The global crypto market, especially Bitcoin and Ethereum, is facing problems as the influx of capital has changed. The changes in influx and increased sell-offs have resulted in a change in the global market situation. The dominant trend of bearishness has resulted in fear amongst the investors as the situation might result in a speedy fluctuation. How the market will behave in the next few hours is yet to be seen.
As the metaverse concept has become popular, it has attracted more audiences. The increasing popularity has resulted in increased investments. It has attracted tech giants like Facebook, Microsoft, etc., to launch their products and brands related to this technological innovation.
One of these is Meta, which has come into being with the rebranding of Facebook. In a recent interview, Meta’s head Mark Zuckerberg said that billions of people would use metaverse, which would bring huge revenues to Meta. They have launched several products and intend to extend their area of influence further.
Here is a brief overview of the current market situation, analyzing the performance of Bitcoin, Ethereum, and others.
BTC turns bearish
Although Bitcoin has again turned bearish, there has been a discussion regarding its growth as it has recovered from $18K. The changes have made the analysts predict its steady recovery from the recent lows, which affected it considerably. As the market saw bullishness, there was an increase of 11% in market capitalization this week.
The latest data for Bitcoin shows that it has receded 1.41% over the last 24 hours. The gains for the last seven days have been reduced to 6.21%. The receding pattern might affect Bitcoin onwards.
The price value for Bitcoin is in the $21,069.15 range. In comparison, the market cap value for Bitcoin is estimated to be $401,959,276,540. The 24-hour trading volume of this coin is about $18,745,427,667.
ETH losing focus
Ethereum has also seen turbulent times recently as the market continued to fluctuate. It has seen the highest P/L ratio in the last five weeks. While it also saw a peak drawdown of -79.5% from its all-time high. Also, Sky Mavis’ Ronin Bridge is set to reopen soon, which will allow transactions between Ronin and Ethereum.
The latest data for Ethereum shows that it has shed 1.56% over the last day. The weekly performance has also been affected as the gains changed. It shows an addition of 12.99% over the mentioned period.
The price value for ETH is about $1,213.35. In comparison, the market cap value for this coin is estimated to be $147,198,807,735. The 24-hour trading volume of Ethereum is about $12,700,639,745.
XRP slightly bearish
XRP has also seen a change in value as the market has turned bearish. The latest data shows it has shed 0.01% over the last day. If we look at the weekly performance, it has added 14.98%. The changes haven’t brought any big change to its price value which is currently about $0.3648.
The market cap value for this coin is estimated to be $17,573,072,444. The 24-hour trading volume of this coin is estimated to be $840,090,198. The same amount in its native currency is about 2,311,066,004 XRP.
DOGE stays strong
Dogecoin has said bullish even though the market has seen changes. It has resulted in a gain of 10.93% over the last day. If we compare the weekly performance, the gains are about 29.72%. The changes show that the price value has risen to $0.07509.
The market cap value for DOGE is estimated to be $9,918,111,902. The 24-hour trading volume of this coin is about $1,037,978,178. The circulating supply for this coin is about 132,670,764,300 DOGE.
Final Thoughts
The global crypto market has changed as it is moving back to bearishness. The changes have resulted in the loss of a small value over the last day. If the bearish current strengthens, it might cost the market more in the coming days. The global market cap value has also been affected as it has lowered to $947.03 billion. The market will need a push to turn bullish.
