- Global market cap on the way to further recession, investors liquidate their investments amounting to 3.70%.
- Bitcoin stabilizes itself at the $ 48.5K range.
- Ethereum and Binance Coin are waiting to see the good times back, both affected by the recession.
- Terra Luna, the only coin in the top 10 to attract investors.
The crypto world is still lingering from the impacts of the Omicron variant and economic changes in the world. Though Elon Musk tried to change the topic from Omicron to Web 3.0, there is a sense of uncertainty prevailing in the crypto world. This uncertainty is evident from the changes in the global market cap, which has lagged since the first blows of the Omicron variant. The latest updates have come down to $2.24 trillion, which once had reached $2.80 trillion.
As predicted earlier, there are hopes that Bitcoin will consolidate its value to start afresh for new highs. It has proved in the form of the stay at $48K range, and it is hoped that, if it stays stable, it might cross $49K. It is expected that sooner or later, altcoins will follow suit because the investor trust would have been reclaimed. There was fear in the market because of the continuous recession of Bitcoin, but it might give way to hopes soon as it is strengthening its position.
This period might count as historic lows, but it will give the crypto market new vigor and hopes.
BTC on a Seesaw, moving in the range of $48.5K
Bitcoin has been one of the most liquidating coins in the previous days. The dilemma it faced was liquidation when it was expected to cross $60K. It has received relief in the form of recent investment from El Salvador.
This could be why Bitcoin is relieved compared to the following coins like Ethereum and Binance Coin. It has shed an amount estimated to be 1.54% in the last 24 hours, which, compared to 14.79% of the last seven days, shows rays of hope. The resurge might take time, but it has seen hard days before that.
The current market cap for bitcoin is $917 billion, which shows how it has been affected by the volatility in the market. The volume recorded for Bitcoin in the last 24 hours is $36 billion. It had been seesawing between $47K and $49K, but today it shows signs of stability. Its circulating supply is recorded to be 18,892,931 BTC.
ETH and BNB waiting for a miracle
Ethereum and Binance Coin are testing their skills to soar lower. They have been the major affected coins that shed significant amounts during the latest recession. The constant loss in their value sparked fears of the market crash, but Bitcoin’s resurgence might prove recuperation support for them.
The past 24 hours have been especially testing for Ethereum when it went through depreciation of 3.72%. This depreciation brought its price to the $4.06K range.
Similarly, Binance Coin has also been affected by the uncertainty and liquidation in the market. It lost 3.08% in the last 24 hours. Compared to its weekly loss, which was 5.77%, it has made an impactful shedding in the last 24 hours. Binance Coin’s current price is in the $557 range.
Ethereum and Binance Coin are known for their perseverance. They were the lead gainers a few days back, but it is left to be seen if they can give Bitcoin a tough time.
The current market cap for Ethereum is $483 billion, which has lowered from the previous day. The same stands valid about Binance Coin, whose market cap has depreciated to $92 billion.
The previous days have shown a decline in their value during the last few days, but once they are on track, the resurgence won’t take time.
Top gainers and losers
In the latest market trading hours, the cryptocurrency market has shown mixed sentiments. There have been only a few coins that went up in the otherwise red market. The Binance Coin (BNB) gained over 3% to touch the $570 mark. The coin stayed red in the last week; thus, this slight move upwards can be a healthy correction for BNB.
On the other hand, AVAX went up by 3.50% to an inch closer to $90. The major breakthrough came from the prices of CAKE and BTT. The former surged by 12.60% to cross $12, whereas the latter crossed $0.00283 after gaining almost 16%. The trading volume and the market cap of both of these tokens also enjoyed a healthy stride upwards after the bear run of last week.
There were several names in the list of losers, as the overall market has stayed red after the recent dip. ATOM was one such token that lost over 7.20% to plunge back to $23. It has now lost over 14% in the last seven days. LINK also followed the same pattern and continued with its downward slide.
EGLD and AXS each shed over 5% over the last day. Both of these coins have received a major dent in their trading volumes and market caps as well in this crashing market. Other losers include MATIC and LUNA, losing 5.10% and 6.60% in recent trading hours.
This month seems to be an interesting turn in the crypto prices. There are evident fluctuations seen in the market because of investor uncertainty. The market is receding because of the continuous liquidation, which can be prevented by regaining the investor trust.