Again, the global crypto market is bearish, losing 0.49% in 24 hours.
Bitcoin sees no difference in the situation, as it loses 0.81% in 24 hours.
Ethereum’s difficulties continue as it loses 0.57% in 24 hours.
Uniswap and FTX are no different in bearishness, shed 3.59% and 0.81%, respectively.
The global crypto market turned bullish for a short while, and then it changed direction. The changing situation has affected all major coins in the market as they show bearishness as per the new updates. Analysts believe that the recent market rally was a huge opportunity as it brought investors a great chance to improve. In the same manner, it reinforced the market to great strength. The recent change in the market brought a great investment to Shiba Inu, whose 42 billion tokens worth $1 million were bought by an investor. Along with that, there was positive progress in the market.
In contrast, the main reason behind the market’s recession is the speeding pace of bombardment in Ukraine. As per the latest reports, the bombardments in Ukraine have increased, which has affected the global crypto market. As it increases further, there are chances that the market might shed further value. The main target of the ongoing losses is Bitcoin, the same as the gains’ pattern seen for Bitcoin.
Here is a brief overview of the market situation using some distinctive currencies like Bitcoin, Ethereum, and others.
BTC plunges back to bearishness
Steve Wozniak, a co-founder of Apple, referred to Bitcoin as ‘pure gold’ because of the potential benefits of investments that it brings to the investors. Wozniak has shown a different attitude towards other cryptocurrencies compared to Bitcoin. He praises Bitcoin, while on the other side, he is cynical of other currencies in the market.
The data for the last 24 hours shows that Bitcoin has shed 0.81% in the last 24 hours. In comparison, if we look at its performance for the last seven days, it has suffered losses of 1.08%. Compared to other bearish bouts, the losses are relatively stable; it needs positive motivation. If Bitcoin turns green, it will bring much-needed stability to the market. The current price for Bitcoin is in the $38,869.16 range.
If we take a peek at its market cap, it is estimated to be $737,796,919,648. At the same time, its 24-hour trading volume is estimated to be $19,538,168,109.
ETH again in shambles
Ethereum is a close follower of Bitcoin trends. Its losses are gains usually close to Bitcoin. The recent situation is no different as it has shed 0.57% over the last 24 hours. If we compare it to the weekly performance, it shows a loss of 6.12%. As the result of persistent losses, there is a change in the price, which is in the $2,628.81 range.
Ethereum is also waiting for much-needed stability that Bitcoin might initiate in case of a possible rally. If it happens, its price might be again above $3K. The current market cap for this coin is estimated to be $315,069,735,259. The 24-hour trading volume of it is estimated to be $7,991,764,339.
UNI suffering continuous losses
Uniswap is also going through a difficult phase because of the dominant bearishness. The current situation has made it suffer losses of 3.59%. The situation for the past seven days is no different as it has suffered a loss of 13.38%. The current price for this coin is $8.65.
If we take a peek at its market cap, it is estimated to be $5,944,408,964. In comparison, the 24-hour trading volume is estimated to be $149,713,327.
FTT continues bearish
FTX has also been through a bearish period during the past 24 hours. Its performance tells of a loss of about 0.81%. If we look at its seven-day performance, it shows a loss of 6.50%. There is a need for a rally in the market because currencies suffer badly. At the same time, there has been an estimated loss of about $100 million to the global crypto market since the Russia-Ukraine crisis began.
The current price for FTT is in the $40.62 range. While if we look at its trading volume for the last 24 hours, it is estimated to be $5,592,975,666. In comparison, the market cap is estimated to be $74,741,877.
The market has seen no hope over the last 24 hours, and the bearishness continues. The data tells that its market cap has come down to $1.75T. The ongoing situation tells of further erosion in its value as there are little chances of improvement in the coming days. Russia might intensify the offensive, which will harm the market further, as witnessed during the past few days. Despite the odds, there are hopes for improving the market because of the perseverance it has shown.