The situation for the global crypto market hasn’t seen improvement in the recent hours as metrics tell the same story. Though the performance of some minor coins has improved, indicating an increase in the value of the global market cap, the remaining market remains bearish. An indication of the continuing bearish trend is the performance of Bitcoin and Ethereum, which haven’t shown any positive change, instead of going further into losses. The current situation seems to continue the fluctuating pattern as the market has been adding and shedding regularly.
Instagram is taking the lead in introducing NFTs on social media. It would be the first step to revolutionizing social sites with NFTs and other Web 3 elements. Instagram’s addition is not limited to support for NFTs; it will also add support for Ethereum, Solana, and some other chains. Thus, once the platform can launch support for all these, the customers will be able to buy and sell them without any problems.
Here is a brief overview of the current market situation using the performance of Bitcoin, Binance Coin, and some others.
Bitcoin has far better security than other coins, which is why it can prove a better alternative for NFTs to other blockchain systems. The ongoing bearish situation has affected its value, thus making it dwindle. If it becomes NFT-friendly, it can attract a significant number of customers. It will also be able to make a speedy comeback.
The data for the last 24 hours shows that Bitcoin has shed 3.47%. If we compare the weekly performance, the losses for Bitcoin are about 8.27%. The value of Bitcoin has suffered, and it might be going through hardships in the upcoming days as well.
If we look at the price value for Bitcoin, it has continued to lower, and currently, it is in the $34,787.59 range. If we compare the market cap value for Bitcoin, it is estimated to be $662,151,747,479. At the same time, its 24-hour trading volume is about $34,282,626,606.
Ethereum investors are facing an extremely unfavorable situation affecting their investments. The fears of Ethereum investors are growing because it has been facing difficult situations compared to Bitcoin. The losses for Ethereum have affected its other projects as well. The support from Instagram might help it recover value in the longer run.
If we look at its performance for the last 24 hours, it has shed 4.27%. In comparison, its performance for the last seven days shows a depreciation of 6.83%. If the losses continue, the value of Ethereum will go through further hardships.
The current price for Ethereum is in the $2,571.10 range. If we compare the market cap value for Ethereum, it is estimated to be $310,315,960,495. At the same time, the 24-hour trading volume of Ethereum has decreased in value, as it is currently $16,513,976,955.
ALGO improving further
Algorand has been moving in a completely different direction compared to Bitcoin, Ethereum, and others. It has continued to gain value by adding 2.61% over the last 42 hours. If we compare the weekly gains, these are about 30.87%. The price value for it has improved to $0.7634.
The market cap value for ALGO has also been improving, as it is estimated to be $5,198,382,926. The 24-hour trading volume also saw a considerable increase, about $758,487,805. In comparison, its trading volume is about $6,809,361,372 ALGO.
Uniswap has performed relatively better compared to other coins, but it also has experienced fluctuations in value. Its trajectory shows some big changes as it saw ups and downs constantly. The data for the last 24 hours shows that it has shed 4.49%. In contrast, its past seven days show bullishness as it has added 4.30%.
The price value for this coin has been enhanced to $7.21 as per the latest updates. If we compare the market cap value, it is estimated to be $4,984,096,645. In contrast, its 24-hour trading volume of it is about $196,024,364. The circulating supply for Uniswap remained 690,674,783 UNI.
The global crypto market is back to a bearish period as its losses have continued to soar in value. The previous gains had helped it recover a significant amount of losses, but the current wave has taken it further low. The global market cap value suggests the amount of losses as it is currently about $1.59T. If the losses continue, they might go even lower, which will affect the new investments. The investors feel in a difficult situation because the capital productivity has been reduced to the lowest possible.