The amount of losses for the global crypto market increases as the bearish wave has strengthened. The losses for the market have affected the performance of the majority of the coins as Bitcoin is no exclusion. The performance of these coins saw a decline because of the little influx of capital compared to efflux, which has gone berserk. The changes in the market suggest that it would go even lower. Some analysts have predicted the horrors of Bitcoin going below $22K. If it happens, the global market cap will see a huge setback.
eBay has entered the NFT space as it has joined the club by launching its first NFT collection. eBay is one of the largest corporate firms aspired to be a part of the growing economy. It has been preceded by various other large corporate firms like Microsoft and Facebook (which transformed to Meta) to ensure their survival. Various companies would need to change to stay a part of the changing web.
Here is a brief overview of the current market situation, analyzing the performance of Bitcoin, Ethereum, and other altcoins.
BTC retrogressive
The majority of the parliament rejected a proposal to tax Bitcoin and other cryptocurrencies in the Portuguese parliament. The proposal was tabled by the left-wing parties who had plans to tax crypto to help the country’s economy. The rejection of this bill has fended off the fears of Bitcoin taxation, but it might not last for a long while.
The latest data for Bitcoin shows that it has shed 2.25% over the last 24 hours. If we compare the weekly performance of Bitcoin, it has shed 4.68%. The tendency to increase Bitcoin losses shows that it might go lower in price value.
The price value for Bitcoin shows that it has reached $29,007.12. If we compare the market cap value for Bitcoin, it has reached $553,275,051,055. The 24-hour trading volume of Bitcoin is about $38,362,556,032.
ETH degrades further
Ethereum 2.0 has continued its forward march despite blocks. The validators have been facing problems, but they have continued to ensure that the anticipated merge takes place in time. On the other hand, its price value has been facing problems due to bearishness, and it has reached its yearly low.
The latest data for Ethereum shows that it has shed 9.82% over the last 24 hours. If we compare its performance for the last seven days, it has shed 13.67%. The changes in Ethereum value show that it has continued to recede and might continue further.
The price value for ETH has lowered to $1,755.90. The market cap value for Ethereum has been reduced to $213,117,788,236. The 24-hour trading volume of ETH is about $24,940,750,379.
SOL super bearish
Solana has also been in losses since the market has continued its downward journey. The latest data for these coins shows that it has shed 12.41% over the last 24 hours. The comparative losses for the last seven days are also increasing as this value has reached 20.56%. The increasing losses suggest that SOL might shed one-third in its journey.
The price value of SOL has reached $42.15 while the depreciation continues. The market cap value for this coin is estimated to be $14,410,805,621. The 24-hour trading volume of this coin is about $2,319,793,541.
AVAX continues to dip
Avalanche has continued dips as its market has seen little change. The latest data for this coin shows a loss of 17.15% over the last 24 hours. If we compare the losses for the last seven days, these amount to 27.20%. The increasing trend of losses with a tremendous speed is worrying for the investors.
The price value for this coin is about $22.78. The market cap value for AVAX is estimated to be $6,167,782,642. In comparison, the 24-hour trading volume of this coin is about $1,016,479,531. The circulating supply for this coin is about 270,802,194 AVAX.
Final Thoughts
The global crypto market has continued to recede in value as the losses have grown higher. The increase in losses for Bitcoin and other currencies has resulted in continuous global market cap value degradation. The latest data shows that the global market cap value has been reduced to $1.20T by the ongoing losses. If the situation persists, it might even break this barrier, lowering its threshold level further. The changes in the market haven’t brought any good as the investments show the dominant trend of sell-offs.
