successful. He has attempted to bid for the purchase of Twitter but hasn’t been successful so far because of legal issues.
Critics have cited reasons like individual monopoly, unbridled freedom, etc., for the purchase of Twitter. It is yet to be seen what the concerned authorities will decide regarding this issue. If he succeeds, it will bring ease for crypto and other digital assets.
Here is a brief overview of the current market situation, analyzing the performance of Bitcoin, Ethereum, and other altcoins.
BTC lowers to $18K
Bitcoin has continued to face hard times as its value has depreciated considerably. The market giant was known for its price value which is now wavering below $18K. Experts suggest that its price value might be boosted if a potential rally of +38% comes to save it. There is still a possibility of it happening, but time will decide the fate of Bitcoin.
The latest data for Bitcoin shows that it has shed 9.54% over the last day. In comparison, the last seven days saw a decline of 33.03% in value. The losses have continued unaffected as its value lowered.
The price value for Bitcoin is in the $18,478.22 range. If we look at the market cap value for this coin, it is estimated to be $352,400,498,709. The 24-hour trading volume of this coin is about $43,057,991,373.
ETH drops below $1K
Ethereum has continued in the volatile market as the losses have intensified. The changes suggest that its losses might continue. It says too much volatility in May as its Gas fees saw record highs and lows in a single month. The turbulence might continue if the market cannot recover from the ongoing bearishness.
The latest data regarding Ethereum shows that its value has receded 11.31% over the last 24 hours. In comparison, the losses for the last seven days are about 34.84%. The changing scenario tells of furthering losses in its value.
The current price value for this coin is in the $955.22 range. The market cap value for ETH is estimated to be $115,795,301,403. The 24-hour trading volume of this coin is about $22,584,935,209.
VET continues to shed value
VeChain has continued to face depreciation as the market hasn’t recovered yet. The latest data shows that this coin has shed 8.51% over the last 24 hours. The weekly data shows that the losses for it are about 15.71%. The increasing trend of losses has lowered its losses to $0.02106.
The market cap value for VET has lowered to $1,531,427,156. The 24-hour trading volume for VeChain has been reduced to $172,910,831. The same amount in its native currency is about 8,187,110,023 VET.
FLOW facing hard times
Flow has continued to see devaluation as it has shed 8.25% over the last 24 hours. The losses for the last seven days are about 32.48%. The trend for losses has made it suffer from losing a significant amount. Its price value is in the $1.24 range.
If we look at the market cap value for this coin, it is estimated to be $1,280,265,438. The 24-hour trading volume for this coin is about $37,973,147. The circulating supply for this coin is about 1,036,200,000 FLOW.
Final Thoughts
The global crypto market has continued to lose value as the recession continues. The latest bout has deprived Bitcoin and other coins of a considerable amount. The latest data shows that the global market cap value has also receded. Its current value is estimated to be $818.99 Billion. Its value might depreciate further if the losses continue.
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