The US hasn’t been able to tackle the problem of rising inflation. The change in the inflation rates is at 40-years high. Previously, the impact of inflation was relatively good as coins like Bitcoin experienced growth in value. Though the change was short-lasting, its impacts on Bitcoin still can’t be ignored. According to the official data, consumer prices saw a hike of 8.5% in March. The current situation might also prove fruitful for crypto if the momentum isn’t disturbed.
Here is a brief overview of the current market situation using the performance of Bitcoin, Ethereum, and some other currencies.
BTC is on the way to recovery
Bitcoin went through continuous depreciation for the last few days. It also saw a brief dip below $39K. Though the market seemed to be continuing like this for a long while, it has resumed its bullish trend. Bitcoin has also reduced the amount of losses, and it might soon join the bullish club. The gradual reduction of losses has helped with the resumption of investor trust.
The recent data shows that Bitcoin has depreciated by 1.23%. The alarming happening over the last 24 hours was the increasing rate of liquidations which affected the Bitcoin market to a great level. The seven-day losses for Bitcoin amounted to 12.87%. The said losses show that Bitcoin was on a free fall.
The price value for Bitcoin is improving as the losses decrease. The current price for Bitcoin is in the $40,534.25 range. If we compare the market cap value for Bitcoin, it is estimated to be $771,061,800,081. The 24-hour trading volume of Bitcoin remained at $36,791,219,345.
Bulls dominant for ETH
Ethereum has been fortunate to regain momentum compared to Bitcoin. The recent data for this coin shows that it has added 085% over the last 24 hours. Though Ethereum was closely following Bitcoin in losses, it has been able to regain value faster than it. The weekly data shows that Ethereum shed 12.02%.
Ethereum developers worked on the Proof-of-Stake experiment, and the results were satisfactory. It is not yet known what will be the next step for Ethereum. The current price for Ethereum is in the $3,070.33 range. It will improve if the bullishness is not affected.
The market cap value for Ethereum is estimated to be $369,706,141,138. While its 24-hour trading volume of it remained at $22,483,911,271. The same amount in the native currency of Ethereum is about 7,319,003 ETH.
VET sees hope after long
VeChain has finally been able to recover value as it has joined the bullish coins. The recent twenty-four hours proved to be favorable for VeChain as it brought 3.30% gains. In contrast, the previous seven days were not that good as the losses exceeded 20%. The seven-day losses for this coin were 21.96%.
The current price value for VeChain is about $0.06167. The market cap value for VET is estimated to be $3,966,480,810. While the 24-hour trading volume is about $332,108,636. The graph for this coin shows that the losses brought its price to historic lows after the recession in the closing months of 2021.
THETA resumes gains
Theta Network has also recovered value as the influx of funds strengthened its value. The new gains for this coin amount to 3.30% in the last 24 hours. If we compare the gains for the last seven days, their value is about -18.20%. If the bullishness continues, it will take a while to reach back to the previous value.
The market cap value for Theta Network is estimated to be $3,171,894,875. The 24-hour trading volume of THETA remained at $186,114,710. The same amount in its native currency is about 58,676,191 THETA. The price value for this coin is in the $3.17 range.
The market has been able to get back on track as the indicators showed a green signal. The result of these changes is an increase in the value of the global market cap, which is currently about $1.89T. It is expected to grow higher if the gains are not interrupted. If the market suffers any unruly changes, there are chances that the market cap value will go even low. Bitcoin is yet to turn bullish, and if it does, it will contribute its part to the market improvement.