TL;DR Breakdown
The global crypto market is in losses, shedding 1.59% over the last 24 hours.Bitcoin has also changed course, depreciating 1.50% in the past 24 hours.Ethereum is also continuing to be bearish, shedding 1.96%.QTUM and Compound are in losses, respectively, depreciated 3.69% and 1.74%.
The global crypto market has changed direction as the gains lowered gradually. The loss of this value has led to the overall bearishness of the market. The change has come amid the predictions of bullishness as there were continuous gains in the market. The new investments had continued for more than a week because of the gains investors experienced. As the sell-offs started, the investors were forced to rethink because the new changes would reduce their capital value.
China is leading the crypto race globally because of the upcoming Beijing Olympics. These efforts have come as the result of the new hirings that China is making to ensure that it continues to get the requisite share in the crypto gains. Though there was a reduction in the value of crypto investments in China because of the sanctions on Bitcoin mining and related issues, it has realized the importance of crypto. The said change came from the Western sanctions on Russia, which greatly affected its value.
The rumors regarding the Bitcoin ban have continued as other markets want to benefit from the uncertain situation. Kevin O’Leary is of the view that Bitcoin won’t be banned because of the economic promise. Bitcoin has found many uses because of its acceptance in various markets. So, if there is any change, it will affect these markets too. Here is a brief overview of the current market situation using the performance of Bitcoin, Ethereum, and some other altcoins.
BTC unable to clinch $45K
Investors were expecting that Bitcoin would be able to reach $45K soon. The new wave of bullishness continued with full vigor and reinforced its value faster than expected. The new change in the market has put Bitcoin’s rise on a halt, so there is a wait for another wave of bullishness.
Source: TradingView
The data for the last 24 hours shows that it has depreciated 1.50%. In comparison, the gains for the last seven days are about 5.98%. These changes might depreciate if the bearishness lasts for a longer period. There are chances that the market would be able to revive value soon after the weekend.
The market cap value for Bitcoin is estimated to be $840,337,600,111. In comparison, the 24-hour trading volume is about 23,732,951,413.
ETH is still lowering in value
Ethereum has also remained bearish as the losses for it continued. Like other coins, Ethereum was too affected by the wave of sell-offs in the market. The losses for this coin over the last 24 hours are about 1.96%. In comparison, the weekly gains are about 5.47%.
Source: TradingView
The graph for Ethereum shows that it reversed its direction after reaching significant heights in recent months. The current price for Ethereum is in the $3,116.75 range. If we take a peek at its market cap value, it is estimated to be $374,413,016,631.
The 24-hour trading volume of Ethereum remained $12,871,040,772. The mentioned amount in its native currency is 4,129,259 ETH. The circulating supply of Ethereum has been about 120,118,363 for the last 24 hours.
QTUM depreciating due to bearishness
QTUM is also in losses as the dominant trend is forcing most of the coins to bearishness. The change shows that QTUM has lost 3.69% in the last 24 hours. If we compare its weekly gains, they have also lowered in value and are about 32.03%. If the bearishness didn’t last long, the gains might not have this much impact on Qtum’s value.
Source: TradingView
The market cap value for this coin is estimated to be $910,064,943. If we compare the current price value, it is in the $8.18 range. At the same time, the 24-hour trading volume is about $232,687,090. In comparison, the circulating supply of it amounts to 99,063,018 QTUM.
COMP fluctuating in value
Compound is also facing lowering value as the market hasn’t yet turned favorable. This continuous bearishness is the loss of 1.74% over the last 24 hours. The seven-day performance for this coin is no good either, as it has shed 1.38%. The current price for this coin is $118.74.
Source: TradingView
If we take a peek at its market cap value, it is estimated to be $789,861,657. In comparison, the 24-hour trading volume remained at $74,115,180. The same amount in its native currency is about 624,200 COMP.
The circulating supply of Compound token remained 6,652,234 COMP over the last 24 hours. The graph for this coin shows continuous fluctuations in value, and it has continued this pattern over the last day as well.
Final Thoughts
The global crypto market continues to be bearish as the investors have lowered the capital investments in the market. The result has been the change in the value of different coins and lowered market cap value. The global market cap is estimated to be $2.00T as the market fluctuates. The minor changes haven’t affected its value much, but if the weekend is bearish for the market, it can lower the market cap value. Experts believe that the bearishness might not last long as the start of the new can give the market the boost it needs.
