The global crypto market has seen an alternation of gains and losses over the last few days. In comparison to other days, the losses for Bitcoin and Ethereum increased tremendously. Now, the changing pattern has continued to emaciate the global market. The changes have resulted in a considerable decrease in market cap value. Though the current bullish change might continue, it might have little impact on the market.
The increasing problems for the crypto market have forced NFT platforms to look for cheaper options. The latest move came from OpenSea, which has moved to Seaport Protocol. The mentioned step will help with the decreased Gas fee. As OpenSea has moved to Seaport Protocol, the Gas fee would decrease by 35%.
On the other hand, there has been a considerable decrease in the value of investments in the crypto market. Private capital has continued to flee the crypto market as there has been a tremendous decrease in value. The decrease of more than 1 trillion dollars in value is an example of what the market is going through.
Here is a brief overview of the current market situation, analyzing the performance of Bitcoin, Ethereum, and others.
BTC seeing uptrend
The value of Bitcoin has continued to fluctuate as the alternating pattern has resumed. The previous two days show alternation in a positive and negative trend. As the losses have continued, the price value has swung between $20K and $22K. The positive fact about Bitcoin is the investor trust which has remained unchanged according to studies.
The latest data for Bitcoin shows that it has added 3.27% over the last 24 hours. The comparison of weekly performance shows that Bitcoin has shed 24.96%. It would take time to decrease the value of weekly losses.
The price value of Bitcoin has also improved as it has reached $22,712.86. If we compare the market cap value for Bitcoin, it is estimated to be $433,103,966,034. The 24-hour trading volume of Bitcoin is about $55,566,007,148.
ETH gaining value
Ethereum has also seen an uptrend in value as the market turned positive. The changes suggest that it would bring considerable gains to the investors. Though Ethereum has also shed value, Solana – its competitor- has faced problems. The decrease in the value of Solana shows that it might see decreased investments.
The 24-hour data for ETH shows that it has added 3.44%. In comparison, the seven-day data shows that it has shed 30.85%. The latter value shows that it has shed almost one-third in value.
The price value for ETH is in the $1242.48 range. If we compare the market cap value for this coin, it is estimated to be $150,571,921,924. The 24-hour trading volume of this coin is about $37,981,066,841.
The performance of Axie Infinity has also improved as the gains increased. The latest data shows that it has added 14.44% over the last 24 hours. In comparison, the weekly performance shows a loss of 17.44%. The price value of this coin is in the $16.10 range.
If we look at the market cap value for this coin, it is estimated to be $1,027,109,512. The 24-hour trading volume of this coin remained at $244,549,740. The same amount in its native currency is about 15,077,895 AXS.
ZEC gaining momentum
Zcash has also gained momentum as the market has turned bullish. The latest data shows that it has added 8.86%. The weekly performance shows that it has shed 24.64%. The increasing pace of losses shows that its price value has decreased likely.
The current price value for this coin is in the $69.20 range. If we look at the market cap value, it is estimated to be $1,013,626,735. In comparison, the 24-hour trading volume of this coin is about $164,661,501. The circulating supply for this coin is about 14,613,719 ZEC.
Cardano Price Analysis
The bulls are continuing to push the prices higher as ADA prices surged by 9.52 percent in the last 24 hours. The market has witnessed some buying action as the prices surged from $0.46 levels to $0.5061 levels. The buyers are trying to push the prices further higher but are failing as the prices are struggling to break through the resistance at $0.55.
The MACD shows a bullish crossover as the signal line crosses above the histogram, which indicates that the bulls are in control of the market. The RSI is currently trading at 61.21 and is heading towards the overbought levels, which indicates that the prices might face some selling pressure in the near future. However, the bulls are likely to buy on every dip, which could lead to further gains in the price.
The market volatility is increasing as indicated by the Bollinger Bands. The upper and the lower bands have widened, which indicates that the prices are likely to see some volatile trading in the near future. Also, the EMA’s are also trending upwards, which indicates that the bulls are in control of the market. The 20-day EMA is currently trading at $0.447 and the 50-day EMA is currently trading at $0.403.
The global crypto market has seen continuous stress on its value. The market changes result from a complex web of problems that the global economy faces. The changes have resulted in the loss of a considerable amount in the global market cap. The current global market cap value is in the $974.99 billion range. If the losses continue, its value might depreciate further.