TL;DR Breakdown
- The global crypto market is bullish, losing 2.52% in 24 hours.
- Bitcoin has continued to lose value, while losses are about 1.21% for the last 24 hours.
- Ethereum has a no different fate, shed 5.82% in the last 24 hours.
- Dogecoin and Tron turn bullish, gaining 0.41% and 0.07%, respectively.
Market analysts hoped that the market would recover soon after its losses over the last two days. But they were wrong in their estimates as the market has continued to face hard times. The result is evident in lowering the market cap while a significant reduction in the value of bitcoin. The most apparent reason for the loss of bitcoin value is the Russia-Ukraine conflict that worsens instead of being resolved. If the same situation continues, the losses for the crypto market might be harsher.
As the weekend is approaching, there are chances that the market might have luck. Even if it puts an end to the losses, it would be much good. In contrast, if the losses for the market continue, the market capital will reduce further. There is no certainty about the progress of coins, but Bitcoin has entered a dangerous phase as it is reducing further. If the losses continue, it might be nearing the $32K threshold, which is dangerous for Bitcoin.
Canada has continued to freeze the wallets of some crypto users. The main reason for it is the funds for truckers’ movement. Exchanges have issued warnings to users to ensure that they take proper steps. It is yet to be seen how the government will continue it.
Here is a brief overview of the market using some significant coins like Bitcoin, Ethereum, and some others.
BTC recedes further, falls below $40K line
Bitcoin has faced hard times recently, and it seems as if they are beginning anew. It is standing at barricades because of the growing geopolitical issues. It has become a victim of this issue multiple times. The last time was due to China, which was due to the Russia-Ukraine issue.
The current data for bitcoin shows a loss of 1.21% in the last 24 hours. The change in value has affected its price, estimated to be $39,932.22 as per the latest updates. The loss for the last seven days amounts to 5.66%, which has played a significant role in its price reduction.
The current market cap for bitcoin is estimated to be $757,221,991,205. While if we take a peek at the 24-hour trading volume of bitcoin for the last 24 hours, it is estimated to be $21,158,188,305.
ETH furthers the losses’ value
Ethereum is heading towards January lows as it has continued to shed value. The new changes have deprived it of 5.82% in the last 24 hours. While if we compare the performance over the previous seven days, it amounts to 6.45%. The current price for Ethereum has also been reduced due to the change in investments. It is speeding up losses in comparison to bitcoin. The current price for Ethereum is estimated to be $2,727.62.
If we look at the current market cap of Ethereum, it is estimated to be $326,344,256,321. A view of the 24-hour trading volume of Ethereum shows that it is about $14,595,001,471. The graph for its weekly performance shows a steep fall in its value.
DOGE shows signs of encouragement
Dogecoin has changed direction after continuing losses. The change in the performance shows that it has attracted about 0.41% in addition to its value. The ranking of this coin is 11th on the list, while its price is about $0,1412.
The losses for the last seven days amount to 0.91%. The current market cap for dogecoin is about $18,738,357,572. While its trading volume is estimated to be $774,237,684.
TRX turns bullish for new gains
Tron has also changed course after the new investments it attracted. The new gains added 0.07% to its value in 24 hours. At the same time, the losses for the last five days amount to 0.58%. The current ranking of this currency is 23rd in the list, while its market cap is estimated to be $6,497,723,456.
The 24-hour trading volume of this coin is estimated to be $880,313,449. The circulating supply of Tron for the last 24 hours is about 101,772,413,967 TRX.
Final Thoughts
The market is again going through a decisive phase as new changes have deprived it of 2.52%, taking the global market cap to $1.80T. If the market needs a boost to get out of this situation, it can be done through new investments. Once new investments come to the market, they will turn bullish. Also, the geopolitical situation needs enhancement for better results. As soon as the situation normalizes, different cryptocurrencies, including Bitcoin and Ethereum, will regain their value.
