The changes in the global crypto market continue as it has seen no difference. Its pace continued bullish over the last day, while now it seems to be reversing its gains. Bitcoin and other coins in the market face the same dilemma regardless of their sizes. These changes have resulted in lowering the market’s gains over the last day. It is yet to be seen how much this bearish wave will lower the global market cap value.
The changing market has forced various service providers to offer new services. One of these is Coinbase which has seen a steep drop in value as the market has continued to change. It launched NFTs sale on its platform a few weeks back. It has struggled with creating the market for its NFTs, while now it has added new features to break the ice.
It has focused on an engagement-first approach, looking forward to creating a customer-friendly place for NFTs. It will take time and effort to build a new NFT marketplace in a bearish market and the presence of already there NFT platforms.
Here is a brief overview of the current market situation, analyzing the performance of Bitcoin, Ethereum, and other altcoins.
BTC reverses its progress
The fluctuating pattern for Bitcoin shows that it hasn’t been able to retain its gains for the last few months. Goldman Sachs analysts believe that the Bitcoin market can see relief in the form of improving price value. They have predicted its rise to $28K shortly.
The latest data for Bitcoin shows that it has shed 3.86% over the last day. In comparison, the weekly performance shows no good changes either as it has shed 9.57%. These changes suggest that the market for Bitcoin might weaken.
The price value for Bitcoin is in the $19,254.04 range. In comparison, if we look at the market cap value, it is estimated to be $387,417,763,800. The 24-hour trading volume of Bitcoin is about $28,603,753,509.
ETH under red shadows
Binance’s CEO, CZ, has continued to believe that the global crypto market is improving. He has expressed his market repeatedly and hasn’t felt threatened by the bear market. It is yet to be seen what will be lasting impacts of the current situation.
Ethereum has also seen changes in value as it has receded 3.07% over the last day. These changes have resulted in furthering the weekly losses, which are about 13.17%. These changes could translate into a reduction in price value.
The current price value for Ethereum is about $1,059.87. The market cap value for this coin is estimated to be $128,640,610,936. The 24-hour trading volume of ETH is about $15,795,889,801.
FTM under severe stress
Fantom has continued to face straining losses which are about 6.11% over the last day. In comparison, the losses for the last seven days are about 20.14%. These changes have resulted in the weakening of its price value and other metrics.
The current price value for FTM is in the $0.2435 range. In comparison, the market cap value for the same coin is about $619,791,169. The 24-hour trading volume of this coin is about $154,498,499. The same amount in its native currency is about 634,406,666 FTM.
NEO facing losses
Neo has continued to face problems as its losses increased. It has shed 4.44% over the last day as the market turned bearish. These changes have increased the weekly losses, which are about 16.77%. These changes have brought its price value to the $8.20 range.
If we peek at its market cap value, it is estimated to be $578,289,890. The 24-hour trading volume of NEO is about $47,443,776. The circulating supply for the same coin remained 70,538,831 NEO.
Final Thoughts
The global crypto market has continued to fluctuate as the losses increased over the last few hours. These changes have resulted in the recession of a considerable amount. The changes for Bitcoin and other coins show considerable impacts. The global market cap value has also suffered as it is currently about $867.71 billion. The current situation shows that it might suffer further.
