Muhammad Ali
The global crypto market is going through the worst recession of the year as Bitcoin value has regressed to the lowest, i.e., $30K. The decline continues unaffected by any positive change as the bearish pull has strengthened with time. Though there were hopes that the market would revive after suffering losses for a while, it didn’t happen. The market didn’t follow the alternating pattern of bullish and bearish cycles. The increasing losses are the little hope that the market offers these days to investors.
Even though the crypto market has been facing a difficult situation, there is growing recognition for crypto. The latest in this regard is Dogecoin acceptance for WordPress services. According to the latest updates, WordPress websites will now accept DOGE payments. Dogecoin has been fortunate compared to other coins in that it has found various uses in the market. Its acceptance by Tesla and other major corporations have helped it stay abreast of the developments. On the other hand, US sanctions on Russia have continued to impact Russians. The latest update from Coinbase has warned Russian users of possible blocking in compliance with the sanctions.
Here is a brief overview of the current market situation using the performance of Bitcoin, Binance Coin, and some other tokens.
BTC bloodbath continues
Even though the market value for Bitcoin is lowering, El Salvador has continued to purchase Bitcoin. The mentioned government has purchased 500 Bitcoin amid the dips, according to the available updates. El Salvador suffered the most with Bitcoin dips because of Bitcoin’s status as legal tender there. If Bitcoin sees a comeback, it would also have strengthening impacts on El Salvador’s economy.
The latest data for Bitcoin shows that it has shed 9.41%. As the bearish journey has continued, the weekly losses for Bitcoin have continued to rise, and the latest data shows its hike to 19.44%. The change has brought Bitcoin value further low as little positive change.
The price value for Bitcoin is in the $30,971.11 range. If we compare the market cap value for Bitcoin, it is estimated to be $589,552,551,600. In comparison, the 24-hour trading volume of Bitcoin is about $71,070,114,831.
BNB in trouble
Binance Coin has also been in trouble since the start of the current bearish period. The mentioned period didn’t let it stay in the usual range. Instead, the losses for Binance Coin are shocking for the investors. The tumbling of the Binance Coin might continue as the indicators show little optimism.
The latest data for Binance Coin shows that it has depreciated 14.15%. In comparison, the data for the past seven days shows no good indication either, as it has receded 21.06%. If we compare the price with the changing gains, it has also suffered setbacks.
The current price value for Binance Coin is in the $307.70 range. If we compare the market cap value, it is estimated to be $50,239,600,212. In contrast, its 24-hour trading volume of it is about $3,393,660,001.
ZEC shows signs of panic
Zcash has also begun to panic as its situation has begun to deteriorate. The latest data shows that Zcash has shed 16.40%. If we compare the data for the last seven days, its losses have soared to 22.12%. The value of losses might increase further as the bearish cycle is strong.
The current price value for Zcash is in the $96.10 range. If we look at the market cap value for Zcash, it is estimated to be $1,379,223,905. In comparison, its 24-hour trading volume of it is about $289,827,668. The same amount in its native currency is about 3,015,031 ZEC.
WAVES fluctuating
Waves have also been in losses due to changing market situation. Though it remained bullish, the recent wave of bearishness has brought its losses. The latest data shows that it has shed 3.73%. In comparison, its last week’s performance shows gains of 0.60%. The price value for this coin is in the $96.10 range.
The market cap value has also seen slight alteration as it has shed value and is currently estimated to be $1,354,560,744. In comparison, its 24-hour trading volume of it is about $1,095,621,104. The circulating supply for this coin is about 108,221,926 WAVES.
Final Thoughts
The global crypto market has continued its recessive journey at a faster speed as its losses for it have increased in value. The ongoing changes have affected the new investments because of the few chances for growth. The current decrease in Bitcoin value has suggested a further decrease in its value. The global market cap value has also been affected as new changes have reduced it to $1.42T. The ongoing bearishness suggests that the depreciation might continue.
