12-hour Crypto Roundup: Bitcoin plunges to $55.8K, altcoins bleed in a persistent bear market

In this post:

TL;DR Breakdown

  • Bitcoin continues to fade away from $60K.
  • Ethereum drops to $4,000, as SOL, ADA, and other altcoins drop drastically.
  • MANA, and SAND are the only ones to record gains in the top 50 cryptocurrencies in the world.

One of the most popular phenomena of the cryptocurrency market is its unpredictable and uncertain nature. The market shows glimpses of bullish and bearish trends from time to time. However, the market offers a change in trend at a rather unexpected time. This is why crypto is highly profitable yet very risky for investors. Bitcoin, along with other active market participants, deteriorates in terms of valuation to keep investors and traders at the edge of their seats.

Bitcoin and Ethereum continue to slide down

Recently, when experts and analysts were quite bullish on the performance of Bitcoin and several other cryptocurrencies, the market has turned red. To everyone’s shock, almost all coins and tokens are struggling, and they are shedding their gains made from the bull run. Bitcoin has failed to stay close to the $60 K mark. It has further dropped down by over 6.50%, touching $55,800. The coin’s trading volume is at $42 billion, with its market cap at $1.05T.

On the other hand, Ethereum has also decreased in value, touching the line of $4,000. The leading altcoin has lost 4.36% in value and over 14% within the last week. The coin fell from its ATH. The trading volume of ETH is at $22.7 billion. The market dominance of ETH is 19.4%, with its Gas at 99 Gwei. The market dominance of Bitcoin is at 42.7%, whereas the overall market cap of crypto has fallen below $2.5T, following a 4.5% decrease.

Major altcoins shed their value

Apart from Bitcoin and Ethereum, several other crypto tokens have lost a significant portion of their value. Binance Coin has fallen to the range of $550 after dipping by about 4%. SOL has fallen below $200 after sliding for over 7%. The coin fell below $190 but has gained a bit to value around $198.80 at writing. Cardano and Ripple have also gone down, as the former is valued at $1.80 and the latter is valued at a little over $1.

Moreover, DOT and LUNA have also fallen to $39 and $41, respectively. Polkadot had achieved its ATH previously, and this bearish market has seriously influenced its performance. On the other hand, AVAX fought the bearish market pretty well as its dream run. It crossed the $100 mark and continued to stay green even in the bear market. However, over the last day, AVAX has also lost about 3.40% in value over the previous day, dropping to $102.40. Dogecoin and Shiba Inu have also decreased by 5% and 10.4%, respectively. The trading volume and market caps of these coins have also been negatively influenced in the meantime. 

MANA and SAND record gains for a change

There were a few names that remained green in this bear run in the past few days. But now, the list is cut short to MANA and SAND only as there are no other winners in the top 50 cryptocurrencies. MANA made an upsurge to achieve its ATH after posting gains of over 17%. The coin crossed $4.20 for the first time. However, it consolidated a bit and is now valued at $3.93. The trading volume and market cap of the token has also gone up. Its trading volume has touched $2 billion, which is a positive sign for the coin.

On the other hand, the Sandbox (SAND) is ranked at number 48 in terms of market capitalization. The token is on its dream run as it maintains its bullish position from the start of this crypto correction phase. The coin has made a strong ATH over $4. Over the last day, it gained 10% more to stand at $4.18. With high demand and increased trading volume, SAND is eyeing more success in the coming days. The token has posted gains of almost 60% in the last week, which indicates the coin’s success.

Investors and experts believe that this is just a regulation correction phase of the crypto market. However, the persistent crashing prices of Bitcoin and other coins have raised concerns and doubts among them. Most of the coins have crashed through their support levels, so it would not be easy for them to regain the desired stability for a bull run. The next few days will be decisive in determining the actual trend of the market.

Rules of thumb in crypto

Cryptocurrency trading attracts a much younger and digitally savvy crowd. Yet, I’d like to think you cannot typecast a crypto expert or know who is more successful at trading. Sharing lots of information, knowledge, and trading strategies on specialized online forums, most prominently on Reddit, helps widen your perception of the space and helps keep you out of trouble (see r/Bitcoin and r/CryptoCurrency).

You can also get into the mood when you encounter like-minded people who use acronyms ubiquitous in the world of crypto. Using these short and catchy abbreviations, both non-crypto and crypto believers can remember the most important rules of trading that — hopefully — help them avoid costly mistakes.

Source: IMD.org

Can you add more words to this crypto speak list? Please let us know in your comments below.

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Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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