TL;DR Breakdown The global crypto market has shed 0.72 percent over the last 24 hours. Bitcoin continues in a recession, shedding 0.66 percent in 24 hours. Ethereum, in contrast to Bitcoin, is bullish; adds 1.26 percent. Celo and Nexo are bullish, adding 1.42 percent and 1.59percent over the last 24 hours. The global crypto market … Read more
- The global crypto market has shed 0.72 percent over the last 24 hours.
- Bitcoin continues in a recession, shedding 0.66 percent in 24 hours.
- Ethereum, in contrast to Bitcoin, is bullish; adds 1.26 percent.
- Celo and Nexo are bullish, adding 1.42 percent and 1.59percent over the last 24 hours.
The global crypto market continues to fluctuate in response to its latest volatility trend. The new changes have left it uncertain as we see a mix of bearish and bullish movements in different currencies. One group follows bitcoin as they retrace the previous gains made while the other group moves in the upward direction. Ethereum leads the second group, maintaining its bullishness despite strong indications for negative movements. The main reason for the bearishness in the crypto market is linked to the feeling of loss in the market. it has resulted in a mass sell-off of different currencies.
As the financial situation in Russia has gotten bleaker, there has also been a trend of stronger regulations. The result has been strict monitoring of P2P transactions. The fear of the flow of capital from Russia to other countries has alarmed the authorities as they don’t want to bear this loss anymore. The current war has led Russia into a difficult situation because of the humiliation it has suffered. At the same time, it is also getting hit with stricter financial sanctions that have wrecked its economy. If the war continues for a longer period, it will adversely affect the economy even more, which is already on the brink of failure.
Here is a brief overview of the market situation using currencies like Bitcoin, Ethereum, etc.
BTC is moving in the reverse direction
Bitcoin has shed its value due to the changes in the market resulting from mass sell-offs. The main reason for bearishness is investors pulling out their capital to reduce the risk of losses. Thus, it has led to a continued depreciation in the value of Bitcoin.
If we look at Bitcoin’s performance for the last 24 hours, the losses are about 0.66 percent. The margin of losses is relatively low, but it has affected Bitcoin price, which has come down from $41K. The current price for Bitcoin is in the $40,698.01 range, and it might go lower if the losses continue.
The weekly performance shows that Bitcoin has gained 3.02 percent. However, it will lose its weekly gains if the bearish trend persists. The current market cap for Bitcoin is estimated to be $771,788,960,068, while the 24-hour trading volume is estimated to be $29,754,850,534.
ETH continues to gain value
Ethereum has retained its momentum, which contrasts with Bitcoin’s situation. The data for the last 24 hours shows that it has gained 1.26 percent, while the weekly charts also show bullish signals. It gained 8.12 percent over the last seven days. Ethereum currently trades in the $2,845.10 range.
The new gains are mainly the result of Layer 2, which has led to massive cash inflow towards the coin. It has raised $50 million recently, and the figure may increase in the future. So, there are chances that its price might go even higher.
The market cap value for Ethereum is estimated to be $339,367,231,203. In comparison, the 24-hour trading volume of this coin remained at $12,427,546,912.
CELO fluctuates in gains
Celo is in a better situation compared to the bearish majority in the market. It has gained 1.42 percent over the last 24 hours. The coin gained 13.46 percent over the last seven days, which is an impressive feat by current market standards.
Celo currently trades in the $3.03 range. The value of the gains has lowered comparatively, but it might gain momentum in the coming days. The market cap value of Celo is $1,294,456,275 at the time of writing, while its 24-hour trading volume is estimated to be $459,896,003.
NEXO primed for bearish conditions
Nexo coin made significant gains during the recent period of bullishness. It gained about 6.20 percent over the last seven days. The gains for the last 24 hours are 1.59 percent. Thus, there is no significant change seen in its momentum.
Currently, this currency ranks 70th on the global list and has a price of $2.23. At the same time, its market cap value is estimated to be $1,246,522,658. The 24-hour trading volume of this coin is about $6,668,309, and its circulating supply is 427,388,610 CELO.
The global crypto market has failed to maintain momentum in any direction. The result has been a decrease in the value of the global market cap, reaching $1.82T. Though it is currently in the safe range, it could go lower. There are also chances that the sell-off might continue further. The fears of loss have hit the market, and there is a need for a strong bullish rally. If it can attract investors, it might bring more gains than the previous bullishness. Bitcoin is expected to gain value if the market turns bullish.