The performance of the global crypto market has continued to show depreciation. The market for Bitcoin, Binance Coin, and others remained bearish as there has been little improvement. If their performance for the last seven days is considered, their value has significantly decreased. The changes in the market have continued, but now the intensity of the losses is increasing, which has worried the investors.
The changes in the market value have supported the argument of Gold supporters who have continued to oppose crypto. The latest came from Gold advocate Peter Schiff who said that Bitcoin would drop to $20K while Ethereum would drop to $1K. However, there is no surety about where the market will head, but the uncertainty has affected the market value.
Shiff has continued to criticize Bitcoin and Ethereum because of their instability. The market saw speedy changes over the weekend as the losses increased dramatically. It is yet to be seen where the market will head in the new week.
Here is a brief overview of the current market situation, analyzing the performance of Bitcoin, Binance Coin, and others.
BTC lowers to $27K
Bitcoin has continued to see recognition across a range of platforms despite opposition. Recently, Janet Yellen stated about the risks related to the investment in Bitcoin regarding pension plans. In contrast, Grayscale CEO has said that Bitcoin might soon be added to pension funds to expand their portfolio.
The latest data regarding Bitcoin shows that it has receded 2.34% over the last 24 hours. If weekly data for Bitcoin is considered, it has shed 6.67%. The value of Bitcoin has seen considerable depreciation.
The price value for Bitcoin has been reduced to $27,811.35. In comparison, the market cap value for Bitcoin is about $526,509,398,526. The 24-hour trading volume of Bitcoin is about $34,271,968,217.
BNB continues recessive
Binance has also taken steps to promote NFTs to improve its business. It has followed the track of Ethereum to extend its business to various crypto assets. NFTs have been one of the most significant digital assets considered from the perspective of the amount of funds spent on their purchase. Recently Binance CEO attended the launch of Palau NFT IDs.
The latest data for Binance Coin shows that it has shed 3.16% in the last 24 hours. The weekly performance also shows a loss of 11.56%. The consistent bearishness has resulted in the depreciation of value.
The price value for BNB is in the $262.96 range. The market cap value for this coin is estimated to be $42,532,527,328. The 24-hour trading volume of this coin is about $1,436,727,109.
LINK stays regressive
Chainlink has also been facing problems due to the bearish problem. If we look at its performance for the last 24 hours, it has shed 8.47%. In comparison, the weekly losses for this coin are about 8.16%. The latter value has caused an increase in the amount of price losses.
The current price value for LINK is in the $6.82 range. If we look at the market cap value, it is estimated to be $3,183,440,848. The 24-hour trading volume of this coin is about $649,329,784. The circulating supply for this coin is about 467,009,550 LINK.
UNI stabilizing its position
Uniswap has also been in shambles as its losses have increased. The data for the last 24 hours shows that it has shed 2.13% over the last 24 hours. In comparison, the weekly losses show that it has receded by 12.09%. The losses have continued to soar, bringing its price value to $4.39.
If we look at the market cap value for this coin, it is estimated to be $3,090,157,968. The 24-hour trading volume of this coin is about $140,241,563. The same amount in its native currency is about 32,648,705 UNI.
Final Thoughts
The global crypto market has seen a decline in value as the losses for Bitcoin and other currencies have increased. The decrease in its value shows that the investments have increased. If the losses continued, it would have a domino impact because of the chances of decreasing profits. The global market cap value has decreased to $1.11T due to the depreciating market.
