Connect with us

Bitcoin

Bitcoin, Binance Coin, Chainlink, Polygon Matic Daily Price Analysis – 7 January Roundup

Published

on

  • The recessive mood of the global crypto market continues, losing 3.02% in 24 hours.
  • Bitcoin continues to recede; the losses for 24 hours amount to 2.44%.
  • Binance coin couldn’t get back on track, lost 3.68%.
  • While still in a recessive mood, Polygon MATIC depreciates 5.39%, while Chainlink gains 8.24%.

The global crypto market has been suffering for a long now, and 2022 has brought no significant change as investors expected. The short-lasting change was during the Christmas period when the trend of continuing bullishness was seen in the market. The growth would have continued, but the investors pulled out their money due to fear of losses, and the market again began to recede.

The current situation continues the recession that began back in December. This recession has many reasons, and new ones are continually adding to it, making it severe. Though there have been attempts to revive the market, it has remained bearish except for a few coins that are continually gaining. Cardano is one of the bullish coins which has shown exceptional performance during the ongoing recession.

The news has also affected the recessive mood that scammers have looted more than $100M from Pakistani investors. The scam took place through the use of Binance-themed fake apps. It would have been a significant investment if this money had been invested in the market. This scenario also signifies the need for market authenticity and fair play.

BTC furthers its losses

The current condition of bitcoin is thinning, as it has already been going through a crisis. The current situation of bitcoin is going through further deterioration because of the political turmoil in Kazakhstan. The mining from Kazakh hubs has come to a close, which is why the bitcoin price is suffering further.

Bitcoin, Binance Coin, Chainlink, Polygon Matic Daily Price Analysis – 7 January Roundup 1
Source: TradingView

The current bitcoin price is in the $41,849.75 range, which went through a loss of 2.44% in 24 hours. The 24-hour losses are comparable to the seven-day losses of 10.64%, which is why the price of bitcoin is speedily depreciating.  

The current market cap for bitcoin is estimated to be $791,918,957,637. At the same time, the bitcoin trading volume for the last 24 hours is about $78,950,515,178.

BNB touching new lows

Binance coin isn’t also performing any better. The situation has worsened after its claim of regulatory approval was rubbished by the Canadian authorities. Binance claimed that they had been legally approved in Canada, which was refuted by a statement from authorities in the country, as mentioned earlier.

Bitcoin, Binance Coin, Chainlink, Polygon Matic Daily Price Analysis – 7 January Roundup 2
Source: TradingView

The current price for the Binance coin is about $451.71, while it ranks 4th on the list. The loss for the last 24 hours is estimated to be 3.68% compared to the seven-day loss of 12.84%. The current market cap for the Binance coin is estimated to be $75,346,413,205.

If we take a peek at its trading volume for the last 24 hours, it is about $4,582,955,741. The depreciation for Binance might continue because of the few apparent chances of improvement in the market.

MATIC unable to recover

Polygon MATIC has suffered much during the recent recession. If the situation continues further, it will lose significant value. The current price for Polygon is estimated to be $2.09, which underwent a depreciation of 5.39%. If we compare the weekly loss, it is much more and is estimated to be 19.00%.

Bitcoin, Binance Coin, Chainlink, Polygon Matic Daily Price Analysis – 7 January Roundup 3
Source: TradingView

The weekly loss means that Polygon has depreciated significantly during the ongoing recession. If it continues further, there will be more decrease in its price. The current market cap for Polygon is about $14,957,774,238. If we look at the trading volume, it has also been affected, which is estimated to be $1,924,961,078.

The trajectory for this coin is going in negative and might continue if the market doesn’t stabilize.

LINK continues a bullish journey

Chainlink is one of the few coins on the top list that have a safe time until now. Though it underwent some depreciating changes due to the market’s bearish mood, it has stabilized itself. The current price for Chainlink is estimated to be $26.75, while the 24-hour gains are 8.24%.

Bitcoin, Binance Coin, Chainlink, Polygon Matic Daily Price Analysis – 7 January Roundup 4
Source: TradingView

If we compare the weekly gains, these are estimated to be 34.12%, which are greater compared to the market’s current situation. The current market cap for Chainlink is estimated to be $12,491,791,425.  

The trading volume for the same coin during the last 24 hours was $3,884,321,496.

Final Thoughts

The market is going through hard times, and the situation might continue as there are no improvements yet. The change in the market’s mood has not only affected individual coins but the whole market. The change is evident from the global market cap, which has come down to $1.98T and many experts see it as an alarming point. If this continues, the market might go into a free-fall situation. If this happens, it will be a significant setback for the market.

There is a need for support to the market from the outside, and only fresh capital investment can save it. If fresh capital is injected, the market is likely to turn bullish. 

News Source