The global crypto market has seen a change in performance as it continues to be bearish. The recent changes for Bitcoin, Binance Coin, and others show negative performance. As there has been no positive change, the value of these coins shows a recession. The decline in the market has continued for a lasting while, as there have been fluctuations due to uncertainty. The bearish trend in the market has been spurred by economic instability, increasing inflation and Fed rate, and other geopolitical issues.
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Here is a brief overview of the current market situation analyzing the performance of Bitcoin, Binance Coin, and others.
BTC uncertain
The latest Glassnode report has said that Bitcoin mining difficulty has increased. The difficulty has reached an all-time high while the profitability decreased. The value of Bitcoin has remained suspiciously flat for a while, creating a difficult situation for investors.
The recent changes for Bitcoin continue to show a negative trend. The latest data shows that it has shed 0.88% over the last 24 hours. The seven-day data for Bitcoin shows an addition of 3.98%.
The recent changes have lowered the price value of BTC, as it is currently in the $19,178.45 range. The market cap value for Bitcoin is estimated to be $367,572,231,723. The 24-hour trading volume of Bitcoin is about $28,107,346,623.
BNB bearish
Binance has released an urgent patch for BNB smart chain after the hack. The developers released a temporary urgent patch, v1.1.6, for BNB smart chain nodes on Tuesday. The value of BNB lowered considerably due to problems appearing in BNB smart chain. On the other hand, Coinbase has continued to give Binance tough competition.
The performance of Binance Coin also shows a negative trend. The latest data shows that it has receded by 0.83%. The weekly data for this coin shows a loss of 6.63%.
As the negative trend continues, the BNB price value has been reduced to the $272.91 range. The market cap value for this coin is estimated to be $44,018,255,574. The 24-hour trading volume of this coin is about $645,393,810.
DOGE continues to lose
The performance of Dogecoin has continued to show a decline in value. The latest data shows it has shed 1.56% over the last 24 hours. The seven-day data shows that it has receded by 1.19%. The result of these changes is a decline in DOGE price value which is currently in the $0.06 range.
The market cap value for Dogecoin is estimated to be $7,950,034,342. The 24-hour trading volume of this coin is about $282,549,957. The same amount in its native currency is about 4,715,214,699 DOGE.
TRX grows lower
The value of Tron has also lowered due to the negative trend. The latest data shows that it has shed 2.88%. As the market remains bearish, the gains of Tron have been reduced to 0.94%. The price value for TRX is currently in the $0.06199 range.
The market cap value for Tron is estimated to be $5,722,134,981. The 24-hour trading volume of this coin is about $374,868,802. The circulating supply of this coin is about 92,326,302,743 TRX.
Final Thoughts
The global crypto market has continued to decline in value due to the bearish trend. The recent changes for Bitcoin, Binance Coin, and others show continuing bearishness. The global market cap has also been affected as the negative trend continues. The recent data shows that it is estimated to be $922.19 billion. As the negative trend continues, there is a likely chance of its further reduction.
