The impact of the Omicron option on both traditional and non-traditional markets is now evident. Change is evident in the case of the crypto market trying to reach heights, but in the end the gravity of the situation pulled it back. The latest stock market news in the US tells the same story, closing at a lower value than it has in recent days. The technology industry suffered the biggest losses in the market.
The bear trend is with big coins like Bitcoin, Ethereum, Binance Coin and with Altcoins like Solana, Algorand etc. How long this recessive trend will last is uncertain. The main factor influencing the progress of these coins is the variant of the Covid-19 Omicron that made these coins suffer.
Market liquidation is mainly due to fear of loss and creates a chain of market fear, thereby affecting prices. While the market has concerns, there is some good news for investors. One of them is Kraken’s announcement to take part in the NFT market competition. He announced that he would soon launch the NFT marketplace to provide NFT-related services to consumers.
BTC pulled by gravity from Omicron
The situation for the Omicron variant is deteriorating in the US and Europe. The ongoing situation has affected the major Bitcoin market. Bitcoin had already suffered a market failure and tried to bounce back, but the changing market hit it again. It remains to be seen how he will react to this new crisis, but his tenacity shows that he will emerge victorious.
Experts assume that this restless behavior will continue into the first quarter of 2022. So 2021 will not end as the end of Bitcoin’s woes. While we can hope for the best, the time to come will be a test for Bitcoin.
Bitcoin price is currently hovering around $47,724.45, with a loss of 2.40% in the last 24 hours while 1.72% in the last seven days. The market cap is $901 billion at the time of writing.
Its trading volume in the last 24 hours was $27 billion.
DOT is helpless to step again
Polkadot has established its place as a market innovator and ranks 9th on the list. Although it has made significant reports on changes in blockchain technology, it has also recently failed due to a recessive market.
The DOT coin has lost 4.30% in the last 24 hours, bringing its price to $25.87. His loss over the past seven days was 5.88%, which is significant. The Omicron variant and the resulting situation put Polkadot in a difficult position.
According to the latest update, the market cap is $25 billion while the trading volume in the last 24 hours is $2 billion. Recently fluctuated due to a down market.
Musk can’t help DOGE start again
Elon Musk recently announced acceptance of Dogecoin for Tesla merchandise sales. The announcement resulted in a huge appreciation in Doge’s value, but it didn’t last long. The market is a bear and even the big coins can’t stand it. Having said that, Dogecoin has lost 3.85% in the last 24 hours, compared to a 1.29% gain in the last seven days.
Dogecoin’s market cap is currently estimated at $23 billion while its value is estimated at $0.1741. The trading volume of the same coin in the last 24 hours was $998 million.
Hopefully it will go up soon when the bear market changes its sentiment.
LINK try to connect with good days
Chainlink took a heavy hit during the recent recession. Its price is currently estimated at $18.88 while it has lost 5.17% in the last 24 hours. The market has not been cheap for him over the past seven days and the value is down 7.55%. There is clear evidence of the losses it suffered during the recent recession.
Chainlink’s market cap is currently estimated at $8 billion. The trading volume with the same coin in the last 24 hours was $715 million, which equates to 37,909,235 LINK.
The fluctuations of these coins are clearly visible in the losses, but we expect them to rise again soon.
The market continues to decline, with the recent hit affecting Bitcoin even more. Recent changes have put it in the $47,000 range, a significant loss. The impact of changes in traditional markets and global health has made him and other coins suffer. Investor uncertainty must be stopped; otherwise, it leads to additional losses for the crypto market.
The recent market fluctuations have shown stability. These changes are reflected in the market through repeated shocks which, if continued for a long time, can make the market even more recessive. There is hope that the market will recover soon as the devaluation does not benefit investors and the growth of world markets.