The global crypto market has continued to face a hard time as the majority of the coins in the market haven’t seen stability. The performance of Bitcoin and other coins has wavered amid the fluctuating market. The result of the instability in the market is losses which have continued to grow. Thus, ultimately, the investors in the crypto market have suffered for a lasting period. The market might continue like this onwards, and there are few chances of a major improvement.
The impacts of the crypto depression have resulted in layoffs in crypto companies. Some exchanges have already announced layoffs of a considerable number of employees. Others have gone for a sustainable strategy so that their employees are little affected by the market changes.
The losses in the market are evident from the Dogecoin market cap, which shed $6 billion last month. If we compare even larger coins, they have shed more than that. The crisis has continued since March and might last until the market finds solutions to its problems.
Here is a brief overview of the current market situation, analyzing the performance of Bitcoin, Binance Coin, and others.
BTC lowers further
Bitcoin has seen a sudden fall in value and has impacted the market considerably. Market analysts have informed the users about watching the following resistance level for Bitcoin as it has slipped dramatically. Some have predicted that Bitcoin value will fall in tandem with stocks.
The latest data for Bitcoin shows that it has slipped and shed 2.31% over the last 24 hours. The increasing losses have resulted in a loss of 0.93% over the last seven days. The changes might continue if Bitcoin isn’t able to recover shortly.
The current price value for Bitcoin is in the $29,423.31 range. If we compare the market cap value for the same coin, it is estimated to be $560,918,619,149. The 24-hour trading volume of the same coin is about $27,451,633,468.
BNB stays untroubled
Binance has seen considerable expansion across the world. A recent announcement about getting licenses in all US states until the end of 2022 was a major step. According to the latest updates, there are chances of a probe against Binance. SEC will probe Binance to see if it is unregistered security.
Binance Coin has also faced problems as it has shed 0.14% over the last 24 hours. The performance of the same coin for the last seven days shows a loss of 2.80%. Its value of it has reduced considerably due to changing market.
The price value for BNB is in the $289.61 range. The market cap value has also been affected by the recessive market as it is currently about $47,287,457,823. The 24-hour trading volume of the same coin is about $1,036,124,467.
SOL increases losses
Solana has also faced problems as the market has continued to change. The recent wave of bearishness brought losses of 5.90%. The pace of losses is increasing, strengthening the bearish pull. If we compare the weekly losses, they have risen to 0.75%. The price value has also been affected, which is currently about $37.83.
If we look at the market cap value for SOL, it is estimated to be $12,933,667,404. The 24-hour trading volume of the same coin is about $1,172,515,817. The same amount in its native currency is about 30,996,361 SOL.
TRX reduces the bearish impact
Tron has reduced its losses even though the market is fluctuating. The changes show that TRX has shed 1.72% over the last 24 hours. In comparison, the past seven days show a loss of 2.32%. The losses for Tron were reduced due to the influx of capital, which helped it revive. The price value has also enhanced comparably as it is about $0.07966.
The market cap value for this coin is about $7,391,351,946. The 24-hour trading volume of this coin is about $731,584,204. The circulating supply of this coin is about 92,791,756,128.
The global crypto market has continued to suffer as the losses have continued. The situation of the market has seen little stability due to constant fluctuations. The recent change in value brought the global market cap value to $1.20T. The depreciation in this value is an evident example of what major coins like Bitcoin are going through.