cryptopolitan.com
- Bitcoin is back in the $56.5K range after facing a bearish trend.
- Ethereum and Binance Coin face the same bearish market, witnessing depreciation.
- The global market cap for cryptocurrency has decreased 1.07% in the last 24 hours.
Depreciation in the market continues, impacting all the major tokens. Liquidation may be mainly due to the changes in the market due to the new Covid-19 variant, Omicron. The prevalent mood affected the smaller tokens and the major ones.
The upcoming market trends are variable, but the effects of this virus variant are evident on the market. Though some tokens bounce back while others try to do so, the market doesn’t seem fully recovered. The reinvigoration of the market will be evident from bullishness in the global market cap once it resumes the upward momentum.
Bitcoin bearish with a 1.04% depreciation
Though Bitcoin was performing better than other coins, some struggle is evident. After all, the “market” is people from different walks of life, with different lifestyles and motivations. The fear mood led to depreciation that brought BTC’s prices to the $56.5K range at writing.
Rethinking priorities led to a 3.61% depreciation in its value. The current market cap for Bitcoin is $1,068,831,925,638. The trading volume, at the time of writing, was $32,319,732,242. If we convert this volume, that would be 571,184 BTC. The circulating supply for bitcoin is 18,889,393 BTC.
Ethereum also depreciates, sheds 2.00%
The impacts of bearishness are evident and seen in the case of all major cryptocurrencies. Like Bitcoin, Ethereum is also facing liquidation, which has brought its value to the range of $4,519. ETH’s weekly performance is much better, showing a gain of 0.56%.
The market cap recorded for Ethereum at the time of writing was $535,957,197,643. The chart shows its attempts to recuperate. The volume of Ethereum recorded for the last 24 hours was $20,842,359,147. This volume converted to Ethereum coins would be 4,611,445 ETH.
ETH’s current circulating supply is 118,582,415 ETH. The overall performance of Ethereum, as recorded by CoinMarketCap, is improving.
Binance Coin reaches $614 range
Binance Coin (BNB), one of the top triad coins, witnessed depreciation due to the recent liquidation trend. It was Binance Coin and Ethereum that was first impacted by the change in the market. The latest updates have seen a bearishness of 1.95% in the last 24 hours. Compared to the last seven days, this bearishness is much less than 5.68%. Binance Coin price might not be ready to break the resistance just yet.
The current market cap for the Binance coin is $102,566,613,106. The volume of Binance Coin is estimated to be $2,306,588,402. This volume in BNB is 3,751,139. If we look at the circulating supply for this token, it is 166,801,148 BNB, showing the impacts of recent depreciation.
Cardano gains 8.96%
Cardano is one of those coins that have seen positive progress during the liquidation period. The price recorded for this token at writing was $1.69. Like its 24-hour performance, its weekly performance also shows a growth of about 1.27%.
Cardano’s market cap is estimated to be $56,240,632,378. The volume for this token is $3,734,536,396 as per the latest update about the last 24 hours. This volume, if converted to ADA, is 2,212,093,602 ADA.
ADA’s graph for weekly performance is encouraging, and this has also impacted its circulating supply, which is 33,313,246,915 ADA.
Polkadot depreciates by 1.91%
Currently ranking 9th in the list, Polkadot has also witnessed liquidation. At the time of writing, the current price for this token is in the $35 range. It has seen a depreciation of 8.46% in the last seven days, as seen in the case of some of the major coins.
The market cap recorded for Polkadot is $35,433,244,734. If we look at the circulating supply of this token, it is about 987,579,315 DOT. Its volume recorded during the last 24 hours was $966,894,519. This volume, if converted to DOT, results in 26,948,845.
Top gainer and loser
The top gainer during the last 24 hours was Prince Floki V2. It has gained 882.86% in the last 24 hours. The current price for this token is $0.00000009524. It ranks 4082 on the list and has a circulating volume of $185,996 recorded during the last 24 hours.
During the last 24 hours, the top loser was RPS LEAGUE, which ranks 2858 on the list. It has lost 99.53% in the last 24 hours. Its price recorded at the time of writing was $0.02865.
Final thoughts
The overall crypto market tendency is that of liquidation, as seen in the case of the global market cap, which has been down by 1.07% in the last 24 hours. The same holds about the top three leading coins, which have also undergone depreciation. There is no clear idea of when these tokens will recuperate, but their resilience in previous cases shows that they might be back soon.
The crypto market’s high volatility means liquidations are a common occurrence. While volatility makes regulators worry about cryptocurrencies disrupting a country’s economy, cryptos allow investors to generate significant profits compared to traditional asset classes like stocks and commodities. Over 2020, amid the coronavirus outbreak, Bitcoin ended the year up 160% versus the S&P 500 at 14% and gold up 22%.
Here’s an interesting strategy being used by traders: margin trading or increasing the amount of money you have to trade with by borrowing third-party funds. Think of it as borrowing money from a stranger to buy Bitcoin or another cryptocurrency. While borrowing funds to increase your trade positions can amplify any potential gains, you can also lose your invested capital just as easily, making this type of trading a two-edged sword.
There are positive signs seen in the case of some smaller altcoins, which have shown better performance and are back in the market. For some, the horizon might be unclear when the overall surge in the market occurs, but for one who hopes the future cannot be anything but brighter.
Crypto isn’t just a toy anymore.
Vitalik Buterin, Ethereum co-founder