The global crypto market has suffered for a long time and 2022 is not bringing about the significant changes that investors had hoped for. Short-term changes occur during the Christmas season when the market is in a continuous uptrend. Growth will continue, but investors withdraw their money for fear of losing and the market starts falling again.
The current situation continues the recession that started in December. This recession had many causes and new ones were added all the time, which made it severe. Despite efforts to revive the market, it remains a bear save for a few coins that are consistently won. Cardano is one of those bull coins that has shown an outstanding performance during the ongoing recession.
The news also had an impact on recessive sentiment as fraudsters confiscated more than $100 million from Pakistani investors. The scam occurs through the use of a fake Binance-based app. It would be a significant investment if the money were put into the market. This scenario also implies the need for market authenticity and fair play.
BTC increases its losses
Bitcoin’s current condition is getting thinner as it goes through the crisis. The current situation with Bitcoin continues to deteriorate due to the political unrest in Kazakhstan. Mining from central Kazakhstan has ended, making Bitcoin price suffer even more.
Bitcoin price is currently hovering around $41,849.75, which is down 2.44% in 24 hours. A 24-hour loss is comparable to a seven-day loss of 10.64%, which is why the Bitcoin price is dropping so fast.
The current market cap for Bitcoin is estimated at $791,918,957,637. At the same time, the trading volume of Bitcoin over the last 24 hours is around $78,950,515,178.
BNB hits new lows
Binance Coin is no better either. The situation worsened after the regulatory approval application was rejected by the Canadian authorities. Binance claims that they are legally approved in Canada, which, as noted, has been refuted by statements from the country’s authorities.
The current price of the Binance coin is around $451.71 while it is number 4 on the list. Losses over the last 24 hours are estimated at 3.68% compared to a 7-day loss of 12.84%. Binance Coin’s market cap is currently estimated at $75,346,413,205.
If we look at the trading volume over the last 24 hours, it is around $4,582,955,741. The devaluation for Binance may continue due to some real opportunities for market improvement.
MATIC cannot be recovered
Polygon MATIC suffered greatly during the recent recession. If the situation continued, it would lose value significantly. The current price of Polygon is estimated at $2.09, which has depreciated by 5.39%. If we compare the weekly losses are much more and are estimated at 19.00%.
The weekly loss means that Polygon has depreciated significantly during the ongoing recession. If it continues like this, the price will go down again. The current market cap for Polygon is around $14,957,774,238. If we look at the trading volume is also affected, which is worth $1,924,961,078.
The trajectory of this coin is negative and may continue if the market is unstable.
LINK continues its upward trend
Chainlink is one of the few coins on the top list to have a safe time so far. Although it has seen some devaluation changes due to the downturn in market sentiment, it has stabilized. Chainlink’s price is currently estimated at $26.75 while the 24-hour gain is 8.24%.
If we compare their weekly earnings it is estimated at 34.12% which is higher than the current market situation. Chainlink’s market cap is currently estimated at $12,491,791,425.
The trading volume for the same coin in the last 24 hours was $3,884,321,496.
The market is going through tough times and the situation may continue as there is still no improvement. Changing market sentiment affects not only individual coins, but the entire market. This change can be seen from the global market capitalization which fell to 1.98 trillion. Dollar and many experts see this as a worrying moment. If this continues, the market may be in a free fall situation. When that happens, it will be a big downturn for the market.
He needs support from outside the market and can only save with fresh capital. If fresh capital is injected, the market should rise.