The global crypto market sheds 1.03% in the last 24 hours.Bitcoin changes direction after making gains as it sheds 1.05% in 24 hours.Ethereum continues to be bearish, shedding 2.03% in the last 24 hours.Iota loses 0.18% in the last 24 hours while Zcash gains 12.52%.
The global crypto market changed direction as some coins were gaining value. In the previous 24 hours, there was a bifurcation in the market. Some coins were on the bullish side, while others were on the bearish side. The market soon changed its direction, and there was a continuous bearish trend. As the market is going through dips, some countries benefit from it using proper strategy. One of them is Thailand, which competes for the next crypto hub. Thai authorities have eased tax rules for cryptocurrencies until 2023.
The result of this ease will be in the form of increased investments in crypto, benefitting it greatly. The main target is Bitcoin which has been the main focus of investors as it has brought great profits. On the other side, Estonia has called for restrictions on cryptocurrencies so that Russia can’t benefit from this portal. There have been various other calls from other countries regarding this issue.
Here is a brief overview of the current market situation using Bitcoin, Ethereum, and other currencies.
BTC returns to bearishness
The market stability is determined through Bitcoin performance. As Bitcoin goes through dips, experts predict swings for other coins. There might be fluctuations on the side of different altcoins if Bitcoin didn’t regain its value. Thus, change in the value of Bitcoin affects different coins.
Though Bitcoin has suffered in other parts of the world, Russia has a dominant trend. The amount of investments in it has increased as the value exceeded 5 million rubles since the war. The result was an increase in the trading activity, reinforcing it.
As per the latest updates, there has been a dip of 1.05% in the last 24 hours. While in comparison, the performance for the last seven days also shows a bearishness of 12. 82%. The impact on Bitcoin price is also evident as it hasn’t risen from the $38K range. The current price for Bitcoin is in the $38,794.11 range.
The current market cap for Bitcoin is about $736,216,581,481. At the same time, the trading volume of this coin is estimated to be $30,801,064,643.
ETH continues to shed value
Ethereum has also shed value as the result of continuing bearish trend. The number of losses for Ethereum during the last 24 hours was 2.03%. In comparison, its losses during the past seven days are about 14.61%. The change in investments has also affected the price, which is $2,584.53 as per the latest updates.
If we take a peek at its market cap, it is estimated to be $309,820,495,353. In contrast, the trading volume of this currency is about $15,375,333,648. The mentioned amount can be converted to the native currency equal to 5,948,978 ETH.
The circulating supply of Ethereum for the last 24 hours remained 119,874,815 ETH.
IOTA lowers its losses
Iota token has also been in shambles due to the fluctuating market. The recent change has brought a dip of 0.18% in the last 24 hours. While in comparison, its loss for seven days remained 12.37%. The current price for Iota is in the $0.712 range as per the latest updates.
If we look at its market cap, it is estimated to be $1,979,061,454. The 24-hour trading volume of this coin is estimated to be $29,365,976. The graph for this coin shows a continuous decrease in value, which has also affected its ranking.
ZEC bullish in a bearish market
Zcash currently ranks 52nd on the global list. This currency has remained in a better position than other cryptocurrencies, as it has gained 12.52% in the last 24 hours. In comparison, its gains for the last seven days are about 4.91%. The current price for this coin is in the $126.80 range.
The market cap for this coin has also increased as its value strengthens. The current market cap for Zcash is estimated to be $1,762,611,076. The 24-hour trading volume of this coin is estimated to be $408,927,611.
The global crypto market has continued to fluctuate while its value is about $1.74T. The market’s overall trend remained bearish, though some coins gained value. Several factors like conflict in Eastern Europe, Biden’s executive order regarding crypto, and instability in other markets have affected the decrease in value. The feeling of uncertainty in different markets has also affected the value of crypto, especially Bitcoin.