The global crypto market is in a bullish mood, added 0.48% over the last 24 hours.Bitcoin is in a bearish mood as it shed 0.55% in the last 24 hours.Ethereum is performing relatively better, added 0.72% in the past 24 hours.Uniswap and Bitcoin Cash are also in a losing mood, shedding 2.20% and 1.54%, respectively.
The global crypto market hasn’t been able to stay stable as the situation is taking turns daily. In contrast to the previous few weeks, there has been a trend of volatility in the market. The change has resulted in the ensuing trend of loss which might affect the whole market. The initial victim of it is Bitcoin which has lowered its value considerably and might continue for a while. There is no surety about whether the bearishness will last for a longer period. If the said trend continues, the market might have to lose the gains that it made recently.
The Indian crypto market has been going through hard days because of the decisions of the Indian government. A recent addition to the misinformation regarding crypto is its likening to gambling. A former Indian Chief Minister has said that crypto investment is like gambling. He added that it is not a useful commodity, so it should be taxed heavily. There is a possibility that the recent taxations might have resulted from this thought. If the taxing of crypto continues, there are chances that the investments will reduce because no one wants to pay this much on their investments.
Here is a brief overview of the current market situation using the performance of Bitcoin, Ethereum, and some other major coins.
BTC changes direction
Bitcoin is the leading coin in the market, and its trends affect the whole market. As new changes have begun to occur, Bitcoin seems to be its leading victim. If the sell-off doesn’t change, there are chances that the market will take a downturn.
The data for the last 24 hours shows that Bitcoin has shed 0.55%. If we compare the performance of Bitcoin for the last seven days, it has added 4.75%. The gains might erode further as the result of a bearish situation. The current price for Bitcoin is in the $45,299.40 range.
The current market cap for Bitcoin is estimated to be $878,794,937,022. In comparison, its 24-hour trading volume of it is about $28,334,806,952. The same amount in the native currency of Bitcoin is about 612,635 BTC.
ETH is in a bullish mood
Ethereum has been performing much better than Bitcoin as it has continued to gain value. The weekly chart for Ethereum shows that it has exhibited consistency in gains. Its sell-offs remained in a moderate range which helped it stay afloat successfully.
The recent data shows that Ethereum has added 0.72% in the last 24 hours. Comparing the gains for the last seven days shows that the gains amount to 11.12%. The weekly gains tell of stability in its value compared to other coins, which suffered due to volatility.
The current price for Ethereum is in the $3,463.03 range. If we take a peek at its market cap value, it is estimated to be $415,910,332,389. The 24-hour trading volume of Ethereum remained at about $23,372,962,705.
UNI unable to maintain momentum
Uniswap is one of those coins which have joined the bearish club as the market has begun to suffer. The change for Uniswap came from steep falls in its value which it suffered over the last few days. If we look at its performance for the last seven days, it has gained 10.36%.
It was able to achieve a considerable amount of gains but shed them due to following sell-offs. The daily performance of UNI shows that it has depreciated by 2.20%. The current pace on the reverse side tells of hard days if it didn’t see any improvement.
The current price for Uniswap is about $11.61. If we take a peek at the market cap value, it is estimated to be $7,982,150,667. In comparison, its 24-hour trading volume of it is about $362,235,964.
BCH is in a depreciating mood
Bitcoin Cash has also begun to lower its value as the sell-offs. The data for the last 24 hours shows that it has shed 1.54%. If we compare the weekly performance, the gains for this coin are about 4.13%. The current price for BCH is about $375.51.
If we look at its market cap value, it is estimated to be $7,139,801,637. In comparison, its 24-hour trading volume of it is about $4,947,601,266. The circulating supply for this coin remained at 19,025,525 BCH.
The market is back to hard times as the new changes have begun to test the investors’ nerves. As the leading coins of the market began to turn their direction to bearishness, there has been an increase in divestment seen for smaller coins. The reason for it is preemptory steps to protect their capital from loss. There are hopes for an improvement in the market value.