Bitcoin, Binance Coin, Terra LUNA, and Chainlink Daily Price Analysis – 5 January Roundup
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TL;DR Breakdown
- Market unable to revive after major waves of recession and loses an additional 7.11% in 24 hours.
- Bitcoin’s sufferings take it further low, losing 6.46% in 24 hours.
- Binance coin, after a new setback, loses 4th rank to Tether, a major shift in ranking.
- In a bearish mood, Terra LUNA and Chainlink lose 10.19% and 6.52%, respectively.
The market doesn’t seem to be recovering soon, as evident from the recent short-lasting recoveries. The market has continued to fluctuate since December 2021, and the only changes are short-lived gains. These gains are replaced by even-bigger losses, which has made the market suffer hugely. The current market cap is about $2.07T which has been reduced from $2.80T.
The leading role of bitcoin has been the main factor that has led to a depreciation in the market. The current fluctuation seems to be a continuation of the price correction phase that has been haunting bitcoin for since long. It might continue as experts believe that it will come to a stable situation once the price for bitcoin reaches a steady value. So, the sufferings of bitcoin might continue, and the rest of the coins will face the same plight.
Bitcoin has tried to stabilize itself, but the market doesn’t seem in the mood to stay stable. For this reason, investors are fearing for their capital and are pulling it out for the sake of security. So, resultantly the changes will continue, and the market might shrink further.
The market’s current situation shows an overall bearishness as the total market cap has reduced with the new fluctuations. Here is a brief overview of some of the main coins in the market.
BTC plunges back to lows
The change in bitcoin price proved short-lasted, and the recent change shows that it has depreciated 6.48% in 24 hours. The recent changes have brought its price to the $43K range, which might be a warning for the upcoming days. The start of 2022 has not been good for bitcoin, and for this reason, it has lingered in back alleys.
Compared to other leading coins, bitcoin remained bearish, and even when its mood changed, it didn’t last for long. If compared to the 7.10% weekly loss, the current change shows the hard times that bitcoin is going through.
The current market cap for bitcoin is about $820,874,427,514. At the same time, the trading volume of bitcoin for the last 24 hours is recorded to be $38,972,638,971. The overall performance for bitcoin is bearish.
BNB witnesses a major shift; loses rank 3 to USDT
Binance coin had made significant gains recently and stayed firm of rank 3. The recent upset in the market has taken it to rank 4, and Tether has occupied rank 3. The depreciation for the Binance coin during the last 24 hours amounted to 8.61% compared to 8.77% in the last seven days.
The current price for the Binance coin is estimated to be $468.01, while the current market cap is estimated to be $78,064,209,232. Binance coin has been following the dominant trend of the market. In contrast to bitcoin, it started 2022 on a bullish note and then lost.
The 24-hour trading volume for the said coin is about $3,282,598,746.
LUNA hit hard by dips
Terra LUNA’s has remained bearish for the last seven days, and it shed 6.10%, compared to 24 hours depreciation of 10.19%. The current price for this coin is about $76.70, while the market cap is estimated to be $27,574,024,201.
The trajectory for Terra LUNA has been that of fluctuations as its prices change with time. The current trading volume has also been affected by the investors pulling out their capital and is about $2,296,438,101.
LINK sees a major disappointment after gains
Chainlink was a gainer throughout the recent bearish period. It was in contrast to the market, but the recent changes have brought it to a bearish position. The current change in its value amounts to 6.52%, while the gains for the last seven days were 22.53%. The gains that Chainlink made were greater in comparison to other coins.
The current trading volume for this coin is about $4,115,438,603 while the market cap is estimated to be $11,125,683,605.
Final Thoughts
The market hasn’t been revived in the first five days of 2022. The pattern might continue as the problems are increasing in the form of the virus situation, growing inflation, and market price correction. If this lasts for long, then there are chances that along with price reduction for different tokens, the global market cap will also reduce with time. Though the market is seeing a bearish period, there are some investments in NFTs and other assets, but the market needs strong support.
The only change is possible if the leading tokens begin to emerge. If it happens, the market will be on its way to recovery soon.
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