- The global crypto market continues to move bearish, losing 1.27% in 24 hours.
- Bitcoin performance has remained good for the last 24 hours, adding 0.50%.
- Binance Coin follows the footsteps of bitcoin, adding 3.00% in the last 24 hours.
- Polkadot loses 2.01% in the last 24 hours, while Chainlink experiences a dip of 0.88%.
The global crypto market has continued to be bearish since the start of 2022. The minor relief during continuous bearishness has been in the form of short-lasting bullishness. These fluctuations have kept the market afloat because if bearishness continues without any breaks, it will result in a market crash. The market has seen a major backlash in the recent crash, which deprived major coins of a bigger part of their bulk.
The current situation is the long-lasting market situation, which has affected investors to a greater extent. Though the new investments in decentralized blockchain technology and NFTs are helping the market keep a steady pace, there is little favorable for the market. The small-level investor fears investing in the fluctuating market because of the speedy changes taking place.
Though the market’s current situation is not dangerous for the market, as evident from the last few days, though inflation and the Russia-Ukraine crisis are leading to fears, the new investments in the market have helped it continue smoothly. As seen in the bitcoin and Binance coin, there is a continuing scenario of gains.
Here is a brief overview of the leading coins like bitcoin, Binance coin, and other names.
BTC is trying to reduce losses
Bitcoin is in the lead position in the market and hence the leading name in the crisis. The previous losses in the market affected bitcoin more than other coins because of its market dominance value. Now, as the situation is normalizing, bitcoin has reduced its losses to 3.92%, as evident from the seven-day performance.
During the last 24 hours, the performance is even better as it has gained 0.50%. Kraken data shows that bitcoin isn’t doing good in comparison to Ethereum. According to the mentioned trading site, the bullish period for these two coins might still take time as both are trading at discount rates. The current market cap for bitcoin is estimated to be $695,149,094,630. At the same time, the current bitcoin price is in the $36,823.23 range. The result of previous losses is still lingering, and the current trading volume of bitcoin is an example of it.
The trading volume of bitcoin during the last 24 hours was about $25,311,174,912. The mentioned amount can be converted to 689,705 BTC.
BNB gears up for new gains
Binance Coin is trying to prepare itself for competition and regain its previous rank. Currently, Tether is ranking 3rd in the list, replacing the Binance coin due to its continuous losses. The current price for the Binance coin is in the $383.15 range, while it was striving to cross $600 recently.
The gains of the Binance coin during the last 24 hours are estimated to be 3.00% compared to the loss of 7.68% for the last seven days. The current market cap for the said coin is about $63,017,231,678, which can improve if there are new investments in the market.
The trading volume of this coin during the last 24 hours is estimated to be $1,806,421,110.
DOT is still lagging behind
Polkadot is currently ranking 11th as it was hit hard by the market recession. The impact of the recession is evident from the seven-day losses, which are about 18.56% which shows that it has lost almost a fifth part of it to the dip. The current situation of Polkadot is no good either as it has lost 2.01% in the last 24 hours.
The current price for Polkadot is in the $17.70 range, which has seen dips after a continuous recession. The current market cap for Polkadot is estimated to be $17,480,226,749. The reduction in value has affected its progress, bringing it lower in position and creating impediments for its further growth.
The trading volume of this coin for the last 24 hours is estimated to be $1,073,852,647.
LINK trying to find a way out of losses
Chainlink is also going through the throes of continuing recession. The data for the past seven days shows a loss of 19.80%, which is a huge amount. In contrast to Polkadot, Chainlink has reduced its losses to 0.88% for the last 24 hours.
The current price for Chainlink is $15.16, while its market cap is estimated to be $7,031,587,372. If we take a peek at its trading volume for the last 24 hours, it is estimated to be $847,444,711.
The market is going through hard times, but the previous 24 hours have reduced the global market cap to $1.64T, which was $1.66T 24 hours back. Though coins like Bitcoin and Binance coin are bullish, the recession continues, and it decreases the market value. There is a need for a change in the market because continuous bearishness can lead to another market crash. If it happens, it will further erode the investor trust.