TL;DR Breakdown
- The global crypto market cap drops to $1.90 trillion.
- Bitcoin stays sluggish around the $42,200 mark.
- Ethereum drops below $3,000 after bleeding on daily and weekly price candles.
- Ripple and Elrond continue to gain, and Terra also moves forward.
- Tezos and Theta record significant losses in the past 24 hours.
The highly fluctuating and volatile nature of cryptocurrencies makes them different from traditional financial assets. This is primarily the reason for its global success, as it offers a great investment and profit-making opportunity to the people. Moreover, the use cases of crypto have been scaling from more than just an investment class. It is also becoming a popular payment gateway; also, people are earning by crypto staking and mining. Thus, the industry that started with Bitcoin has become home to thousands of tokens and millions of worldwide consumers.
Cryptocurrencies are known for their juggling prices. Bears and bulls play a critical role in moving the prices of every token. However, market leaders, Bitcoin and Ethereum, are also an influencing factor for the overall sector’s performance. The global crypto market cap is an indication of how well the industry has fared in recent times. Nonetheless, it has decreased by 0.47% over the last day, and it currently stands at $1.90 trillion.
Bitcoin lacks bullish momentum but stays over $42K
Bitcoin enjoys the tag of being the founding father of the crypto industry. It was launched in 2009, and it has not looked back since then. The coin has an influential say in the market. Thus, its price dynamics always carry critical importance. The leading coin experienced a positive last week to push its prices above the $40K mark. However, this week, Bitcoin has not moved much in terms of its prices.
With a weekly gain of only 1.70%, Bitcoin’s price is pretty much at the same level as last week. The coin has lost 0.35% over the last 24 hours. It is currently valued at over $42,200. The market cap of the coin is above the $800 billion mark, and its 24-hour trading volume is at $17.83 billion. The recent performance of the coin suggests a lack of momentum. Neither bulls nor bears are accumulating enough hold to assert their power.
Source: TradingView
ETH drops below the crucial $3K level
Ethereum is counted among the top crypto tokens of the digital asset industry. It is advocated as the successor to Bitcoin and the altcoin market leader. This is why it holds a strong influence on the overall market conditions. ETH is among those tokens that have experienced sheer bullish sentiments from the past year or so. However, its recent price performance is rather underwhelming.
The coin was staying over the $3,000 mark, keeping its investors in the hope of a steady rise. But a recent drop below the point has had investors in a state of fear. ETH has now lost over 3.30% in its weekly price change. The token is valued at around $2,920. The market cap of ETH is under $350 billion, and its trading volume is close to the $11 billion mark. The market dominance of Ethereum stands at around 18.50%.
Source: TradingView
XRP moves up for around 7%, EGLD and LUNA also make gains
Ripple’s XRP has been a part of the list of top ten cryptocurrencies for a while now. However, the coin’s performance has not been up to the mark for several reasons. XRP has struggled to keep up with the pace of the crypto market, but its use cases have kept it on the list of most wanted crypto tokens.
After prolonged spells of bearish trends, XRP has managed to break out of the shackles. The coin has gained almost 7% over the last 24 hours. The recent gain means that the weekly gain of XRP is above 22.50%. The coin is currently trading at a price of over $0.82.In addition to this, the market cap of the coin is closing its gap with the $40 billion mark. Also, the trading volume of XRP is around $3.39 billion.
Source: TradingView
On the other hand, EGLD has also made a mark with a 7% daily price gain. The coin is almost touching the $200 mark. The positive impact of its rising prices has also been replicated in its market cap as well as trading volume. Elrond stands at #37 in the list of top cryptocurrencies, and its recent price surge has attracted more investors to the coin.
After a week of losses, LUNA has also progressed in the last 24 hours by gaining 4.60%. The coin is still almost halfway down from its all-time high of over $100. But the recent gain is a positive development for the token. LUNA is still around 5.30% below its last week’s price. ATOM and BCH were also among the gainers during the last day.
XTZ loses 7.60%, THETA and LEO also bleed
Most of the coins in the crypto market have turned in red candles in the last 24 hours. However, a few of them have made considerable losses in their valuation. Tezos (XTZ) topped the list with a 7.60% loss. XTZ experienced a positive start to the week. Therefore, even after losing majorly, the coin is 2.50% ahead of its last week’s price. This recent dip can also be a correction phase for the token. XTZ’s market cap is around $3.56 billion, while its trading volume is $223 million.
Source: TradingView
In addition to XTZ, THETA has lost over 6% in the last 24 hours. Following the same trend as XTZ, THETA is also about 14.25% ahead of its last week’s price. THETA is priced around the $4 mark at the time of writing. Moreover, UNUS SED LEO has lost over 5%. Its price has now dropped to $5.87. However, the coin has had a positive week with more than 24% gains. LEO has had significant improvements over the last few weeks, as the token has upgraded and climbed up the list of top cryptocurrencies.
Final Thoughts!
The price analysis of cryptocurrencies shows that the market lacks a clear trend or pattern to follow. Apart from a few coins, there have been no major losers or gainers in the market over the last day. However, several coins have posted long green and red candles in terms of weekly price changes. The lack of momentum can further drive the market down. But a positive start to the next week can also turn the market bullish for good. Therefore, the next 24 to 48 hours will be crucial to set the pattern of the market.
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