Bitcoin, Ethereum, Dogecoin, and Cardano Daily Price Analyses – 2 November Roundup

The global crypto market has witnessed a negative change as it continues to lower its value. The recent changes for Bitcoin, Ethereum, and others show that there has been a continuing trend of losses. The market has made several attempts to recover value, but it hasn’t been able to do so. The market might be facing problems due to the recent hike in interest rates by Fed. There was an anticipation of problems complicating it if the Fed continues to hike interest rates.

Trovio Group has launched a $35 million DeFi fund powered by Yield App. Trovio Group is currently one of Australia’s leading asset managers and it has partnered with Yield App. Yield is a digital wealth platform that has $200 million under management. The two companies will launch a new crypto fund. The $35 million fund, named the Trovio DeFi fund, will diversify the opportunities for wholesale investors within the DeFi ecosystem.

By combining the expertise of the two groups the DeFi fund will prove to be a game-changer in the crypto industry. Trovio has given a groundbreaking risk model that prioritizes capital preservation and uses a proprietary risk model of 135 measurable variables. Thus, the customers will be able to stay safe based on historical data available and the lesser chances of financial/credit risk.  

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

BTC in reversal mode

Bitcoin has tumbled with stocks following the Fed chair’s remarks on inflation. Jerome Powell, the Fed chair said that more hikes were likely. There had been a significant improvement in Bitcoin value over recent days, but the ongoing situation might reverse it.

The recent data for Bitcoin shows the continuation of the negative changes. The latest data shows that it has shed 1.23% over the last 24 hours. The weekly performance shows that Bitcoin has receded by 2.30%.

The price value of BTC is currently in the $20,267.83 range. The market cap value of Bitcoin is estimated to be $388,704,775,025. The 24-hour trading volume of Bitcoin is about $55,497,237,002.

ETH continues to regress

Singapore has tested institutional DeFi on Ethereum and welcomed USDC issuer. An official from the mentioned country said that it is a huge signal from a central bank. There has been a trend of lag from various countries to move forward with their crypto/DeFi plans.

The value of Ethereum has continued to face downward pressure. The latest data shows that it has shed 3.00% over the last 24 hours. The weekly performance of this coin shows a loss of 1.43%.

The price value of ETH is currently in the $1,540.29 range. The market cap value of this coin is estimated to be $188,117,601,314. The 24-hour trading volume of the same coin is about $23,596,922,121.

DOGE lowering losses

Dogecoin has seen an improvement in value over recent hours. The latest data shows that it has lowered its losses to 6.63% over the last 24 hours. The weekly performance shows that it has added 81.79%. The price value of DOGE is currently in the $0.1321 range.

The market cap value of Dogecoin is estimated to be $17,438,043,356. The 24-hour trading volume of this coin is about $4,605,728,279. The same amount in its native currency is about 35,040,943,442 DOGE.

ADA still in losses

The performance of Cardano has continued to show a negative trend. The latest data shows that it has regressed by 2.19% over the last 24 hours. The weekly performance shows a loss of 3.44%. The price value of ADA is currently in the $0.3915 range.

The market cap value of Cardano is estimated to be $13,427,494,324. The 24-hour trading volume of this coin is about $731,851,948. The circulating supply of this coin is about 34,330,911,457 ADA.

Final Thoughts

The global crypto market has seen a trend of losses over recent hours. The latest data shows that Bitcoin, Ethereum, and others have continued to recede. The negative trend has been spurred by the Fed rate hike. There is a likely chance of the negative trend continuing. The global market cap value has also been affected. The latest data shows that it is estimated to be $1.00 trillion.