The global crypto market has seen a recessive pattern despite the efforts for recovery. The ongoing situation has brought losses to the market as the investors struggle. The value of gains for Bitcoin, Binance Coin, and others has continued to lower. The result has been increased sell-offs as investors escape the crashing market. The mentioned state seems to be a repetition of the bearishness in May-June when the market was in a continuously recessive mood.
The new challenges to the market have posed threats as the value of Bitcoin shed $2K. The current situation is challenging for investors because of the huge losses that the market has faced. The bearish sentiment has affected the investments because of their fears. The news of the Ethereum merge had brought the market hopes about recovery, but the recent changes suggest something else.
The drastic correction in price has affected the recovery cycle. As the recovery process continued, the Fear and Greed index for the market showed a score of 42. The mentioned score reached its highest in four months suggesting difficulties. The recovery and retracting are not something new to the market, but it will help the market realize its actual potential.
Here is a brief overview of the current market situation, analyzing the performance of Bitcoin, Binance Coin, and others.
BTC turns to fear
Bitcoin has faced some of the worst hours since the previous market crash. The speedy change in value has brought fears to the investors. USDC exchange reserves have seen a spike in value. Analysts suggest that the mentioned change will bring back Bitcoin up.
The latest data for Bitcoin shows continuing reversal. The continuation of the bearish pattern has brought a loss of 7.66% to Bitcoin in a day. The weekly data shows that Bitcoin has regressed by 14.03%.
The ongoing changes have brought Bitcoin price to the $21,068.30 range. The market cap value for Bitcoin is estimated to be $403,244,896,460. The 24-hour trading volume of Bitcoin is about $40,467,928,467.
ETH still at lows
Ethereum was expected to rise in value despite the bearish market. The much-anticipated merge was expected to bring it to the rise, but the pattern seems to be changing. Ethereum has seen a daily decline in revenue on the network. The Block reported that ETH revenue has reached its all-time low of the year.
Ethereum has also been on the back foot due to a bearish market. The latest data shows a loss of 10.38% for this coin. The weekly data shows a loss of 17.05% for Ethereum.
If we compare the price value for ETH, it is currently about $1,630.80. The market cap value for this coin is estimated to be $199,012,027,129. The 24-hour trading volume of the said coin is about $25,802,272,705.
FLOW on reversal
Flow has also been in a reversal mood due to losses. The latest data shows a loss of 9.86% for this coin. The weekly data shows a regression of 26.90%. The recent changes have brought its price value to the $2.18 range.
The market cap value for FLOW is estimated to be $2,255,544,261. The 24-hour trading volume of the same coin is about $146,801,348. The same amount in its native currency is about 67,440,732 FLOW.
VET continuing bearish
VeChain has seen a continuation of a bearish pattern. The latest data shows this coin’s loss of 5.12% in a single day. If we compare the weekly data, the losses amount to 22.62%. The price value for VET is estimated to be $0.02604.
The market cap value for VET is estimated to be $1,888,437,315. The 24-hour trading volume of the same coin is about $113,991,829. The circulating supply of this coin is about 72,511,146,418 VET.
Final Thoughts
The global crypto market has seen a reversal in losses for a while. The changes in the market have been detrimental to gains as the investors have seen a decline in their capital. These changes also affected the performance of Bitcoin, Binance Coin, and others. As the negative changes continue, the global market cap value has lost more than $100 billion. The latest data shows that it is estimated to be $1.02 trillion.
