The global crypto market has continued to amaze its followers as it saw another wave of fluctuations. The recent changes in the market show that Bitcoin, Ethereum, and others continued to recede. Though the bullish wave passed a while back, the strengthening bears emaciated it. The recent changes show that the market is undergoing further decline despite resistance. If the ongoing situation persists, the market will likely lose further value. The bearish wave has proved debilitating for the market.
Apple will allow NFT sales in apps but will charge a commission of 30%. Apple has plans to add standardizing acceptance for NFT-based apps that will be available on App Store. However, the company has plans to include 30% transaction fees for all transactions which many NFT firms believe is unreasonable. According to media reports, Apple has told startups that NFTs are permitted to be sold on App Store, but the sales will take place through in-app purchases.
The compulsion to payment of fees through in-app purchases might force many companies to stay out of this venture. Also, these exorbitant fees have forced many projects and platforms to limit functionality. While in some cases, the fees might cross 30%, creating a burden on developers as well as users.
Here is a brief overview of the current market situation analyzing the performance of Bitcoin, Ethereum, and others.
BTC down to $18.8K
Glassnode co-founders see a continuation of hard times for Bitcoin due to another Fed rate hike. They see the worst yet coming for the market due to the growing difficulties. Most of the firms were weighing in on Bitcoin but it might not be able to fulfill their expectations.
The recent data for Bitcoin shows a continuation of losses. The latest changes for Bitcoin show a loss of 0.52% over the last 24 hours. In comparison, the losses for the last seven days are about 3.03%.
The price value for Bitcoin is about $18,874.78 range and might decline further. The market cap value for BTC is estimated to be $362,077,034,145. The 24-hour trading volume of Bitcoin is about $25,112,381,131.
ETH declines
Corry Klippsten, the CEO of Swan Bitcoin, has shared his views on the post-merge situation for Bitcoin. Klippsten believes that post-merge Ethereum is a threat to Bitcoin’s dominance in the market. The competition for liquidity between Bitcoin and Ethereum is likely to tilt in favor of Ethereum.
The performance of Ethereum also shows a trend of decline. The recent data shows that it has receded 1.48% over the last 24 hours. In comparison, the weekly data shows a decline of 3.02%.
The price value for ETH has declined to the $1,301.93 range. The market cap value for this coin is estimated to be $159,814,316,455. The 24-hour trading volume of the same coin is about $12,596,689,822.
AVAX regressive
The performance of Avalanche has also shown a regressive trend. The latest data shows that it has receded 2.27% over the last day. In comparison, the weekly data shows that the gains are about 1.93%. The price value for AVAX is currently about $17.34.
The market cap value for Avalanche is estimated to be $5,136,007,831. The 24-hour trading volume of this coin is about $147,058,138. The same amount in its native currency is about 8,472,029 AVAX.
ATOM bullish
The value of Cosmos has increased due to the favorable market. The latest data shows that it has added 3.41% over the last 24 hours. The weekly data shows that it has regressed by 6.85%. The price value for ATOM is currently about the $14.22 range.
The market cap value for Cosmos is estimated to be $4,068,958,746. The 24-hour trading volume of this coin is about $500,742,949. The circulating supply of the same coin is about 286,370,297 ATOM.
Final Thoughts
The global crypto market hasn’t been able to revive its performance. There has been a continuation of the declining pattern over the last few days. There have been attempts to revive its value but there have been no positive results. The recent changes show the continuation of losses for Bitcoin, Ethereum, and others. The result of the ongoing changes is a decline in the global market cap value which is currently about $927.41 billion.
