The global crypto market has entered difficult waters after a bullish phase. The bullish period lasted for a short while as its losses increased in value. Though there were hopes that Bitcoin and other leading coins would be able to retain their gains, they couldn’t do it. The stats for the latest performance show that the market is sliding lower, creating an alarming situation for investors. If the losses continue at the same pace, there could be no prevention of the market crash.
Crypto was facing a difficult situation in Norway as a member of parliament had proposed a ban on crypto mining. The proposed bill draft was put before the house for voting but couldn’t gather enough support. The members of the Norwegian parliament are well-aware of the significance of crypto and couldn’t go against its mining. On the other hand, Elon Musk has affirmed his belief in Dogecoin as the potential currency in various markets amid the lowering crypto market. He believes that Dogecoin can do much better and will soon have its place.
Here is a brief overview of the current market situation, analyzing the performance of Bitcoin, Binance Coin, and some other currencies.
BTC steps lower
The performance of Bitcoin whales saw a rise as they continued to fill their bags. In contrast, the bulls were on rearguard as the market favored bears. The change in the market situation is not favorable for Bitcoin, and it is continuously receding. The decrease to the $30K level and even further has been alarming for the investors.
The latest data for Bitcoin shows that it has shed 5.34% over the last 24 hours. If we compare the data for the last seven days, the losses for Bitcoin have risen to 19.59%. The bearish wave is expected to take the losses even higher as there is little indication of bullishness.
The price value for Bitcoin also suffered losses as its value is currently in the $28,93.52 range. If we compare the market cap value, Bitcoin hasn’t been able to retain it as it is currently estimated to be $552,034,338,263. Its 24-hour trading volume of it is about $34,792,976,594.
BNB enters the $280 range
Binance Coin has also faced a shocking depreciation over the last few days. Binance exchange has also been facing issues as it has suspended LUNA and UST due to their trading issues. Thus, a significant decrease in the influx of funds was seen. The changes have affected the value of the Binance Coin, which is on a constant decline.
If we look at the 24-hour data for Binance Coin, it shows a loss of 9.14%. If we compare the weekly losses for Binance Coin, it has shed 25.13%. As the market is sliding to lows, it might face harsh times ahead.
The price value of the Binance Coin has also depreciated as it is about $280.70. If we compare the market cap value for BNB, it is estimated to be $45,680,685,851. In comparison, its 24-hour trading volume of it is about $2,189,873,793.
GMT shedding further
The performance of STEPN has also been through dips as its value has seen a decrease. The latest data shows that it has depreciated 20.62% over the last 24 hours. If we compare its performance for the last seven days, it has shed 51.43%. The further depreciative loop might strengthen as the market goes towards sell-offs.
The price value for GMT also saw a decrease as it is currently about $1.34. In comparison, the market cap value is estimated to be $607,197,525. In contrast, its 24-hour trading volume of it is about $1,418,605,190. The same amount in the native currency of the STEPN blockchain is 1,054,466,953 GMT.
FTM speeds up its losses
Fantom has also increased the pace of losses as it couldn’t resist the pull of sell-offs. The changing situation has brought losses of 22.27%. The losses for the last seven days are about 57.16%. Fantom has shed almost half of its value while further deprecation is underway, clearly indicating a crash.
If we look at the price value for FTM, it is about $0.3073. In comparison, its market cap value is about $781,151,348, also bearing the value loss brunt. The 24-hour trading volume for it remained at $487,072,745. The circulating supply for it remained 2,545,006,273 FTM.
The pace of the losses for the global crypto market has increased as the bullish wave receded. The changes have brought huge losses to the market as it returns to the threatening value. The global market cap value has receded to $1.24T as per the latest updates, suggesting the amount of losses. The market might go even lower if further losses continue, crossing the $1 trillion barrier.