Bitcoin, Ethereum, ApeCoin and VeChain Daily Price Analysis – July 24 Roundup

The performance of the global crypto market has once again begun to show signs of lagging. As can be seen from the calculations of Bitcoin, Ethereum and other altcoins, there is a clear tendency towards losses. The market had been able to recover from the previous bearishness in the last day. It showed positive calculations, and the analysts were of the opinion that the gains will continue, but it did not happen. The new bearish wave has brought the market back to losses, and is also affecting investors.

Well-known NFT creator Yuga Labs has been threatened with a class action lawsuit. Based on the available information, it is likely that the lawsuit will allege it for failure to deliver promised returns on the securities it has sold. The famous securities of this company include Bored Ape Yacht Club NFTs and ApeCoin. The previous month, the same company had sued a prominent artist for trademark infringement.

Law firm Scott+Scott is working on a class action lawsuit to sue Yuga Labs. The announcement by the company came last week amid allegations of false claims regarding NFTs. According to the law firm, Yuga Labs promised an increase in profits, but instead the value of NFTs fell over the past 3 months.

Here is a brief overview of the current market situation analyzing the performance of Bitcoin, Ethereum and other altcoins.

BTC lingers at $22K

As Bitcoin has faced bearishness in recent hours, the funding rate has remained positive. The data on the chain shows that the relatively high positive rate can result in a decrease in value. Bitcoin needs to remain stable to keep its dominance intact.

The latest data for Bitcoin shows that it is down 1.46% in the last day. It could not retain its gains and thus its weekly performance has also been affected. The weekly performance shows an addition of 6.61%.

The price value for Bitcoin is in the area of ​​$22,301.47 as the market remains recessive. The market value of Bitcoin is estimated at $426,013,035,021. The 24-hour trading volume for BTC is approximately $24,874,686,777.

ETH still bearish

Ethereum has continued to outperform other coins in the market. The previous week remained relatively better for it as it saw a steady rise in value. Last week’s data shows it traded for over $1,600. While the gains for the last week were over 48% which is huge in the bearish market.

Ethereum has also remained bearish as capital inflows slowed. The latest data shows that it has fallen 0.34% in the last 24 hours. The weekly gains also show a downward trend as they have regressed to 14.55%.

The price value for ETH is currently in the area of ​​$1,556.24. The market cap for the same coin is estimated to be $189,371,023,795. The 24-hour trading volume for the same coin is approximately $17,686,100,584.

APE reverses downward trend

ApeCoin has also seen a downward trend in value as it could not keep up with capital inflows. The latest data shows a loss of 7.68% in the last 24 hours. The seven-day results show an addition of 22.86%. As the losses continue, the price value has dropped to the $6.22 area.

The market cap of APE is estimated to be $1,909,558,783. The 24 hour trading volume for the same coin is around $400,133,728. The same amount in its original currency is approximately 64,303,357 APE.

VET unable to revive

The value of VeChain has also shown a recessive trend, affected by the bearish market. This change has resulted in a loss of 2.68% in the last 24 hours. The weekly performance shows an addition of 4.29%. These losses have brought the price value to the $0.02444 area.

If we look at the market cap of VET, it is estimated at $1,772,135,254. The 24-hour trading volume for this coin is estimated at $79,764,816. The circulating supply of this coin remained at 72,511,146,418 VET.

Final thoughts

The global crypto market has seen a reversal in gains as the trend of gains reversed. The result was impending losses for Bitcoin, Ethereum and others. The effects have also continued to the global market value, which was reduced again. Its current value is estimated at $1.02 trillion. If further losses continue, they will impact the value.