- Bitcoin remains stuck in the $59K bracket.
- Ethereum lingers around the $4,200 mark, but SOL continues to lose value.
- AXS, CRO, and SHIB turned green in recent trading hours.
The cryptocurrency market fluctuates at a fast pace. This is primarily why even 15 minutes and 1-hour candlesticks hold immense significance when an expert conducts technical analysis on crypto charts and graphs. During market corrections, several crypto tokens can experience sheer volatile phases. The likes of Bitcoin and Ethereum also struggle to maintain a stable pattern.
For the last couple of days, the cryptocurrency market has been undergoing a phase of correction. Several coins have lost their position in the market and have gone down by considerable margins. Also, tokens have shed their gains after achieving all-time highs. Bitcoin, for instance, fell from a high of $68,000 to below $60,000 within a day or so.
Bitcoin and Ethereum lack bullish momentum
Bitcoin has not seen much activity in recent market hours as it is still stuck in the same region. The bull has kept it safe from going further down, but the leading crypto token does not have the momentum to form a bull run. At the time of writing, Bitcoin is valued at $59.8K, and its 24h trading volume has decreased to $39.9 billion.
On the other hand, Ethereum, the leading altcoin, has also struggled to improve its valuation. It is stuck around a tight range from the $4,200 mark. Its market dominance is 19.1%, as compared to Bitcoin’s 43.4%. Eth’s trading volume is also lingering below the $24 billion mark.
SOL and LUNA lose value
Several crypto tokens are struggling in this correction phase. However, Solana has lost about 10% in the past week. SOL is the fourth-largest cryptocurrency in terms of market, and it is currently positioned at under $220. Solana drew back from its all-time high, and therefore, investors are keeping an eye on the token’s performance. If it maintains its position above the $225 mark, SOL can get bullish in the coming days.
On the other hand, Terra’s LUNA is also amongst the major losers as well. It has further retraced for over 3.0% and is currently valued around the $43 mark. Further degradation of the token can solidify the bearish pattern and extend it for a longer time. Also, the trading volume and the market cap of LUNA are struggling in recent trading hours.
AXS and CRO make considerable gains
In this bearish market, a few coins have attracted investors through their profit potential. Tokens like AXS, CRO, and AVAX have remained bullish in this correction phase. Even SHIB has not submitted to the bear pressure. Investors have stayed firm on SHIB after its significant upsurge a few weeks back. Shiba Inu is valued at around $0.0000497. However, it is well-positioned to go up from here on.
After recording a few lows in recent hours, the gaming token Axie Infinity (AXS) has gone up. Currently, it went up by over 5.6% to an inch closer to the $137 mark. The positioning of the coin in the market shows that it can further grow and record more profits. Users and investors have also shown more interest in the token, which has propelled the coin to new highs lately.
Moreover, CRO has made vast gains of about 15.50%, which has propelled its price past $0.48. The coin has gone up by a mammoth 37% in the past week. The market cap and trading volume of CRO are also staying positive, with over 1.74 billion CRO coins in circulation.
AVAX has also kept its bull run afloat, as it has surpassed the $100 mark and is currently valued at over $102. The token grew by over 15.70% today, making it the most prominent gainer in the industry. High trading volume and demand suggest that the coin is set to record more gains in the coming days.
Irrespective of the performance of a few coins, no token has shown clear signs of a bull or a bearish. This indecisive market will take a few hours to mature and form a set pattern for altcoins to follow. The positioning of Bitcoin and its daily closing is highly crucial today.
From the Government of India (GOI), we received word that the door on cryptocurrencies will not be closed, but a “nuanced approach” is in the works. More regulatory steps and restrictions on the direct use of cryptocurrency in transactions are being sought. Active solicitations by companies will be barred, which means exchanges and platforms can no longer operate. What’s the end goal? Taxes.
What are the implications of government regulations on the further barrelling down of crypto prices? Please tell us in your comments below.