The global crypto market has seen no difference in the bearish situation. Bitcoin and other coins in the market continue to face turbulence while the market sees a downtrend. The negative changes have continued to affect the investors who had seen hope after a long while. The current situation seems to recapitulate the previously bearish market, which affected the overall global market cap. However, the difference is the pace of losses which is currently slow.
Ripple has continued to take precautionary measures before the final verdict of SEC Vs. Ripple Case. It has continued to see courts due to the mentioned case, alleging it accumulated more than 1 billion dollars for unauthorized security. In contrast, it claims XRP to be a cryptocurrency complying with all standards.
It is yet to be seen how it will end up, but its CEO has announced that if they lose the case, they will quit the US for good. They have set up their Canada office and working on expansion in other parts of the world as they plan to build a global presence.
Here is a brief overview of the current market situation, analyzing the performance of Bitcoin, Ethereum, and other altcoins.
BTC still recessive
Bitcoin hasn’t been able to rebound even though the market has seen improvements for a while. According to a survey conducted, the 2022 bear market was the worst for Bitcoin because of the volume of losses that it brought to this coin. How Bitcoin will perform in the coming quarters is yet to be seen.
The latest data for Bitcoin shows that it has shed 2.27% over the last 24 hours. In comparison, the weekly performance shows a loss of 1.85%. The bearish current has strengthened over the recent few hours.
The price value for Bitcoin is in the $20,283.45 range. In comparison, if we look at Bitcoin’s market cap value, it is estimated to be $387,218,764,884. The 24-hour trading volume of Bitcoin is about $21,305,791,824.
ETH continues downward
The current market situation for Ethereum shows that it has been bearish. It hadn’t been able to consolidate value, but it made bold attempts to hold ground. Analysts are of the view that it will soon clear $1.3K and move forward.
The latest data for Ethereum shows that it has shed 4.17% over the last day. The last seven days proved a bit better as it has added 2.14%. The changes suggest that Ethereum might see another dip.
The price value for Ethereum is about $1,147.86. If we compare the market cap value, it is estimated to be $139,277,323,416. The 24-hour trading volume of this coin is about $13,947,603,820.
MATIC seeing downtrend
Polygon has also seen no improvement in value as the market wavers. The latest data shows that it has receded 4.40% over the last day. In comparison, its performance for the past week shows an additional 21.64%. The consolidation shows that it will stay resilient in the coming days.
The price value for this coin is about $0.5095 and might be lower further. The market cap value for MATIC is estimated to be $4,076,276,122. The 24-hour trading volume of this coin is about $632,468,150. The same amount in its native currency is about 1,242,322,224 MATIC.
XLM facing turbulence
Stellar has also seen turbulence in the market as the situation has worsened. The latest data shows it has shed 3.83% over the last day. If we look at the weekly performance, it has added 0.63%. It might soon turn red if the losses continue.
The price value for XLM has also lowered by about $0.1147. The market cap value for this coin is estimated to be $2,870,914,957. The 24-hour trading volume of Stellar is about $149,825,108. The circulating supply of this coin remained 25,034,074,894 XLM.
Final Thoughts
The global crypto market has continued to face problems as the situation hasn’t improved. The latest data for Bitcoin, Ethereum, and others show that the market remains bearish. The global market cap value has also receded, which is currently about 910.19 billion. As the losses continue, they will continue to erode.