The global crypto market has continued to face dips as the changes for the last 24 hours show no improvement. The market has continued to lower its value because leading names like Bitcoin, Ethereum, and other major altcoins have continued recessive. The impacts of this bearishness would be long-lasting because the market has suffered huge losses for the past few weeks. If the situation persists, it will add to the misery of investors who have continued to lose capital rapidly. Some analysts have referred to this situation as the continuation of the price correction phase.
Fidelity, a known corporate company, had shared its Bitcoin retirement plans for the investors. The plan seems to be obstructed by the new developments. The US Department of Labore has shared its concerns about the users’ funds being used. The main reason for these concerns is the unreliability of crypto in terms of price fluctuations. The authorities of the mentioned department feel concerned because of the same issue because it might harm the capital value of the retirement funds. There is no certainty whether the program will be continued or abandoned.
Here is a brief overview of the current market situation using the performance of Bitcoin, Ethereum, and some other names.
BTC showing slackness
Bitcoin has remained sluggish over the last 24 hours as it didn’t improve due to the ongoing market situation. The bearishness has continued to reign, and there are chances that it might stay like this in the coming days. Though businesses have made efforts to support it, its value is growing lower.
The data for the last 24 hours shows that it has depreciated 1.49%. The losses have continued to soar, thus turning higher the weekly losses. Bitcoin performance for the last seven days shows a loss of 2.92%. The continuing losses have led to its further depreciation.
The current price value for Bitcoin has also been low since the continuous decrease in value. The latest data shows its price to be in th $38,577.20 range. In comparison, its market cap value is estimated to be $734,867,470,541. Its 24-hour trading volume of it is about $26,034,458,300.
ETH unable to revive
Ethereum has seen a steep decrease in value for the first time if we compare its receding threshold level to Bitcoin. It remained relatively stable at a specific point while Bitcoin fluctuated significantly. The data for Ethereum is proof that it had stayed at the $3K level or above even during super-bullish days.
The latest data for Ethereum shows that it has shed 1.81%. If we compare its performance during the past seven days, it has shed 4.82%. The increase in the value of losses indicates the affected market value, which has been reduced to a significant level.
The current price value for Ethereum is in the $2,882.74 range. If we compare the market cap value, it is estimated to be $341,062,615,516. The 24-hour trading volume for Ethereum has turned a bit low due to a change in an influx of funds, and it remained at about $15,481,291,563.
ADA sees further dips
Cardano has also been in a red situation as bears dominated its performance. The performance of this coin over the last 24 hours shows that it has shed 1.71%. The weekly performance shows a loss of further value as the dips have increased in value. The current data shows that Cardano has experienced dips of 10.37% in the last seven days.
The current price value for Cardano is about $0.8074. If we compare the market cap value, it is about $27,284,947,976. In comparison, the 24-hour trading volume of Cardano remained at $742,657,855. The circulating supply of it remained at 33,739,028,516 ADA.
DOT retains bearishness
Polkadot has also remained bearish as the market hasn’t turned favorable. The coins are going in the reverse direction instead of adding gains. The change has affected Polkadot equally as it has shed 2.49%. In comparison, the seven-day losses have reached 13.77%.
If we look at the price value, it is about $16.10, which has decreased considerably. The market cap value has also decreased as the prices saw a decline and are estimated to be $15,900,937,201. The trading amount was also affected, and it has been $533,831,536 for the last 24 hours. If converted to the native currency of Polkadot, the same amount is 987,579,315 DOT.
The market is moving continuously backward as the losses have soared higher. The last 24 hours remained the same as other bearish days. The latest updates reduced the global market cap value to $1.76T. The ongoing day shows no improvement as the market might shed further. In contrast to the previous weekend, this one seems to be a bit harsh for the crypto market as the indicators show a losing trend.