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Bitcoin, Ethereum, Litecoin, and Chainlink Daily Price Analyses – 6 May Morning Price Prediction

Muhammad Ali

The global crypto market underwent a sharp decline in value over the last 24 hours. The change in value was discouraging for various coins because of its impact on their value. An example is Bitcoin which was readying itself for $40k, but instead, it has been brought much lower. Some of the bearish coins have improved as they have added gains, while others have continued unaffected by any change in the market.

France has taken a bold step as it has completed the legal process for the regulation of Binance. As the status of Binance as a crypto and digital assets services provider has been approved, it would be able to provide full-fledged services in the said country. Previously it was operating in Singapore, but license issues created a problem for it, thus leading to the closure of its headquarters. Its approval in France would help it foster growth opportunities and seek better alternatives. On the other hand, Canadian crypto services provider, ByteX is ready to provide services like loans, indices, interest earnings, etc., thus opening new portals for customers.  

Here is a brief overview of the current market situation using the performance of Bitcoin, Ethereum, and some others.

BTC trying to revitalize

Bitcoin is facing hard times as it has been facing various problems. The latest addition to its hardships is the halving of reward halving for miners. Bitcoin miners mined the level of change in the value of reward on 5 May 2022. Thus, it might also face problems from miners as they would have to work for lesser rewards.

Source: TradingView

The data for the last 24 hours shows that Bitcoin has shed 2.91%. If we compare the weekly performance of Bitcoin, it has shed 7.06%. The value of Bitcoin had seen improvement as the previous bullishness helped it much, but the ongoing changes are reversing the improvements.   

The current price value for Bitcoin is in the $36,174.68 range. If we look at the market cap value for Bitcoin, it is estimated to be $687,593,786,489. At the same time, its 24-hour trading volume lowered further to $53,697,463,143.

ETH still in limbo

Ethereum is also facing continuous depreciation as losses have taken it lower. The changes brought it losses amounting to more than the previous ones as it shed a far greater amount in a single day. The changes have been discouraging for the investors as its value hasn’t seen any big improvement recently.

ETHUSDT 2022 05 06 20 12 46
Source: TradingView

The data for the last 24 hours shows that Ethereum has shed 2.44% in the last 24 hours. Though it had improved the weekly performance, the recent changes have increased the value of losses. Ethereum’s seven-day losses amount to 5.31% and might rise further.

If we look at the price value of Ethereum, it is in shambles due to instability in gains. Thus, it has lowered to $2,703.86 as per the latest updates. If we compare the market cap value, it is estimated to be $325,158,031,521. The 24-hour trading volume of Ethereum amounted to $28,629,946,638.

LTC lowering further

Litecoin hasn’t improved as Bitcoin and Ethereum have struggled to improve despite bearishness. If we look at the 24-hour performance for LTC, it has shed 3.31%. In comparison, the past seven days have shown stability as the losses are about 4.85%. As the value of losses increases, it will negatively impact the price value.

LTCUSDT 2022 05 06 20 13 14
Source: TradingView

If we look at the price value for Litecoin, it is in the $95.90 range. If the market cap value for Litecoin is compared, it is estimated to be $7,061,176,381. While its 24-hour trading volume was also affected by the lowered influx of capital, it remained at $1,004,338,881.

LINK continues bearish

Chainlink has also continued bearish like Litecoin as its graph shows continuing depreciation. The changes have been detrimental to its value as it has shed 3.96% over the last 24 hours. If we compare the seven-day performance, the losses for LINK have risen to 12.21%. The upcoming pattern for it also seems to be bearish.

LINKUSDT 2022 05 06 20 13 35
Source: TradingView

The price value for various coins hasn’t seen stability as it lowered continuously, and it is currently in the $10.77 range. If we compare the market cap value, it is estimated to be $5,015,800,207. The 24-hour trading volume for Chainlink remained at $655,111,977. The circulating supply is at 467,009,550 LINK.

Final Thoughts

The global crypto market is going through hard times again as it took a sudden turn. The difference this time is the struggle for improvement as Bitcoin and Ethereum have begun to improve. Another indicator that shows improvement is the global market cap value estimated to be $1.66T. The value of these coins will see stability in the long run if the market sees improvement in the political situation of the globe and enhancement in the situation of the US economy, which has huge impacts on it. 

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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