The global crypto market couldn’t keep its momentum as it is back to losses. The changes to the influx of capital to Bitcoin, Binance Coin, and others show that the market might face another wave of lows. These changes were unexpected as they had turned bullish very recently. If the ongoing pattern was followed, it was still supposed to remain bullish. The impacts of the current bearishness are to be seen as the market sees dips.
Gulf countries have taken the lead in crypto investments and adoption. One of these is Saudi Arabia which has a staggering number of crypto investors. 51% of these investors have optimized for the crypto future, a study from KuCoin shows. The past six months saw an influx of three million investors from Saudi Arabia to the market.
Of the mentioned investors, 51% believe that crypto is the future of finance, while 44% believe that they can earn a high amount from their investments in the long run. Saudi Arabia has a unique population of investors as more than seventy percent have less than one year of experience in the crypto space.
Here is a brief overview of the current market situation, analyzing the performance of Bitcoin, Binance Coin, and others.
BTC turns red
The value of Bitcoin is lowering as it has seen a steep decline recently. While it also attempted to recover value but couldn’t maintain the momentum. Glen Goodman, consultant at eToro, Bitcoin might be nearing its bottom.
The latest data for Bitcoin shows that Bitcoin has shed 0.18% over the last day. The performance of Bitcoin saw dips as it couldn’t improve much during the recent bullish wave. Its weekly data shows that the losses have reached 3.42%.
The price value for Bitcoin is in the $19,760.23 range. If we compare the market cap value for Bitcoin, it is estimated to be $376,657,742,451. The 24-hour trading volume of Bitcoin is about $36,091,557,795.
BNB reducing gains
Binance Coin has also been moving towards dips as the market remains bearish. It has recently faced a severe reduction in value though its parent organization remains strong. If the bearishness continues, the company might also face problems. While it also faces a probe for supporting Iranian miners despite US sanctions.
The Binance Coin’s value is also recessive as the market turns bearish. The latest data shows that its gains for the last 24 hours remained at 0.66%. In comparison, the weekly performance shows a loss of 3.76%.
The price value for BNB has also changed due to the recession, as it is currently about $228.40. If we look at its market cap value, it is estimated to be $37,228,634,536. The 24-hour trading volume for this coin is about $1,526,677,187.
SHIB continues bearish
Shiba Inu is also moving towards losses as the bearish current strengthens. The latest data for this coin shows that it has shed 1.43% over the last day. In comparison, the weekly performance shows a loss of 2.86%. These changes have also affected its price value, which is currently about $0.00001019.
The market cap value for SHIB is estimated to be $6,043,270,622. The 24-hour trading volume of this coin is about $641,973,672. The same amount in its native currency is about 9,823,715,253 TRX.
AVAX still bullish
Avalanche has also been facing problems, but it has maintained its bullishness. The latest data shows that it has added 1.97% over the last 24 hours. In comparison, the weekly data shows that it has shed 7.61%. The price value has also been affected by the increasing impact of losses, as it is currently about $17.92.
The market cap value for AVAX is estimated to be $5,081,687,798. The 24-hour trading volume of the same coin is about $689,312,029. The circulating supply for the same coin remained 283,541,617 AVAX.
Final Thoughts
The global crypto market has taken yet another turn as the bearish trend has turned dominant. These changes have brought it losses as Bitcoin, and some other major names turned recessive. The impacts of these changes are also seen on the global market cap value. It has lowered to $882.66 billion as per the latest updates.
