- Bitcoin keeps losing; value reaches $57,050.06, a loss of 0.72% in 24 hours.
- Ethereum’s journey of downfall continues, reaching $4,177.91, losing 0.01% in 24 hours.
- SHIBZ keeps rising, adding 30.44% to its value; HAM shares the chart with a 16.85% green.
- Dogecoin ranks 11th, adding 0.25% in 24 hours.
The crypto industry continues to amuse investors and interested people due to fluctuations in prices and market cap. Currencies like Bitcoin and ETH continue to fall, and the investors’ hopes waver. Modern-day challenges continue to keep investors in an uncertain state of hope and hopelessness. Despite the losses and gains, the market cap of cryptocurrency continues to grow.
The market cap of crypto stands at $2.46T, showing a decline of 4.45%. The shrinking of the market continues, showing a negative trend.
Bitcoin fails to retain its value, dips to $57,050.06
Showing a 0.72% decrease in 24 hours, Bitcoin has continued its downward journey. Over a week, Bitcoin has seen a decline in its value. Despite being the leading currency in the crypto market, it has lost 7.35% in the last seven days. Current market cap of BTC equals $1,072,259,624,625, while the volume in US dollars amounted to $34,993,754,939 which equals 616,181 BTC.
Recently, there was the hope of BTC crossing $60K, but these attempts wavered. The graph below shows Bitcoin’s fierce struggle, but it continues to lose. At the time of writing, BTC’s value is about $57K, and if it gains momentum, it might cross this barrier.
The circulating supply of Bitcoin at the time of writing is 18,880,681 BTC, as per updates by CoinMarketCap.
Ethereum dips to $4,177.91; altcoins also suffer
Ethereum continues to follow the trend of loss, losing 0.01% value in the last 24hrs. At the time of writing, the price of ETH in the market was $4,177.91, which shows a negative trend in its price compared to the last 24 hours. This week has been a bad one for ETH, with a continuous negative trend of 3.91%.
The current market cap of Ethereum has been estimated to be $490,270,333,657. Though the second in the list of largest cryptocurrencies, it has seen a continuing downfall. It has struggled and reached $4,300 but then again lost momentum. As the weekly trend shows, it has continued to fight back, but the loss is prevalent, as metrics show. ETH’s volume for last 24 hours has been $19,344,037,083 in US dollars which equals 4,673,609 ETH.
Binance shows a 0.64% Decline in 24 hours, continuing to lose like other currencies.
At the time of writing, the price of Binance in US dollars was $566.96. It has seen a loss of 7.71% this week, conforming to the trend of decline like other top currencies. Bitcoin ranks first in the list, followed by Ethereum, and then Binance stands third. All of them show red trending, as evident from the graphs.
The market cap of Binance recorded at the time of writing was $94,472,290,118.
SHIBZ and HAM trending with +28.44% and 21.01%, respectively
Hamster (HAM) is considered the top currency among trending ones. It has gained a 21.01% value in the last 24 hours. It has followed the green trend throughout the week, with a value of 11.84%. What makes it top the chart is the continued gain throughout last month which saw its rise of 83.09% in the last 30 days. It is one of those coins which have gained in their market cap and volume throughout the month. As it is evident from the chart, it has made huge leaps in the last seven days and widely in thirty days.
The current market cap for HAM is $87,315,697, with a volume of $1,858,337. While the current price of Hamster in the market is $0.00000003662.
ShibaZilla (SHIBZ) is the second on the trending list of CoinMarketCap. It has seen a rise of 28.46% in the last 24 hours while a gain of 89.08% in the last seven days. As the metrics show, it is performing well compared to the top currencies facing a constant decline. SHIBZ’s overall performance in the last 30 days shows a negative of 50.51%.
Doge spikes with 0.25%, standing at $0.2231
Dogecoin (DOGE) has remained trending due to the backing of Elon Musk. Currently, it remains 11th on the list. It has been gaining during the last 24 hours showing green of 0.25%. The trend for the last seven days has been that of loss equaling 9.94%. It was recently ousted from the top 10 by Avalanche, holding the 10th position in the list.
The market cap for Doge at the time of writing was $29,479,177,411. Its volume for 24 hours has been $914,917,907.
Even though giants like BTC, ETH, and BNB remain in the top three positions, constant fluctuations in crypto prices remain. Some coins have shown tremendous progress, like HAM and SHIBZ, while coins like DOGE continue to change into green and red, not showing constancy.
The fluctuation of crypto attracts the interest of investors because of the thrill and gain. A rule of thumb is to Buy the Dips; Sell the Rips. This may seem logical when traders are reluctant to stay in a position when they cannot predict what will happen overnight. Here’s a good explanation of why “buying the dip” is a horrible strategy for stocks. What about cryptocurrencies? Whales can control the cryptomarket by buying and dumping, and people are swayed by FOMO.
Despite the risks, there has been a continued interest in crypto. It is a fast-growing industry and attracts investors because of the profits that it provides. Investment profit is maximized if done early in the launching of a project. The promising future can ONLY be assured by a community that stays loyal and confident through the dips.
Do you think Changpeng Zhao (CZ), Binance CEO, is for buying the dips? Please tell us in your comments below.