The bearishness seems dominant for the whole market as few exceptions are bullish while the rest of the market is continuing to recede. It is evident from the situation of Bitcoin, Ethereum, and other currencies in the market.
Elon Musk has announced that he has taken a 9.2% stake in social media giant Twitter. His new investments in Twitter and Dogecoin have led to an increase in the value of the two. Dogecoin prices saw a soaring trend after Musk’s support. On the other hand, Oklahoma is considering giving tax incentives for Bitcoin miners because of its benefits. The proposal says that Bitcoin miners will be given specific privileges in tax payment and other related matters.
The rise seen in Dogecoin due to Musk’s investment is 10% which is a significant increase in its value. The price rise was not just for Dogecoin; other meme coins also increased their value. The hype might continue for a while as the investors will be interested in making a profit out of this situation.
Here is a brief overview of the current market situation using the performance of Bitcoin, Ethereum, and some other notable currencies.
BTC back to recession
Bitcoin was performing relatively better as the changes forced it to steer its direction in reverse. It didn’t take much time for Bitcoin to turn to losses as the gains lasted for a short while. The recent bearishness has shed the gains it made over the last day.
The data for the last 24 hours shows that Bitcoin has receded 0.68%. If we compare its seven-day performance, the losses are about 2.75%. The current price for Bitcoin is in the $46,166.37 range. The price might see a decrease in value if the depreciation continues.
The market cap value for Bitcoin is estimated to be $877,273,613,400. In comparison, the 24-hour trading volume of $29,797,244,404. The same amount in the native currency of Bitcoin is 645,432 BTC.
ETH loses momentum
Ethereum continued to be bullish when the new changes affected the market. The result of these changes is a loss of 0.66% over the last 24 hours. If we compare the performance for the last seven days, it shows bullishness. The gains it made over the last seven days are about 3.27%
The current price for Ethereum is about $3,477.36, while it has reduced due to ongoing bearishness. The current market cap value for Ethereum is estimated to be $418,117,454,398. If we compare the 24-hour trading volume value of Ethereum, it is about $16,573,427,288.
The circulating supply of Ethereum remained at 120,239,808 ETH. The resistance levels for Ethereum will also continue to lower as the losses continue.
TRX continues to lower its value
Tron has continued to languish as there is no improvement seen in the market. Instead, its situation deteriorated as a result of continuing market bearishness. The recent data for Tron is an example of it.
The data for the last 24 hours shows that Tron has shed 1.89%. In comparison, its weekly performance shows no difference. The seven-day losses for Tron are about 0.63%. The result of these losses has been a reduction in the price value of Tron, which is currently about $0.07143.
The market cap value for Tron is estimated to be $7,262,675,155. At the same time, the 24-hour trading volume of Tron is about $1,328,897,258. If we convert the trading volume of Tron to its native currency, it is about 13,605,391,158 TRX.
XLM lowers its gains
If we take a peek at the market cap value for Stellar, it is estimated to be $5,771,911,090. In comparison, the 24-hour trading volume of this coin is about $304,051,257. The circulating supply for this coin remained at 24,722,219,623.
The global crypto market showed indications of growth the other day as most of the coins had begun to recover. The recent recession has affected the market cap value of the global crypto market. It has come down to $2.14T due to ongoing depreciation for Bitcoin in particular and the whole market in general. If the market can recover, the mentioned value might increase. If there is no such thing, there are chances that the market will lose value continuously. There are hopes for improvement, as the market has shown several times.