The performance of the global crypto market has seen a change as bearishness seems to dominate. The value of Bitcoin is on the decline, while Ethereum has shown plain bearishness. These changes followed like a domino effect where the reduction of gains for some resulted in an impact on the whole market. The bullishness had lasted longer than usual, and it is yet to be seen how this bearishness will impact the market.
The ongoing bearishness in the market since the start of 2022 has spared no digital asset. Be it coins like Bitcoin and Ethereum, NFTs, or stablecoins; there has been a clear impact on them. Stablecoins used to be a haven for investors, but this year changed this perception. The volatility of the market affected stablecoins as well as the collapse of Terra UST, took place.
The past couple of years had seen a bullish pattern for stablecoins, but it didn’t last. Instead, the growth of stablecoin has taken a downturn. Their market cap had reached $151.3 billion over the last two years, but it has shed billions since the fall of UST. Now, investors are showing reluctance to invest in these coins.
Here is a brief overview of the current market situation, analyzing the performance of Bitcoin, Ethereum, and other altcoins.
BTC unable to reach $24K
Elon Musk’s Tesla has remained one of the leading crypto holders. Musk has continued to promote crypto and has also been a Bitcoin supporter. Since his change in stance regarding Bitcoin, there has been a significant decline in its value. In a recent statement, he said that Tesla sold its Bitcoins because of Covid lockdowns in China.
The latest data shows that Bitcoin has reduced its gains. According to the available updates, it has reduced gains to 0.51% for the last day. If we compare the weekly performance, the gains are about 15.08%.
The price value for Bitcoin is in the $23,306.22 range. If we compare the market cap value for Bitcoin, it is estimated to be $445,661,334,463. The 24-hour trading volume of Bitcoin is about $42,387,136,270.
ETH faces bearishness
Polygon has launched a new Ethereum-compatible scaling solution. It is a proprietary-scaling solution named zkEVM. Ethereum has played a key role in promoting new tech solutions and as a supportive platform for various organizations.
The value of Ethereum is also on the decline due to market bearishness. The latest data shows it has shed 0.12% over the last day. In comparison, the performance for the last seven days shows a gain of 37.95%.
The price value for ETH is in the $1,537.05 range. While if we look at its market cap value, it is about $187,031,008,370. The 24-hour trading volume of the same coin is about $22,777,688,463.
HBAR seeing a speedy loss
Hedera has also seen a speedy decline in value as the market remains bearish. The latest data shows it has shed 7.23% over the last day. The gains for the last seven days are about 12.63%. The price value has also been affected as it is currently about $0.07062.
If we peek at the market cap value for Hedera, it is estimated to be $1,488,975,571. The 24-hour trading volume of this coin is about $42,780,218. The same amount in its native currency is about $605,793,243 HBAR.
XTZ exhibits downtrend
The value for Tezos has also seen a downtrend because the gains couldn’t continue. The latest data shows it has shed 5.68% over the last 24 hours. The seven-day data shows that it has added 9.30%. The price value for the same coin is about $1.64.
If we look at the market cap value for XTZ, it is estimated to be $1,482,797,715. The 24-hour trading volume of this coin is about $77,177,558. The circulating supply of the same coin is about 902,322,971 XTZ.
Final Thoughts
The global crypto market has taken a turn after benefitting from the bullishness. The changes for Bitcoin and other coins show that there has been a dominant trend of decline. As the market saw speedy changes, there has been a global market cap value reduction. It is currently estimated to be $1.04 trillion. If the bearishness lasts, it will reduce the incoming investments.
