The global crypto market has witnessed a positive change as it has regained momentum. The performance of Bitcoin, Ethereum, and others shows a significant change in value. As the market continues to rise, there is a chance that there is a revival of previous gains. The market has suffered considerable losses due to a rough market. If the uncertainty in the market continues, there is a chance that fluctuations in value will continue.
Silvergate Capital has reported less than $20 million in BlockFi deposit exposure. Silvergate Capital said in a statement that it has the least exposure to lender BlockFi which recently filed for bankruptcy. The crypto bank said that BlockFi deposits make less than $20 million of its total deposits. BlockFi filed for Chapter 11 Bankruptcy on Monday as it disclosed its business details. The company disclosed in its filing that it has more than 100,000 creditors.
Furthermore, the company has assets and liabilities of between $1 billion and $10 billion. BlockFi had announced the suspension of withdrawals on 10 November, a day after FTX filed for bankruptcy. Adding to it, the company said last week that it would put client loans on forbearance. Silvergate distanced itself from BlockFi and said that it has no investments in BlockFi.
Here is a brief overview of the current market situation analyzing the performance of Bitcoin, Ethereum, and others.
BTC at $16.2K
Bitcoin capitulations abound as data shows that realized and unrealized losses are at record highs. Bankruptcies, decreasing profit, and traders realizing hefty losses are a sign of capitulation from various market parties. The current situation might continue for a while.
The recent changes for Bitcoin show signs of improvement as it turns bullish. The latest data shows that it has added 0.84% over the last 24 hours. The weekly data of Bitcoin shows that it has added 3.07%.
The price value of BTC is currently in the $16,264.51 range. The market cap value of Bitcoin is estimated to be $312,595,889,915. The 24-hour trading volume of Bitcoin is about $25,576,715,016.
ETH regains momentum
Protocols on Ethereum have witnessed high activity, but there is no surety ETH will improve. Protocols and L2 solutions on the mentioned network continue to improve, and ETH’s state has gone down. The negative change has been the result of going down of network growth and velocity.
The value of Ethereum has also risen as the market remains favorable. The latest data shows that it has added 1.11% over the last day. The weekly data shows that it has added 7.26%.
The price value of ETH is currently in the $1,179.04 range. The market cap value of this coin is estimated to be $144,283,516,736. The 24-hour trading volume of this coin is about $6,737,871,360.
TRX on rise
The value of Tron has also seen an enhancement as the influx of capital continues. The latest data shows that it has added 2.36% over the last 24 hours. The weekly data for this coin shows an addition of 2.69%. The price value of TRX is currently in the $0.05347 range.
The market cap value of Tron is estimated to be $4,927,439,056. The 24-hour trading volume of this coin is about $252,347,390. The same amount in its native currency is about 4,724,828,326 TRX.
UNI trying to revive
There has been a significant improvement in the performance of Uniswap. The recent data shows that it has added 2.61% over the last 24 hours. The weekly data shows that it has added 3.62%. The price value of UNI is currently in the $5.35 range.
The market cap value of Uniswap is estimated to be $4,075,977,511. The 24-hour trading volume of this coin is about $59,762,584. The circulating supply of this coin is about 762,209,327 UNI.
Final Thoughts
The performance of the global crypto market has improved as the influx of capital continues. The recent changes show that the value of Bitcoin, Ethereum, and others has improved. The influx of capital has brought strength to the emaciated market. The inflows have also strengthened the global market cap value which is estimated to be $824.56 billion.
