The global crypto market takes a turn, losing 0.31% over the last 24 hours.Bitcoin has suffered losses due to a change in market mood, depreciating 0.15%.Ethereum follows the popular market trend, losing 0.09% in 24 hours.Aave and EOS are bearish, shedding 2.64% and 3.21% over the last day.
The global crypto market has again turned to bearishness as the alternating pattern has continued. The market hasn’t been able to recover to a completely bullish mood as the sell-offs are in equal margin compared to the influx to the market. Market analysts believed that the market would be able to recover soon, but the recent bearishness hasn’t left the market too soon. The impacts of this situation on the market might last for a longer period because of the possibility of the volatility that the market faces.
Different blockchain systems work on their metaverse projects to utilize the favorable market. The latest in this run is Shiba Inu which has announced the details of its metaverse. It will have more than 100K land plots. Like other metaverse land plots, they can be used for various purposes. As Shiba Inu had announced its game, the gamers might also use it for the same purpose. The project’s success will be determined by the number of plots that it sells and the investments that it attracts. The previous ones in this regard have made huge profits as the idea of Web 3.0 has been trending.
Here is a brief overview of the market situation using the performance of Bitcoin, Ethereum, and some other cryptocurrencies.
BTC in difficult waters
The rising inflation rate has led to the adoption of crypto, but the fears of losses haven’t decreased. The trajectory for Bitcoin shows that its investors have seen both gains and losses. Bitcoin performance for Oct 2021 – March 2022 tells the story of it. Its rise to $59K and then going to the lows of $32 is evidence of how volatile this market is.
The recent data shows losses of 0.15% for Bitcoin. The ongoing bearish trend hasn’t let it raise its weekly gains remained -3.94%. If we look at its price value, it has deteriorated to $45,911.09. It would reduce further if the bearishness didn’t stop.
The market cap value for Bitcoin is estimated to be $873,119,135,863. If we compare the 24-hour trading volume, it is estimated to be $33,947,659,528.
ETH stuck in a limbo
Ethereum has been in the same situation that Bitcoin has continued to face. The current situation for this coin is no good as it has continued to lose value. The investors have been forced to sell-offs because of the continuous recession.
The recent stats show that Ethereum has shed 0.09% over the last day. While if we compare the seven-day stats, they tell of a gain of 0.07%. At the bare minimum level, it might witness a rise if the market remains favorable. The price value for Ethereum has also been affected, which is currently in the $3,453.30 range.
The market cap is one of the necessary indicators that tell of a coin’s performance. Ethereum’s market cap value has reduced slightly due to an unfavorable market. Its current value is estimated to be $414,889,849,119. Its 24-hour trading volume remained $17,814,833,450.
AAVE is no good situation
Aave coin is also facing a difficult situation as the market hasn’t brought new investments to the coins. The recent data for Aave shows that it has lost 2.64% over the last 24 hours. Its seven-day performance is in a relatively stable range. Its value shows gains of 9.32%. This is probably why its price has remained in a stable range, which is currently about $227.56.
If we take a peek at its market cap value, it is estimated to be $3,112,151,589. The 24-hour trading volume of Aave is about $291,696,763. The circulating supply of Aave tokens was also relatively lower due to the bearish market and is about 13,676,125 AAVE.
EOS continues to depreciate
EOS is one of those coins which has shown no positive progress either in weekly or daily stats. Its daily performance shows a loss of 3.21%, while its weekly stats show depreciation valuing 3.43%. The only positive metric is weekly losses being in a moderate range. The balance might be broken as the daily losses are seeing a surge.
The current price for EOS is in the $2.80 range. If we look at its market cap value, it is estimated to be $2,784,603,999. In comparison, the 24-hour trading volume of this coin remained at $722,841,508. The circulating supply of this coin has been 986,100,228 EOS for the last 24 hours.
The market situation is seeing no difference as various coins, including Bitcoin, haven’t been able to get out of the repeating daily loss-and-gain cycle. Experts are bullish on Bitcoin, which might be able to gain value if it breaks the cycle. Its March metrics impressed the investors who weren’t optimistic about it before that. The same holds for other coins, which have shown a positive influx, strengthening the market. The ongoing bearishness has reduced the global market cap value to $2.13T.