Bitcoin, Ethereum, Cardano, and Polkadot Daily Price Analysis – 4 January Roundup

Finally, the market has begun to improve after going through a bearish trend at the start of 2022. The change has come in the form of the change in prices of the major coins like bitcoin, Ethereum, etc., and as a result, the whole market has begun to improve. Though the start for improvement in the global market cap has been slow, the market will gain significant amounts if it continues.

Estonia has given positive news for crypto investors, and a news website has claimed that the mentioned state won’t block anonymous crypto holding. If it happens, it will be a milestone for the liberty of the crypto market as it won’t be regulated by any means. Thus, the freedom given by the state will help with the development of the market, attracting more investments.

Ren currency went through a bullish period, but the progress has reversed. Now experts are opining that most probably it will face the risk of dropping below 50%. Ren might encounter this situation because of the ongoing bearish trend that has made it suffer losses. Cardano has also made significant additions to the blockchain systems, and now it aims to be the middle ground between bitcoin and Ethereum. As per the latest updates, their UTXO model is vital for smart contracts between bitcoin and Ethereum.

BTC returns, starts journey afresh

Turns 13 years old, bitcoin has seen a lot of changes in the market. As the market leader, it has brought revolutionary changes to the market. But experts believe that 2022 might not be the year of rising for it. They vindicate it by the ongoing market changes and the previous losses. So, as the market situation seems prevalent, it might not add as much as it did in 2021.

The market’s current situation is improving, and bitcoin has gained 0.53% in 24 hours, compared to a 3.65% loss in seven days. The current bitcoin price is in the $46,336.55 range, while the market cap is estimated to be $876,695,857,956.

As bitcoin improves, the circulating supply will also show signs of growth. The circulating supply for 24 hours is about $44,298,824,351.

ETH flying high

Ethereum was the leading coin during the previous dip of the market. Its losses were evident because of the lead role, but now it has begun to recover. Though there is no certainty that the bullish situation will last longer, Ethereum has made significant progress.

The current data shows that Ethereum has gained 2.21% during the last 24 hours. Also, it is seen as a good start for recovery from a 0.46% weekly loss. The current price for Ethereum is in the $3,807.71 range.

The market cap for the said coin has improved after the change in trend and is estimated to be $453,225,982,504. At the same time, the trading volume for 24 hours is about $13,936,356,991.

ADA takes a good start for the new year

Cardano has been a revolutionary blockchain system, and the benefits were reaped in the form of its coin, which currently ranks 6^th on the list. Though it had performed well in the market, continuous recessions deprived it much compared to bullish days.

Now, with the improvement in the market, Cardano has gained 1.62% in 24 hours compared to a 6.86% loss in the previous seven days. The market is expected to grow, and Cardano will likely grow. The current market cap for Cardano is estimated to be $44,450,043,183. At the same time, the trading volume for the said coin during the last 24 hours was $964,990,388.  

DOT still red, likely to improve

Polkadot has still not turned bullish, even after the market trend has begun to change. The performance of Polkadot was relatively good in the recessive period as it gained 1.83% in the last seven days. It isn’t comparatively good if we compared the 24-hour performance, as it shed 1.16%. It seems as if Polkadot is going against the market trend.  

The current market cap for the said coin is about $28,951,829,346, while the current price is about $29.34. Compared to these two, the current trading volume for the same coin is about $1,397,570,623.

Final Thoughts

The market needs to take fresh capital to ensure that it takes a fresh breath. Though the current situation seems to be improving, continuity is needed. If the short-listed positive changes continue, there will be no benefit. If there is steady growth at the start of the year and no significant losses are in the way, then there are chances that the growth will be like that of Q1 and Q2 of 2021.

The investor trust needs to be improved, and it can happen if the market brings them good profits. Though the task is difficult but not impossible, experts hope that it will happen soon.