- The global market is again recessive, losing 1.37% in 24 hours.
- Bitcoin has also turned bearish, losing 0.75% in the last 24 hours.
- Ethereum’s situation is no different, as it has lost 1.01% in the last 24 hours.
- Cardano and Polkadot are both on the negative side of the trajectory, losing 10.75% and 2.99% in the last 24 hours.
Though the market situation is not going in a positive direction, it is quite stable compared to the previous bear market. The relative stability of bitcoin and the other two major coins is why it has not begun to follow a free-fall pattern. The current global market cap might be a warning of what might be coming ahead if the pattern didn’t change. Even though it is approaching a red line, there are chances that the market might recover soon.
The current situation might also result from the continuation of the price correction phase as bitcoin hasn’t been able to get out of the $43K range. If it overcomes this barrier, there are chances that the situation will become stable for bitcoin and the whole market. So, the rise of the market depends mainly on bitcoin and other leading coins whose performance will determine the market’s success.
Though the bitcoin prices are in a stable range yet, the number of bitcoin tokens in profit has decreased. If the situation continues, then bitcoin might suffer price changes as well.