Muhammad Ali
The performance of the global crypto market has continued to fluctuate as the influx of investments is continuously changing. The change in value has resulted in an alternation of loss and gains for various coins, including Bitcoin. It is hard to predict that this pattern will change anytime soon because of the international economy’s hardships. The difference in pattern is that of the speedy changes compared to the previous month.
The performance of the global crypto market has been directly impacted by the recessive changes in the global economy. According to World Bank, the current situation is moving slowly towards recession. The slowdown in the global economy is the worst in the previous 80 years and might continue if proper requisite steps are not taken. The impacts of a following global recession might be more harmful. It won’t only impact crypto but other markets as well. The hard times for crypto have continued since the last quarter of 2021.
Here is a brief overview of the current market situation, analyzing the performance of Bitcoin, Ethereum, and some others.
BTC staying at $30K
Bitcoin has seen a recession since its crash in December 2021. Though it saw a revival in value, it didn’t achieve the highs it had previously aimed for. The downtrend for Bitcoin continues as it has fluctuated several times in the previous month. According to analysts, it is the result of US macro-pressure, which has resulted in losses for Bitcoin.
The latest data for Bitcoin shows that it has shed 3.31%. The performance of Bitcoin for the last seven days shows an addition of 1.11%. The current wave of bearishness has affected the weekly performance considerably.
The current price value for Bitcoin is in the $30,149.92 range. If we compare the market cap value for this coin, it is estimated to be $574,729,232,780. The 24-hour trading volume of this coin is about $27,652,294,777.
ETH in a bearish mood
ApeCoin DAO had held a voting session for six days to decide whether to stay within the Ethereum ecosystem or quit it. The official data shows that it has decided to remain in the Ethereum ecosystem. The completion of the six-day voting period shows that 53.59% of participants in the system voted in favor of staying.
The performance of Ethereum for the last 24 hours shows a loss of 2.35%. The increase in the loss trend has resulted in the addition of losses to weekly performance. The seven-day losses for Ethereum are about 2.14%.
The price value for Ethereum is in the $1,785.78 range. If we look at the market cap value for this coin, it is estimated to be $216,262,105,647. The 24-hour trading volume of this coin is about $16,444,087,507.
DASH back to lows
Dash is also facing hard times due to a bearish market. The changes in this coin’s value for the last 24 hours show that it has shed 2.44%. The weekly losses for Dash are about 1.91%. The increasing trend of losses has grown recently. Its price value has decreased as it is currently about $57.69.
The market cap value for this coin is about $621,015,030. In comparison, the 24-hour trading volume of the same coin is about $98,396,541. If we convert the same amount to its native currency, it is about 1,705,543 DASH.
KSM in difficulties
Kusama has also continued to face difficulties as losses have increased. The 24-hour data shows that it has shed 4.16%. In comparison, the weekly losses are about 8.44%. The price value for this coin is in the $66.22 range.
If we look at the market cap value for KSM, it is estimated to be $560,903,041. The 24-hour trading volume for this coin is about $57,110,725. The circulating supply for this coin is about 8,470,098 KSM.
Final Thoughts
The global crypto market has continued to fluctuate in value. The current wave of bearishness has affected its value. The result of losses for Bitcoin and other currencies is decreasing market value. The latest global market cap value shows that it has been reduced to $1.23T and might continue to lower. It is yet to be seen if this bearish wave lasts or if the market turns bullish.
