In contrast to the previous market trends, the changes were completely unexpected and didn’t follow any clear pattern this time. What seems to be the clearest indication is the continuing tendency for lowering value, as seen in Bitcoin and others, which might continue to affect the market value.
The changing market situation has forced many blockchain systems to opt for stablecoins. One of these is Terra’s stablecoin named Pool. It has made a significant place in DeFi, as shown by the growth indicators. The competition is greater as it has challenged DAI and UST stablecoin. The increasing recession in the market might force others to launch their stablecoins. It will help them strengthen their value because of the lesser chances of loss in this category. Also, it will attract new capital to decentralized finance.
Here is a brief overview of the current market situation using the performance of Bitcoin, Ethereum, and some other altcoins.
BTC trying to stabilize its value
Bitcoin has continued to be the favorite investment for celebrities. The investors include big names even though the chances of depreciation have intimidated smaller investments. According to tennis star Serena Williams, Bitcoin is a super-strong investment. The stats for Bitcoin for the last few years and the predictions for upcoming years affirm it.
For the last 24 hours, the data shows that Bitcoin hasn’t been able to utilize the opportunity to raise its value; rather, it gained a mere amount of 0.38%. In comparison, the impacts of bearishness of the last few days continue for Bitcoin, as the weekly losses are about 8.03%. The current price value for Bitcoin is about $42,669.52.
If we look at the Bitcoin market cap value, it hasn’t witnessed any bigger change as the amount is estimated to be $811,222,503,721. If we compare the trading volume, it doesn’t show an exceptional activity and remains at $14,992,205,831.
ETH is looking for steadiness
Ethereum is also showing usual activity as the new gains brought it no bigger gains like Bitcoin. The chances of improvement might still be there, but it didn’t benefit from the possibility of an exceptional rise in value. It might continue to affect its value over the coming few days.
Ethereum’s performance shows that its daily gains remained in the usual cycle as it could curb merely 0.92%. Comparing the impact of previous bearishness has shed 7.10% over the last seven days. Though it has attempted to reduce the margin of these losses, there has been no success in it.
The price value for Ethereum wasn’t able to cross the given barrier of $3.2K. As usual, it remained in the $3,249.07 range. If we compare the market cap value, it is estimated to be $390,894,684,922. While its 24-hour trading volume of it also remained by the usual course and is about $9,045,190,141.
MKR lowers gains
Maker is one of those coins which saw constant depreciation. The graph shows that it remained steady for a while but couldn’t maintain its momentum. Its 24-hour performance shows that it has gained 0.70%. If we compare the last seven days’ data, it has shed 9.93%.
The inability to see any change in gains has resulted in price value stuck at a specific threshold level. Its current price value is in the $2,059.91 range. The market cap value for MKR is estimated to be $2,016,061,958. The 24-hour trading volume is also in the same range as it experienced little increase. The trading volume of Maker is about $43,055,566.
BTT continues bearish
BitTorrent-New has continued to depreciate as it didn’t join the bullish coins yet. The market is not showing very positive indicators, which means that it might not have the chance to turn bullish in this wave. Its 24-hour performance shows that it has depreciated 0.08%. At the same time, the weekly losses for this coin are about 10.88%.
The progress for this coin shows that it has relatively been more bearish as it hasn’t been able to attract significant gains. The current price value for it is in the $0.000001974 range. The market cap value for BitTorrent-New is estimated to be $1,831,033,217. In contrast, its 24-hour trading volume of it remained at $105,692,220.
The global crypto market needs a strong influx of capital to get out of the uncertain situation it is currently facing. There have been bullish waves with little impact on the global market cap value and overall performance of coins. Comparing the recent bullish wave has brought the market cap value to $1.98T, which is still in the same range. The performance of Bitcoin, Ethereum, Binance, etc., seems to be affected by the increasing sell-offs. If sell-offs of Bitcoin and other leading altcoins begin, the market might go down further into a new wave of bearishness.
Disclaimer. The information provided is not trading advice, DYOR.