The bearish trend for the global crypto market continues as there has been little change in the influx of capital. The overall efflux shows that the market has been facing increased sell-offs. There has been a significant decrease in the value of Bitcoin, Ethereum, etc.. While if the following coins are compared, they faced the same dilemma except for a few. The market needs to hold its gains as it will impact the investments in the coming days. It is yet to be seen if the market is able to do so or faces another speedy rush for losses.
The continuation of security exploits in the global crypto market is one of the main reasons for bearishness. The latest on the list is the exploit of the Nomad token bridge, which has been deprived of $190 million. Hundreds of potential exploiters drained the TVL of this token in a matter of hours.
It happened in the form of a long series of transactions. The remaining amount left in the wallet is about $651.54 million, according to DeFi Llama. The first suspicious transactions took place at 9:32 PM UTC. The rang alarms, and the users were alarmed to withdraw their funds.
Here is a brief overview of the current market situation, analyzing the performance of Bitcoin, Ethereum, and some others.
BTC stuck at $23K
US Department of Justice has shared the details of a case where a woman has been sentenced to ten years for using Bitcoin for murder. She used Bitcoin on the dark web to hire a hitman to kill her husband.
The latest data for Bitcoin shows that it has shed 1.64% over the last 24 hours. The weekly performance has shown improvement as its gains remain at 9.26%. It would need to retain gains to keep its value consolidated.
The price value for Bitcoin is in the $23,038.24 range. The market cap value for Bitcoin is estimated to be $442,179,643,244. The 24-hour trading volume of Bitcoin is about $25,952,148,508.
ETH continues downward journey
CryptoPunk Ethereum NFT sales have seen a considerable rise after the Tiffany offer. According to the available updates, NFT sales jumped 248% as Tiffany and Co. showed interest in the use of NFTs. The attraction of luxury brands can improve the ailing market.
Ethereum has also seen a lag in gains as it has shed 4.79%. The decrease has affected it for a while as its metrics show deprecation. The weekly performance shows that it has added 13.60%.
The price value for ETH is in the $1,614.36 range. The market cap value for this coin is estimated to be $198,195,263,521. The 24-hour trading volume of this coin is about $16,404,681,142.
ZEC still in losses
Zcash has also seen a continuation of losses due to a bearish market. The latest data shows that it has shed 5.55% over the last 24 hours. The seven-day data shows a gain of 15.75%. The price value for this coin is in the $62.28 range.
If we look at the market cap value for ZEC, it is estimated to be $931,075,259. The 24-hour trading volume of this coin is about $60,767,900. The same amount in its native currency is about 975,751 ZEC.
FTM gains traction
Fantom has gained traction as it has attracted considerable gains. The latest data shows that it has added 1.77% over the last 24 hours. The weekly data shows an addition of 15.61%. It has been able to retain investors during the bearish wave. The price value for Fantom is about $0.3472.
The market cap value for FTM is estimated to be $883,740,918. The 24-hour trading volume of this coin is about $238,039,053. The circulating supply of this coin is about 2,545,006,273 FTM.
Final Thoughts
The global crypto market has seen no changes in the bearish wave. The recent data shows that Bitcoin, Ethereum, and others have continued to shed value. The redness in the market seems to be continuing for a while. The global market cap value has also seen a decline due to bearishness. It is currently estimated to be $1.07 trillion.
