The global crypto market has seen a negative trend because of the continuation of losses. There has been no improvement in the value of Bitcoin, Ethereum, or others. The trend of the market’s decline has continued without any breakthrough, affecting the overall performance. As there has been no significant positive change, it has affected the influx of capital. Big and small coins have struggled with prices because of the lowered value.
TikTok is taking a central role in decentralized finance as the environment is changing. The mentioned media platform has become of consequence to the younger generation who don’t have disposable income but are financially savvy. In July 2021, TikTok claimed to have more than three billion downloads, becoming more popular than Instagram.
The value of Bitcoin changed considerably as the market saw a decline, and Gen Z seems different from typical investors. As they have enough interest in utilizing TikTok for financial literacy, they have been attracted to DeFi. Last year, the #Crypto hashtag blew up with more than 1.9 billion videos. While there were other hashtags as well, which included #Crypto, #StockTock, etc. As the primary users of these videos are Gen Z, there is a healthy appetite for crypto and DeFi seen in this generation.
Here is a brief overview of the current market situation, analyzing the performance of Bitcoin, Binance Coin, and others.
BTC in lag
Research from Glassnode shows that consistent lows from Bitcoin might be causing problems for it in the longer run. If the persistent low volume continues, there are chances that its price value can plummet to $12K.
The recent changes for Bitcoin show a continuation of the negative change. The latest data shows that it has receded 0.66% in a day. In comparison, the weekly data shows a gain of 1.57%.
The price value for Bitcoin is currently in the $19,197.64 range. The market cap value for Bitcoin is estimated to be $367,969,323,067. The 24-hour trading volume of Bitcoin is about $22,390,382,781.
ETH drops below $1.3K
The performance of Ethereum has seen a decline as the merge took place. The investors in this coin have continued to ask the question of when it will be able to regain value. A recent report by Glassnode shows that there has been an increase in the number of new Glassnode addresses.
The performance of Ethereum has also seen a decline in value. The latest data shows it has shed 1.04% over the last 24 hours. The seven-day data shows a loss of 0.52%.
The price value for Ethereum has fluctuated as it is about $1,295.78. The market cap value for this coin is estimated to be $158,897,464,548. The 24-hour trading volume of this coin is about $8,281,157,017.
ALGO in losses
The performance of Algorand has continued to show a trend of decline. The latest data shows it has receded 1.70% over the last day. The weekly performance shows a loss of 6.44% for this coin. Consequently, the price value for ALGO has declined to the $0.3597 range.
The market cap value for Algorand is estimated to be $2,489,765,906. The 24-hour trading volume of this coin is about $141,853,556. The same amount in its native currency is about 394,899,821 ALGO.
TON facing hard times
Toncoin has also faced hard times due to a decline in market value. The latest data shows that it has shed 1.49% over the last 24 hours. The weekly data shows that it has added 6.97%. The price value for TON is currently in the $1.37 range.
The market cap value for Toncoin is estimated to be $1,672,753,231. The 24-hour trading volume of this coin is about $7,922,723. The circulating supply of this coin is about 1,221,401,181 TON.
Final Thoughts
The performance of the global crypto market has seen no positive change. Instead, the value of Bitcoin, Binance Coin, and others has declined due to a negative trend. The recent changes show that the market is likely to depreciate further. The global market cap value has also been affected as the negative trend continues. The latest data shows that it is estimated to be $929.03 billion.
