The global crypto market has seen a decline in value, but the optimistic reality is that the losses are reducing. The performance of Bitcoin, Ethereum and others has improved significantly. These coins suffered heavy losses recently, but the latest updates indicate positive changes. The market will try to recover its gains and if it does, it will bring significant income to the investors. The sudden changes in the market are one of the main reasons for the violent movement of the market, which has scared the investors.
Elon Musk has told Twitter staff that the economic picture ahead is dire and bankruptcy is not far off. The billionaire bought Twitter about two weeks ago for about $44 billion and has been going broke ever since. Musk sent his first email to employees saying the financial situation was dire and there was no need to hide the message.
He went on to say that Twitter is largely dependent on advertising in its dire financial situation. In addition, 70% of the ads are branded, which makes the platform more vulnerable. That’s why they’ve been working on Twitter’s blue subscriptions, he continued. He added that they plan to make subscriptions half of the platform’s income. It’s hard work for the platform, and the coming weeks and months could be shaky.
Here is a brief overview of the current market situation, analyzing the performance of Bitcoin, Ethereum and others.
Bitcoin remains at $16,000
Peter Schiff has said that Bitcoin may not be able to reach $69,000 again. In his tweet, he said that the increase to $69,000 was a scam caused by high hype and speculative leveraged buys. He backed up his claim with the bankruptcy of FTX and believed that the Bitcoin mania was over.
Recent changes for Bitcoin are showing signs of improvement. The latest data shows that it has fallen 0.03 percent over the past 24 hours. Bitcoin’s weekly performance shows a decline of 20.53%.
BTC price value is currently in the range of $16,868.72. Bitcoin market cap is estimated at $323,978,755,474. The 24-hour trading volume of this coin is about $28,112,570,317.
ETH continues to lose
Ethereum withdrawals have increased and it is likely to see more downside. Analysts expected Ethereum price to correct due to market volatility. The current stage does not indicate any bad omens as it has started to heal.
Ethereum’s performance shows it’s still underwhelming, but there’s hope. Recent changes show a decrease of 0.56% compared to the previous day. The weekly performance shows a loss of 21.94%.
ETH price value is currently in the range of $1264.25. The market value of this coin is estimated at 154,711,095,771 dollars. The 24-hour trading volume of this coin is about $10,606,891,055.
XCN is fluctuating
The value of the chain has also fluctuated due to the unruly market. The latest data shows that it has decreased by 3.29% compared to the previous day. The weekly performance of this coin shows a drop of 8.57%. Negative changes have pushed the price of XCN to the range of $0.04791.
Chain’s market cap is estimated at $1,028,716,107. The 24-hour trading volume of this coin is about $28,183,967. The same amount in its native currency is about 588,542,551 XCN.
EOS is trying to stabilize
The value of EOS has not been stable in recent days. The latest data shows that it has made some recovery efforts as it has pared the loss to 1.56%. The weekly performance of this coin shows a loss of 21.78%. EOS price value is currently in the range of $0.905.
EOS market cap is estimated at $910,179,898. The 24-hour trading volume of this coin is about $155,495,978. The circulating supply of this coin is about 1,005,729,407 EOS.
Final thoughts
The global crypto market has seen negative changes despite efforts to recover profits. Recent changes for Bitcoin, Ethereum and others indicate a continuation of the bearish trend. The constant changes have affected various coins as investors prefer to stay awake. The global market capitalization continues to fluctuate as it is currently around $848.55 billion.