The global crypto market has been unable to see positive signs as the recessive bouts have continued to pull it lower. The changes have continued to affect Bitcoin and Ethereum, the leading giants in the market. The situation might continue to worsen if there is no influx of funds. The volatility has increased for the market because of the fears of speedy changes, which have brought the market value below $1 trillion. It might continue to recede further as the reds dominate.
Tron is aware of the following difficulties it might see due to changing market situation. The continuing bearishness has left many coins in shambles, and Tron DAO is working on precautionary measures to prevent a possible collapse. It has added $50 million worth of Bitcoin and TRX to USDD reserves. These reserves will help it stay afloat as the stablecoin has continued to grow in value despite the difficulties in the market. USDD saw a speedy rise after the collapse of Terra UST, an algorithmic stablecoin. The mentioned collapse has also led to the market being deprived of a significant value.
Here is a brief overview of the current market situation, analyzing the performance of Bitcoin, Ethereum, and others.
BTC drops to $21K
Bitcoin has speeded up its process of losses as it has covered the journey from $23K to $21 in less than a few hours. The bearishness for Bitcoin has continued for more than 48 hours, resulting in an outflow of more than $91 million, which is a huge loss. It might cost much more in the upcoming liquidations if the losses continue.
The latest data for Bitcoin shows that it has shed 18.04% over the last 24 hours. If we compare the losses for the last seven days, these have remained at about 28.51%. The increased losses have resulted in the loss of more than $8K for Bitcoin value.
The price value for Bitcoin is in the $21,274.22 range. If we compare the market cap value for Bitcoin, it is estimated to be $404,222,113,918. The 24-hour trading volume of Bitcoin is about $67,566,169,406.
ETH close to $1.1K
Ethereum has faced a similar bearish situation as Bitcoin and other coins. The changes have resulted in increased mining difficulty coupled with problems in transition. The big Ethereum merge was expected to be complete by June, but it is still pending. Some analysts hope that the merge will help it recover value, while others believe that it won’t help in its rise from the abyss.
The performance of Ethereum has shown lag as it has shed 16.77% over the last 24 hours. Comparing the weekly performance, the losses have risen to 35.21%. The increasing losses have resulted in its value almost halving.
The price value for ETH is in the $1,135.15 range. If we look at the market cap value, it is estimated to be $138,718,505,051. The 24-hour trading volume of this coin is about $43,578,155,780.
SHIB fluctuates
The performance of Shiba Inu has also been experiencing continuous dips. The change has resulted in a loss of 8.19% over the last 24 hours. If the weekly performance is compared, it has shed 26.95%. The trend for losses has continued, seeing no difference. The result is a decrease in price value which is currently about $0.000007628.
The market cap value has also receded, which has resulted in its lowering to $4,195,018,705. The 24-hour trading volume of this coin is about $638,293,550. The 24-hour trading volume of Shiba Inu in its native currency is about 83,542,785,893,034 SHIB.
LINK attempting revival
Chainlink has attempted to revive value, but there has been little change. The result has been a loss of 7.45% over the last 24 hours. In comparison, the losses for the last seven days are about 25.65%. The losses are expected to continue as liquidations have continued.
The price value for LINK has lowered to $7.45 due to a bearish market. The market cap value for this coin is estimated to be $2,606,312,409. The 24-hour trading volume of this coin is about $1,077,537,573. The circulating supply of this coin is about 467,009,550 LINK.
Final Thoughts
The global crypto market has continued to see a decrease in value due to bearishness. The changes have resulted in the depreciation in the global market cap value, which is about $903.09 billion, as it has continued to lower. The current changes have brought it lower from $1.05T to this value, and the losses might continue.
