The global crypto market endured another bearish bout as various coins returned to their previous positions. The latest swing extends the alternating pattern of bearish and bullish runs. If the trend persists in the coming days, the market may be heading for austere times. The impact might lead to a decrease in the global and individual coin market cap values. We might have to wait to see the market’s next move.
Near Protocol has decided to launch a stablecoin. It will be a new addition to the stablecoins currently available. However, there is no confirmation of an official launch date. Also, there is no definitive information about their intentions post-launch. According to sources, this stablecoin will be named USN. The migration of global brands to the crypto space has increased the demand for stablecoins – cryptos that help with purchases without risking the consumers’ capital.
Here is a brief overview of the current market situation using the performance of Bitcoin, Ethereum, and some other tokens.
BTC takes another turn
Bitcoin has followed an anomalous trend as it has turned in the reverse direction after consecutive gains. According to experts, it has begun to exhibit the same pattern witnessed in the previous halving period. The change had affected it much as its value had reduced to $42k. Though there is no surety about how it will perform over the upcoming few days, it continues to reinforce the predictions of the experts.
The recent data shows that Bitcoin has shed 0.79 percent over 24 hours. If we compare the data for the last seven days, Bitcoin has shed 4.88 percent. Bitcoin seems to be the primary victim of the ongoing market situation. Even if the situation stabilizes, Bitcoin will take time to recover. The current price value for Bitcoin is in the $43,117.51 range.
The current market cap value for Bitcoin is estimated to be $819,494,793,982, while its 24-hour trading volume is estimated at $24,353,969,974. The same amount in the native currency of Bitcoin is about 564,828 BTC.
ETH still bullish
Ethereum has performed relatively better compared to Bitcoin. Its recent performance indicates lower gains, but it remains bullish. It is a good indication for investors looking for the perfect position to sell. The current situation might be a hedge for them to remain in their positions.
The recent data shows Ethereum has gained 0.42 percent over the last 24 hours. Data shows it has lost about 2.40 percent over seven days. The graph for this coin shows that it has endured a steep fall while it has slowly shown signs of relative stability in recent days. Now, the ongoing changes might lead it back into a recession.
The current price for Ethereum is in the $3,235.71 range. Its market cap value is estimated to be $389,235,000,285, while the 24-hour trading volume remained at $16,868,813,806.
RUNE suffers from a market turn
THORChain RUNE has also been in the throes of losses as the market has plunged into instability. The latest data for this coin shows that it has shed 2.13 percent in 24 hours. If we compare the losses for the last seven days, it stands at about 19.04 percent. It shows that the last week tested the lower boundaries of the coin.
The price value for RUNE has lowered to $9.19. Its current market cap is estimated to be $3,055,334,266. In comparison, the 24-hour trading volume of this coin is about $174,9343,867, with a circulating supply of 330,668,061 RUNE.
KLAY in recession
Klaytn is no different from other coins as it has also been affected by the prevalent market trend. The ongoing changes have affected its daily and weekly performance. Its 24-hour performance shows that it has shed 1.20 percent, while the weekly performance shows a loss of 6.33 percent.
The price value for KLAY shows the impact of losses and is currently in the $1.08 range. If we look at the market cap value for this coin, its value is estimated to be $3,010,142,815. In comparison, its 24-hour trading volume of it is about $111,347,137. The same amount in its native currency is about 102,869,362 KLAY.
The market is back to hard times as the changes tell of the recession that might lie ahead for Bitcoin and other major currencies in the market. An evident indication is the lowering value of the global market cap, which has come down to $1.99T from $2.15T over the last few days. The market had turned bullish the other day, but its sudden change in direction might be the start of a recession that would affect coins in the coming days. Though there are hopes for improvement, the indicators tell of bearishness.