- Bitcoin turns red and falls into the $57K range.
- Ethereum slips below $4,200, as BNB, ADA, and VET also decrease in value.
- FLOW and CRO record gains, as SOL and ATOM, stay green.
The fluctuations of Bitcoin and Ethereum are prime examples of the swinging price trajectory in crypto. However, their success shows the potential of the concept in modern times. Over time, the crypto industry has not only grown in confidence but has majorly progressed in terms of trading volume and market cap. Nonetheless, in phases of a market correction, these figures receive a dent in their reputation. Since yesterday, the global crypto market cap has shrunk by 1.53% as it stands at $2.58 T.
Bitcoin fails to clear $60K and falls under $58K again
Despite being the hottest digital asset commodity and the most valuable crypto-token, Bitcoin struggles to gain momentum and keep up with the swaying market. A similar dilemma has fallen upon Bitcoin in the current market conditions. Bitcoin had fallen back to a low of $55K in the recent dip. As bulls tried to make a comeback, they could push its price close to the $60K mark. However, they lacked momentum, and Bitcoin consolidated back to below $58K in recent trading hours.
As the graph below shows, Bitcoin reached $60K, but it has suffered a sharp downfall since then. At the time of writing, the leading crypto coin is valued just over $57,400. The current price of BTC is about 2.50% less from the last day, and it is about 13% down from its week-old price. The token’s trading volume is at $27.65 B, with a $1.09 T market cap. The current market dominance of Bitcoin is about 42.2%. However, as Bitcoin continues to struggle with its bullish momentum, the rest follows the same trend.
Ethereum slips below $4,200, many altcoins suffer
In addition to Bitcoin, the second-largest cryptocurrency, Ethereum (ETH), has also struggled to go higher. Previously, it had bounced off from $4,000 to cross $4,300. But since then, Ether has traced back to below $4,200. ETH is hovering around the $4,150 mark after shedding a further 4.30% in its value. Ethereum has lost about 12% since the last week, and its trading volume has shrunk to $15.69 B. Considering that it fell from its all-time high, the leading altcoin has depicted a lack of momentum. ETH’s chart shows that it is following the route of Bitcoin, and it has currently suffered from a sharp decrease.
On the other hand, Binance Coin (BNB) is at $570, with a 4% decrease from its last-day price. The popular token is also struggling with market cap and trading volume, constraining its progress by a certain degree. Cardano has also continued to work, as it has fallen back to $1.80. ADA crossed $1.90 yesterday for a brief momentum, but it suffered a 4.50% decrease to fall back. XRP and DOT have also stayed on the same pattern, as they linger around $1 and $40, respectively.
Plus, Dogecoin and Shiba Inu have also recorded about a 4% loss in their valuation. LUNA has decreased by over 6.60%, UNI by around 4%, and MATIC by almost 5%. VET and ICP have also been reduced by over 6%. The former is valued at $0.129, whereas the latter is now under $43.
CRO and FLOW remain at the top
There are only a handful of green tokens in the crypto market currently. However, a few of these coins have made giant leaps in their prices, reaching all-time highs in their trading volumes and market caps as well. Increased adoption of these coins has also helped them to become more relevant, usable, and valuable. The Crypto.com Coin (CRO) has achieved significant gains as the coin pushed past $0.70 in recent trading hours.
The coin graph shows that it touched a high of $0.75 before tracing back to a little under $0.70. The token is still about 20% above its day-old price. Also, CRO has gone up by about 50% over the last week or so. Its market cap and trading volume have crossed $17.80 B and $2.30 B, respectively. The coin might look to strengthen its gains and record more profits in the coming days.
Moreover, FLOW has also managed to cross $14 with a sharp 8% increase. Its 7-day price has also upscaled, indicating that the current market dip has had no such impact on the coin’s performance. The figures for FLOW have managed to stay green which is a healthy development for the coin as it looked for a boost.
Also, MIOTA has gone up by 7%, and it is now valued at $1.39. Metaverse coins like GALA and the Sandbox (SAND) have experienced a little break in their massive upsurges from the last few days. Solana (SOL) has experienced a 3.5% surge, whereas Cosmos (ATOM) has touched $30 after going up for a considerable 4.20%. Avalanche (AVAX) has also continued with its bull rally, and after touching $147 yesterday, it is being traded at around $137.
The cryptocurrency market is currently quite indecisive, as bulls have managed to stay on the top of local support levels. But at the same time, they have lacked the momentum to push for more gains. Only a handful of coins have experienced a significant boost. Yet, the next few days will be crucial to show a more precise pattern of the entire market.
We can notice the veering towards the NFT and Metaverse tokens. For one, Flow has a rich ecosystem of top entertainment brands, development studios, and venture-backed startups. Flow ecosystem partners include global IP brands like Warner Music, Ubisoft, NBA, and UFC; leading game developers, including Animoca Brands, Sumo Digital, and nWay; leaders in crypto, such as Circle and Binance; as well as several noteworthy projects among the next generation of high-growth startups, including Opensea.
The cryptocurrency market never ceases to amaze you with its price fluctuations and patterns, making something unique, attractive, and risky at the same time. The fast-paced industry offers a high-profit potential to investors and traders. At the same time, crypto networks also provide extensive usability features for the consumers, making the whole shebang more relevant.