TL;DR Breakdown
- Global crypto market cap drops to $2.00 trillion.
- Bitcoin sheds over 1.70% and inches closer to $42,000.
- Ethereum lingers around $3,200 amid a recent dip.
- Cardano stands out with over 8% gains; Bitcoin Cash and IOTA also progress.
- Terra sheds majorly in a blood-soaked altcoin market.
The global economic structure is a mix of different finance sectors and markets. However, the cryptocurrency market is one of the most outstanding industries. By shaping the idea of digital currencies, the global crypto market has attracted global investors and traders. The trillion-dollar sector has been expanding and spreading its wings in recent times.
Over the last day, the global crypto market cap has dropped by 2.36% to $2 trillion. This indicates that the recession phase of the market has forced stakeholders to liquidate their assets. Also, the market is going through a crucial phase, and it currently stands at a make or breakpoint.
Bitcoin plunges to $42,000 in latest trading hours
Bitcoin is the most influential cryptocurrency asset in the world. It has undoubtedly helped the crypto community to grow. However, the volatile token has again managed to find itself in hot waters. After shedding 1.70%, the coin is now trading around the $42K mark. It is posting red candles on weekly charts, indicating that the coin has lost all its gains from the previous week.
Source: TradingView
The market cap of Bitcoin is now below $795 billion. Its 24-hour trading volume is, however, over $22 billion. Nonetheless, Bitcoin has been stuck in this tight range for a few weeks now. The growing uncertainty might indicate a further dip in the value of the most wanted digital asset.
Ethereum fails to move past $3,200
Ethereum holds a significant position in the cryptocurrency market. However, the coin has had its fair share of highs and lows in recent times. In the latest market trading hours, ETH has further shed over 2.60% to fall below $3,200. The coin is still 2.10% ahead of its last week’s price. However, it has lost a significant portion of its gains that recorded a recovery pattern for the leading altcoin.
Source: TradingView
Ethereum has also suffered a dent in its market cap which has now fallen below $379 billion. Also, the coin’s trading volume is at $12.21 billion. The underwhelming performance of ETH has frustrated its investors and holders. Also, its competitors were still performing better than ETH itself, which has led to a more bearish sentiment towards the coin.
ADA makes a huge leap, BCH and MIOTA follow
Cardano’s ADA is one of the most reputable cryptocurrencies in the market, as it attracts investors and consumers from all over the globe. The coin had peaked in 2021, as its staggering gains helped its holders in accumulating major gains. However, the coin was stuck in tight ranges, and fell more than 50% from its all-time high values.
However, the coin has recorded significant gains this week. It has accumulated almost 8% in the last 24 hours. The weekly tally for the coin’s gain is now almost 36%. It is currently trading around $1.57, however, ADA managed to move past $1.61 within the last day. With a market cap of over $52 billion, ADA records a trading volume of $5.65 billion. These positive figures show that ADA is all set to continue with its recovery route in the coming days. Also, the graph below paints a positive outlook for the coin.
Source: TradingView
There were rarely any cryptocurrencies that had gained in the last 24 hours apart from ADA. However, Bitcoin Cash (BCH) managed to stay safe by avoiding any major price crash. It gained almost 1.10% to reach $385.50. Its weekly price percentage change has improved by 5%. Moreover, MIOTA has gained 4% in the last day which has pushed its price to $1.17. The trading volume and the market cap of these coins have also improved in the meantime.
LUNA sheds 9% as the altcoin market continues to bleed
The crypto market is drenched in red candles, as the last 24 hours triggered a major price crash in several cryptocurrency tokens. Many coins lost their gains from the previous week. Terra’s LUNA has shed almost 9%, as it is now valued at around $76.50. The coin had gained in double-figure percentages in the last week. However, it has shed a major portion of those gains lately, as shown in the chart below.
Source: TradingView
LUNA’s market cap stands at around $27.29 billion while its trading volume is just a little below $2 billion. Since last year, one of the most prolific gainers is now suffering significant blows, which indicates the uncertainty hovering around the crypto industry. The coin is now well behind its all-time high of the triple-figure mark.
Moreover, DOT fell by 5% to around $25.30, and AVAX fell by about 4.32% to go below $86. A major dip was recorded in the price of MATIC that fell to almost $2.17. MATIC was performing incredibly well lately, as it touched the $3 mark in its historic run. The meme coins, DOGE and SHIB have also lost around 2% in their valuation during this time.
In addition to these, ATOM, FTM, and NEAR also lost almost 8% in their values over the last day. This is a concerning factor for the market as almost all of these coins were in the list of gainers a few days ago. The metaverse coins, like GALA, MANA, SAND, and AXS have also submitted to this recent dip of the market. They have also lost a significant portion of their value.
Final Thoughts!
The cryptocurrency sector is filled with surprises. However, market momentum and stability plays a key role in setting the tone for new trends. The market was struggling to gain any momentum as both Bitcoin and Ethereum failed to make any progress. Thus, the impact of their failing prices led to a major market crash. Even though the market can recover from here, it would not be an easy route considering the current market dynamics.
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