The global crypto market continues to recede, losing 4.28% in the last 24 hours.
Bitcoin continues in a difficult situation, sheds 4.88% in 24 hours.
Ethereum is also facing a hard situation, losing 6.48% in 24 hours.
Filecoin and VeChain, both in a bearish mood, lose 3.19% and 6.81%, respectively.
The crypto market has stepped into another difficult situation after the new bearishness. The continuous losses for the market are too soon as the investors haven’t even properly enjoyed the bullish market. The main reason for Bitcoin and other currencies dip, according to experts, is the nuclear fire plant fire which has caused an outcry in Europe. The incident occurred in Ukraine, where the conflict between Russia and Ukraine is ongoing. The sanctions on Russia continue, which has also had repercussions in the market. The result is continuous bearishness.
There was a moment of relief for Bitcoin and other coins for a couple of days when the market gained momentum. It made temporary gains and then reverted to the usual business of loss. The market has been charting difficult waters since October 2021. Since then, it has suffered huge losses as it reverted from the speedy gains. The ultimate victim is the investor who suffers huge losses due to the dips.
For this reason, there has been a continuous fear in the market. The result is evident in the form of reduced investments. The major high for the market might come if there is some product development in the current geopolitical situation.
If the talks between Russia and Ukraine succeed, it will relieve the market and investors who need stability. Here is a brief overview of the market performance using Bitcoin, Ethereum, and some other significant currencies.
BTC continues to experience dips
Bitcoin has continued in a difficult situation as it hasn’t been able to turn green. The indicators for Bitcoin performance show that it has continued red and shed 4.88% in the last 24 hours. The new lows came into the value of Bitcoin after the news about the possible nuclear disaster in Ukraine. It was the Russian attack on a nuclear power plant in Ukraine.
Bitcoin hasn’t been able to retain its weekly gains, and that value has reached 5.43%. The indicators are red, and the value might be eroded further. The current price for Bitcoin is in the $41,495.11 range. The decrease in value has also affected the market cap, which is currently estimated to be $787,351,490,600. The 24-hour trading volume of this coin is estimated to be $29,148,739,674.
ETH continuing the negative trend
Ethereum is leading Bitcoin in ongoing losses. It has shed 6.48% over the last 24 hours as the fears of nuclear disaster loom on Europe. Thus, the investors feel insecure, causing a reduction in the investments. The change has also eroded the weekly gains, which are currently estimated to be 0.64%. If the daily losses continue, this value will also turn negative.
The current price for Ethereum is estimated to be $2,730.00. The graph for Ethereum’s performance shows that it has reduced the price due to lessening investments. The current market cap for Ethereum is estimated to be $326,825,703,922. The 24-hour trading volume of Ethereum has also reduced and is currently about $14,200,541,319.
The circulating supply of Ethereum is estimated to be $119,820,490 ETH.
FIL speeds up the losses
Filecoin has also suffered setbacks due to the continuously losing market. The changes brought losses of 3.19%. In comparison, the weekly performance has also been affected, resulting in +4.1%. The current ranking of Filecoin is 38 in the global list.
If we take a peek at the market cap of Filecoin, it is estimated to be $19.69. At the same time, its 24-hour trading volume is estimated to be $362,421,253. The circulating supply of this currency during the last 24 hours was 172,097,719 FIL.
VET turns bearish
VeChain has also been affected by the spreading clouds of war in Europe. The change has led to a loss of 3.19% in the last 24 hours. There are chances that it might go further low, as there are few chances that the situation will normalize soon. The data for the last seven days shows that it has attracted gains of 12.88%.
The current price for this coin is in the $0.05249 range. The current ranking of it is 39th on the global list. Other currencies might improve their position if VeChain continues to shed value. The market cap for it is about $3,375,982,662. If we look at its trading volume for the last 24 hours, it is estimated to be $493,244,425. The same amount in its native currency is about 9,396,760,292 VET.
The market is facing a hard time due to the reduction of investments from Europe. It has lowered the value of the market cap from $1.92T to $1.83T in 24 hours. The situation might worsen further as the conflict is escalating in Ukraine. Though the EU is trying to solve the problem peacefully, there is little improvement. If there is any positive change, the investors will feel secure about their investments. So, the market’s future is currently bound with peace in Europe.