TL; DR Breakdown
The global crypto market is confused about coming out of the recession and is losing 5.18%. Bitcoin’s downward journey continues, dropping below $ 47K. Binance’s coin recovery process, affected by the new hit looming, loses 6.11%. Cardano and Algorand, which are still part of the losing car, continue to depreciate further.
The market has been shaky for weeks and has continued to experience sudden fluctuations. The continuing pattern of ups and downs has led to a sequence of additions and losses for both small and large coins. The leading currency in the market, bitcoin, was trying to recover from the blows in the form of a ban imposed on it in China and inflation, but was unable to do so. The latest developments have further lost their value, indicating how proven the situation is.
The deterioration in the situation of the Evergrande Group has also added to the worsening of the situation. It was because the group’s default on interest and bond payments of $ 82.5 million has overshadowed the rest of the market. Liquidity has also been fueled by the uncertainty due to the Covid variant, whose situation has once again put global businesses at risk. It has caused the suffering of the major cryptocurrencies that are important in setting the direction of the market. The rest follows from the current market situation.
The investor is not sure if he will see the safe close of the day for his assets. It has made them divest and liquidate their investments in different markets, including crypto.
BTC falls to $ 46K range, unable to hold firm at $ 48K
Bitcoin is trying to stay stable, but this time, the situation is very different. There is no single challenge that Bitcoin is supposed to fight. For this reason, he has put himself in a difficult fight, suffering losses in gradual turns. The recent market shift has made its investors cynical due to its $ 59K decline, which was the biggest news for its investors.
Once the journey in the reverse direction started, it didn’t stop with the loss of $ 1K or $ 2K; rather, he lost more than $ 13K. There is no clear idea how long this recession will continue as the market’s downtrend is still clear. There is still a possibility of improvement in the market if the global economy stabilizes or if there is a change in the situation of the new Covid variant.
Recent updates on Bitcoin tell a different story. It suffered losses of 3.71% in the last 24 hours. He has taken his seven-day losses to 7.89%, which is clear evidence of how much was won and lost in the past week. Its current price is estimated at $ 46,842.77.
It has also affected the market capitalization of bitcoin, which has dropped to $ 884,478,390,082. During the last 24 hours, your trading volume is estimated at $ 32,145,618,655. Recent changes show that bitcoin’s recovery trajectory has been affected due to the latest changes.
BNB is going fast but in the wrong direction
Binance Coin was recovering based on the updates of the previous day, but the revitalization was stopped due to the deterioration of the Bitcoin situation. There may be an increase in the sale of NFT and other positive changes in the market, but the magnitude of the changes taking place on the downside overshadows the positive changes.
The current situation of Binance Coin is evident from the change in price. At the time of writing this article, its price is estimated at $ 521.94. It was previously well above current value, but the changing market environment affected it. It has suffered a loss of 6.11% in the last 24 hours, while the seven-day losses amount to 10.99%.
The losses witnessed by Binance Coin have also affected its current market capitalization, which is estimated at $ 86,920,350,775. Its trading volume during the last 24 hours remained at $ 1,894,930,899.
Despite the fact that the situation does not favor the cryptocurrency market, there is hope for a recovery.
ADA red and SOMETHING for bumps
Cardano and Algorand have also been affected by recent market changes. However, both were moving forward as the market soared. Recent changes have put its momentum in a negative direction.
Cardano currently ranks 7th on the list and is priced in the $ 1.22 range. During the last 24 hours, its settlement amounted to 6.29%, while it suffered 15.19% in the last seven days. Cardano’s misery is evident in the weekly losses, which have greatly affected its price.
Its current market capitalization is estimated at $ 40,800,958,399. Its trading volume during the last 24 hours remained at $ 1,456,546,575.
The situation for the 22nd-ranked coin, Algorand, is no different. It suffered losses of 24.60% in the last seven days and 10.21% in the last 24 hours. It has affected the market capitalization of this coin, which amounts to $ 8,405,065,313.
Algorand’s trading volume during the last 24 hours amounted to $ 310,588,673.
Recent changes in the market are worrisome for investors, but there is no permanent situation in the cryptocurrency market. It will change soon as global changes begin to show improvement. Although the status of the virus is unclear and the economies of major countries are suffering, there is hope for improvement. Improvements in the market will be seen once investors return to the market with revitalized hopes.
NFTs, enhanced blockchain systems, and multiple digital services are the future of the world, but their implementation will take time. The changing market situation due to the pandemic and other problems is part of the process. There is no certainty about the market, but hopes of better results keep investors inside.
Disclaimer. The information provided is not commercial advice. Cryptopolitan.com assumes no responsibility for investments made based on the information provided on this page. We highly recommend independent research and / or consultation with a qualified professional before making any investment decision.
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Bitcoin, Binance Coin, Cardano, Algorand Daily Price Analysis – Dec. 13 Summary