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- After showing some progress, Bitcoin loses ground again by dropping to a $49k price.
- Ethereum drops back to $4.28k after almost grazing $4.5k.
- Binance Coin has dropped $25 in price since yesterday evening but continues showing green charts.
- Today’s gainers WAX (WAXP) and Gala (GALA) show bullish runs by 31.75% and 18.91%, respectively.
Although the global crypto market cap seems to be sitting at a standstill and has not lost more value than it has gained, it has not made any proceedings past the value of $2.34T. The 1.26% value increase has certainly been welcomed by the community, but investors continue to hope that the market cap surpassed $2.40T by the end of the week.
This market cap drop was due to the last week’s constant upsurges of bullish and bearish runs. It sounds unrealistic to expect that the market cap will suddenly regain its strength back to its high of $2.90T in a short time. We all know how fast the prices fluctuate up and down in a short manner of time.
We hope this time will be the same, but as of now, the top currencies have made no moves to return themselves to their former glory. The last few days have been rough for our tokens, but waiting before the bullish runs begin is a matter of patience.
BTC prices revert to a $49K safe zone
While Bitcoin had made a brutal effort to return to $51k last night, it has lost value again to the same low it has been displaying for the last few days, i.e., $49,225. Investors are lucky that the price has not depreciated below $49,000, but the lack of price influxes is still problematic for investors.
Bitcoin has never failed to jump back to a good price before, so investors have hopes this time will be the same. This adds to the mounting pressure on BTC as the leading crypto token. As of now, the market cap of Bitcoin is at $931 billion, while its trading volume is seeing a decrease of 2.82% in the last day, trading $28.42 billion.
ETH and BNB steady themselves at fair prices
Ethereum and Binance Coin have not lost as much as Bitcoin, but their values have depreciated as well. Things were looking up for Ethereum as it had touched $4,475 price value last night, but unfortunately for investors, its price has reverted to the same old $4,280 today.
As for Binance Coin, the price was also observed to have crossed the $600 line, reaching up to $611.83, which sparked hope in investors. Following Ethereum’s rushed examples, however, BNB has again dropped down to a reasonable $592.17, still a fair influx from yesterday by 3.15%.
Ethereum’s market cap currently rests at $512.07 billion, but it has increased since yesterday by 0.77%. As for its trading volume, it trades $18.77 billion per day, which is about 4,351,693 ETH at the time of writing. BNB’s market cap is at $98.83 billion at the moment, while it trades $2.25 billion per day.
WAXP and GALA recover effortlessly from the bearish runs
WAX has gained popularity in the blockchain industry in the past few months. It simplifies e-commerce transactions by using WAXP tokens to make navigating the digital commerce market easier. With a jumpstart, WAXP’s trading volume has boosted $1,368,277,000 by 1250%, leading to a market cap increase of 32.81%.
Any person who follows the gainers’ list in the top 100 crypto tokens knows the name of GALA very well. GALA has often topped the charts and does so once again, although at the second place on the gainers’ list. Although it had bled in the recent bearish runs, having lost 7.74% price value in the last week, it is picking itself back up, recording gains of 18.31% at the time of writing thanks to a 74.87% trading volume increase.
Conclusion
The crypto market keeps investors, and those interested in it surprised and alert. This is a good thing because of how quickly things can change. The perfect example was Bitcoin’s bleeding of $10k value last week which happened in under a few hours. It is always good to remain alert and active in the crypto market to ensure the best profits for your coin of choice.