The global crypto market suffers a setback, losing 4.79% in 24 hours.Bitcoin is also in a losing mood, shedding 7.17% over the past 24 hours.Binance Coin is also going through hard times, shedding 6.60%.Waves have stayed bullish over the last 24 hours, gaining 0.64%, while Tezos shed 2.92%.
There is a sudden reversal in the global crypto market as it has changed direction from strength to bearishness. The change came amid the situation when there were least expectations of this happening. The market had been rising for more than two days, and the recent loss is seen as a setback for most currencies. The significant decrease in the value of Bitcoin has also affected the market. Despite the hard times, there is an institutional acceptance.
Investors think of crypto as a better alternative to other investments because of the relative security. In comparison, if we look at stocks or other investments, they can be affected by sanctions and other regulatory measures. An example is Russia which suffered recently due to sanctions from the West. Despite the change in the crypto market’s value, there are positive changes taking place in India and South Korea. There was an encouraging increase seen in the case of Bitcoin and other cryptocurrencies in the case of the two mentioned countries.
Here is a brief overview of the market situation using significant coins like Bitcoin, Binance Coin, and some others.
BTC takes a backflip
Bitcoin was performing well during the last 24 hours as its price was soaring high. There was a continuous rise seen in the price of Bitcoin as it had touched the $41K level. The recent reduction in the value brought it back to the levels where it was before the market bullishness.
If we take a peek at the latest data regarding Bitcoin, we come to know that it has shed 7.17% in 24 hours. While if we compare the data for the last seven days, it shows that the losses are about 11.24%. The reduction in value has also affected Bitcoin’s price, struggling for stability. The current Bitcoin price is in the $38,846.33 range, while it might go further low if the losses continue.
The change in Bitcoin value is not just limited to price. Rather the impacts are being felt in the market cap value as well. The current market cap for Bitcoin is estimated to be $748,088,513,676. The 24-hour trading volume of Bitcoin is estimated to be $33,256,203,310. The same amount in the native currency of Bitcoin is about 843,726 BTC.
BNB reverses the gains
Binance Coin has also reversed the gains like Bitcoin, and as a result, its value has been affected. The data for the last 24 hours shows a significant change seen for Binance Coin in various exchanges. The loss for Binance Coin is about 6.60% during the last 24 hours, as it is near Bitcoin in losses.
If we compare the weekly performance, it shows a bearishness of 10.62%. The price for Binance Coin has also been reduced due to market changes and is about $368.36. If we take a peek at its market cap, its value is about $61,558,306,946.
The 24-hour trading volume is one of the evident indicators which tell of the bearishness that has affected Binance Coin. It is estimated to be $1,926,657,287. The circulating supply for the mentioned coin is estimated to be 165,116,761 BNB.
WAVES continues to grow
Waves have been different in performance from the dominant trend. In contrast to other currencies, Waves gained 0.64% in the last 24 hours. Though its gains have lowered, its performance has been extraordinary over the previous seven days. It has gained 43.51% over the past seven days.
The price for this coin has also improved after new gains. The current price for it is in the $26.76 range. While if we take a peek at its market cap, it is estimated to be $2,882,255,933. At the same time, the 24-hour trading volume is estimated to be $2,536,902,092.
The circulating supply of this coin is estimated to be 107,697,742 WAVES.
XTZ is in a difficult situation
In contrast to Waves, Tezos has been bearish as its performance shows for the last 24 hours. The losses for it amounted to 2.92%. While if we compare its losses for the last seven days, these are about 12.56%. There are chances that its value might lower further as the market has taken a steep way to decrease value.
The current ranking of this coin is 46th on the global list, while its price is in the $3.04 range. As per the latest updates, the market cap of this coin is estimated to be $2,698,087,975. In comparison, the 24-hour trading volume is estimated to be $109,227,417.
The circulating supply for Tezos is about 886,910,340 XTZ.
The market has suddenly reversed its gains in contrast to investors’ hopes. Investors expected that it would continue the gains because the recent bullishness had broken the previous patterns. Now, while there is a continuing change in the value of the market, the market cap has been reduced to $1.75T. The market cap value for the previous day was $1.83T. Thus, it deprived the investors of a significant value. In the same manner, Bitcoin investors have also been affected.