Bitcoin, Ethereum, Zcash and Fantom Daily Price Analysis – August 1st Roundup
The bearish trend for the global crypto market continues as there has been little change in capital inflows. The overall outflow shows that the market has faced increased sales. There has been a significant decline in the value of Bitcoin, Ethereum, etc.. While if the following coins are compared, they faced the same dilemma except for a few. The market must hold on to the gains as it will affect investments in the coming days. It remains to be seen whether the market is able to do so or faces another rapid run of losses.
The continuation of security exploits in the global crypto market is one of the main reasons for bearishness. Last on the list is the exploitation of the Nomad token bridge, which has been stripped of $190 million. Hundreds of potential exploiters drained TVL for this token within hours.
It happened in the form of a long series of transactions. The remaining amount left in the wallet is around $651.54 million, according to DeFi Llama. The first suspicious transactions took place at 21:32 UTC. Alarms rang, and users were scared to withdraw their money.
Here is a brief overview of the current market situation, analyzing the performance of Bitcoin, Ethereum and some others.
BTC stuck at $23K
The US Department of Justice has shared the details of a case in which a woman has been sentenced to ten years for using Bitcoin to commit murder. She used Bitcoin on the dark web to hire an assassin to kill her husband.
The latest data for Bitcoin shows that it is down 1.64% in the last 24 hours. The weekly performance has shown improvement as the increase remains at 9.26%. It will have to retain gains to keep its value consolidated.
The price value for Bitcoin is in the area of $23,038.24. The market value of Bitcoin is estimated to be $442,179,643,244. The 24-hour trading volume for Bitcoin is around $25,952,148,508.
ETH continues its downward journey
CryptoPunk Ethereum NFT sales have seen a significant increase following the Tiffany offering. According to the available updates, sales of NFT increased by 248% as Tiffany and Co. showed interest in the use of NFTs. The attraction of luxury brands could improve the ailing market.
Ethereum has also seen a lag in gains as it has fallen 4.79%. The decline has affected it for some time as the calculations show depreciation. The weekly performance shows that it has increased by 13.60%.
The price value for ETH is in the area of $1,614.36. The market value of this coin is estimated to be $198,195,263,521. The 24-hour trading volume for this coin is approximately $16,404,681,142.
ZEC still in losses
Zcash has also seen a continuation of losses due to a bearish market. The latest data shows that it has gone down 5.55% in the last 24 hours. The seven-day data shows a gain of 15.75%. The price value for this coin is in the range of $62.28.
If we look at the market cap of ZEC, it is estimated at $931,075,259. The 24-hour trading volume for this coin is approximately $60,767,900. The same amount in its native currency is approximately 975,751 ZEC.
FTM gains traction
Fantom has gained traction as it has attracted significant gains. The latest data shows that it has increased by 1.77% in the last 24 hours. The weekly data shows an addition of 15.61%. It has been able to retain investors during the bearish wave. The price value for Fantom is approximately $0.3472.
The market value of FTM is estimated to be $883,740,918. The 24-hour trading volume for this coin is around $238,039,053. The circulating supply of this coin is approximately 2,545,006,273 FTM.
Final thoughts
The global crypto market has seen no change in the bearish wave. The latest data shows that Bitcoin, Ethereum and others have continued to lose value. The redness in the market looks set to continue for some time. The global market cap has also seen a decline due to bearishness. It is currently estimated at $1.07 trillion.
