TL;DR Breakdown
The value of the global crypto market sees slight depreciation, shedding 3.84%, as there is a struggle for stability.Bitcoin continues to depreciate as the gains have turned to losses, shedding 4.40% over the last 24 hours.Ethereum is also bearish, as its gains have gradually eroded, giving way to losses that amount to 4.29% over the last 24 hours.Dogecoin is bearish as it has been deprived of 2.73% in 24 hours, while Polygon MATIC is bullish, which added 0.71% in the last 24 hours.
The situation of the global crypto market has changed to uncertainty over the last 24 hours. The new indicators tell of changing tides to bearishness which might affect the performance of Bitcoin and other tops coins. Even though the market was favorable for Bitcoin over the last 24 hours, it changed the mood and reduced significantly in value. The upcoming hours might be tough for the market as it might go through a wave of sell-offs.
Ukraine has been utilizing the influx of crypto as donations from across the world flowed towards it. Now, the situation has taken an unruly turn, and it has banned the purchase of crypto using the local currency Hryvnia. According to the state officials, it is to stop the following of local currency out of the country as it has taken place for the last few months, which has affected its war-torn and ailing economy.
Here is a brief overview of the current market situation using the performance of Bitcoin, Ethereum, and some other currencies.
BTC suffers setbacks
Bitcoin was one of those coins that had remained stable despite the ongoing wave of bearishness. Even though it changed the momentum, the margin of losses for Bitcoin was too low. Over the last 24 hours, the change has initiated an outflux of capital from Bitcoin, which is evident from the daily depreciation.
Source: TradingView
The data for the last 24 hours shows that Bitcoin has shed 4.40% over the last 24 hours. If we compare the gains for the last seven days, Bitcoin has remained fortunate. It has been able to add 0.84% over the past week. The graph for its performance shows highs of $42.5K and then fluctuations leading to $40K, affecting the new investments.
The current price value for Bitcoin is about $40,547.75, which seems to be stable. The market cap value for Bitcoin was also affected because it shed about $2K in value. Its current market cap value is estimated to be $772,280,025,765. As bearishness has strengthened its grip, the situation of 24-hour trading volume is also thinning. It has remained $38,315,645,972.
ETH experiences depreciation
Ethereum has remained bearish for a while now. Its performance showed a lag in value as its gains reduced even before Bitcoin. This time, the pattern has turned as Ethereum had the usual pattern of remaining bullish till the end. This time it seems to be affected by Jack Dorsey’s statement, which reduced the influx of funds.
Source: TradingView
The latest data for Ethereum shows that the recent wave of bearishness took it much lower. The losses for the last 24 hours amount to 4.29%. As Ethereum has been bearish for a couple of days now, its weekly losses have soared. The current value of its seven-day losses is about 0.52%.
The price for Ethereum reduced significantly as it was striving for ups, but instead, it stuck in dips. As per the latest updates, its price is in the $3,012.15 range. The market cap value for Ethereum has also been affected, and it is currently about $363,572,814,936. In comparison, its 24-hour trading volume is estimated to be $20,847,564,448.
DOGE reducing in value
Dogecoin is following the popular bearish trend as it has seen a recession in gains. The latest data for it shows that the losses are about 2.73%. If we compare its weekly depreciation, Dogecoin has reduced by 7.19% in its value. The recent few months’ data shows that Dogecoin has rarely been able to see hikes in value.
Source: TradingView
The current price for Dogecoin is about $0.1371. If we take a peek at the market cap value for Dogecoin, it is estimated to be $18,203,731,819. In comparison, the 24-hour trading volume of this coin is about $673,292,599. The value of its last two indicators remains in a specific range because of the constant fan following.
MATIC continues to grow
Polygon has been continuing in a different direction than Bitcoin and other currencies. The data for the last 24 hours shows that it has gained 0.71%. While the past seven days of it also show dominant bulls as its gains are about 5.06%. The graph for its performance shows a continuous increase in value.
Source: TradingView
The current price for MATIC is in the $s1.46 range and is likely to improve further. If we look at the market cap value, it has also strengthened over time and is estimated to be $11,439,806,234. In comparison, its 24-hour trading volume of it is about $201,248,748. The circulating supply for this coin is about 7,808,492,081 MATIC.
Final Thoughts
The situation of the global crypto market seems to be difficult for investors because of the rapidly changing influx of capital. It has suffered considerable depreciation because of the sell-offs. The global market cap value has also been reduced due to these changes and is currently about $1.88T. The reason for increased losses in the market is the rumor of a huge Bitcoin stash that might lead to dominant whales. The situation will clarify soon as Bitcoin takes a definitive step.
