TL; DR Breakdown
- The global crypto market is on track to recover; losses have been reduced to 0.09% during the last 24 hours.
- Bitcoin is trying to stabilize and its depreciation amounts to 0.80%.
- Ethereum is back on track after small drops, gaining 1.35% in the last 24 hours.
- XRP and Chainlink continue to add gains to their volume, adding 0.69% and 2.65%, respectively.
Unlike other currencies on the market, bitcoin is red and investors are anxiously waiting for it to turn red. The performance of different currencies in early 2022 has improved, but no positive signs have been seen from their side since then. The improvement is underway in the form of a reduction in the losses that bitcoin faced with the close of 2021 and the start of 2022. Once it turns green, the impact will be evident in the market and could show an uptrend.
Elon Musk has said that the cryptocurrency fixes the 'money bug'. The aforementioned statement could also attract more investors to the market, as Musk has previously shown. Following Musk's remarks, there are potential possibilities to add more investors to the market, as has previously happened in bitcoin and dogecoin. So this statement could be a move towards the bear market.
The importance of the cryptocurrency market will continue to improve and experts believe that it will replace gold. The reason is the growing popularity and the benefits it promises. Although it fluctuates comparatively in rates, the crypto market is attracting investors. Once this market stabilizes, it will pose challenges to several traditional markets.
The fact is that you need to get out of the bearish situation and make the market trustworthy for the investor. There is a possibility that this will happen in 2022, as it did 2021 to attract record investments to the market.
BTC stabilizing with reduced declines
Bitcoin it's on its way to recover, which is evident from the hash rate recovery. BitcoinThe hash rate was badly affected after the Chinese ban, as it closed several mining centers. Now, with the improvement in the market, the hash rate has reached a new all-time high.
As with the improved hash rate, bitcoin has continued to reduce daily losses, amounting to 0.80% in the last 24 hours. Compared to the seven-day losses of 7.61%, the 24-hour losses are much smaller and show signs of improvement going forward. The current bitcoin price It is approximately $ 47,024.04.
The current market capitalization for bitcoin has also been improved after hash rate improvements and loss reduction and is estimated at $ 888,197,864,182. The bitcoin trading volume for the last 24 hours is approximately $ 43,529,522,045.
ETH proving to be a beacon for the market
Being one of the leading currencies, along with Bitcoin, Ethereum it has an undeniable importance in the market. Due to its significant market share, EthereumGrowth also affects world market capitalization. According to the latest updates, Ethereum is growing and has been bullish for the past 24 hours.
Ethereum's 24-hour performance shows that it has gained 1.35% compared to a seven-day loss of 6.75%. The current price of the mentioned coin is approximately $ 3,799.85, and it could soon surpass $ 3.8K. The current market capitalization for said coin is approximately $ 451,773,375,322.
After a brief bearish period, Ethereum's trading volume has also improved. The 24-hour trading volume for said currency is approximately $ 9,996,578,054.
XRP showing signs of improvement
Wave coin has also shown improvements due to the market recovery. The data for the last 24 hours shows that you have gained 0.69% in the previous 24 hours, compared to a loss of 7.99% in the previous 7 days. The current price of XRP The coin is approximately $ 0.8496.
2022 could have more in the bag for XRP and other coins, which are expected to grow even higher. Currently ranked 8th Listed, the XRP coin has an estimated market capitalization of $ 40,342,514,955. The trading volume of the same coin during the last 24 hours was $ 1,128,886,638.
Bullish LINK, linking it to good morning
Link of the chain has a lot for the cryptocurrency market due to its revolutionary features. Although it was showing improvement at tremendous speed, recent changes in the market affected it as well. The data for the last seven days shows that it lost 7.01%. In comparison, the previous 24 hours have proven to be bullish, as it added 2.65%.
The current price of Link of the chain It is approximately $ 21.45, while its current market cap is estimated at $ 10,017,136,333. Chainlink's trading volume for the last 24 hours is approximately $ 16,509,467,397.
Final thoughts
The market has started to improve with 2022 and the effects are evident in the growth of the currencies. All major currencies have turned bullish, except for bitcoin, which is trying to stabilize. Although experts have opined that this year will be better for the cryptocurrency market, it remains to be seen whether it will make any significant gains. The improvement on the side of the major currencies will bring significant value to the entire market.
The recovery phase may be slow initially; the market has to make up for the losses it has suffered. If it happens, the journey of setting new records will begin. Therefore, the process could take time, as recent recessions have shaken the market significantly.
The tough times have continued since December 2021 and are expected to end soon.
