Bitcoin, Ethereum, Solana, XRP; Price Analyses — 2 February Morning Prediction

The cryptocurrency market has undergone a dramatic collapse in recent days, dipping to levels not seen in months. In contrast to institutional investors, retail investors use their own funds to trade, whereas the latter is often an enormous corporation that makes transactions using other people’s money. 

In other words, the rise of individual and institutional investors means that what occurs in conventional markets is now likely to have an impact on cryptocurrency markets. According to Casares, retail investors are more inclined to sell their bitcoin holdings if there are any instability signals, thanks to applications like Robinhood and Square. And yes, this has been a tumultuous week.

Bitcoin is down again but with a lower margin

A clear negative trend has mostly harmed Bitcoin over the last several weeks. Bitcoin, the most valuable cryptocurrency, has made many attempts to rise during the last 12 hours.

The key indicators suggest a reviving market value in the coming months. However, it has been losing momentum for a couple of weeks. Its worth has practically halved in a week. 

If we look at the trend, Bitcoin is bearish. In the last few weeks, Bitcoin reached its lowest at $32k and has managed to restore its value to $38k as of this writing. Over the weekend, it made a gain of 0.15%, and in the last 24 hours, it made losses of 1.54%.

The bitcoin’s current market cap is $728,003,842,485 with a 24-hour trading volume of $8,982,419,659, standing at $38.5k with a loss of 1.54 in last 24 hours.

Ethereum’s price decreased to $2,774, gaining stability

Ethereum‘s statistics show a bearishness of 1.31 percent during the previous 24 hours. When comparing the preceding seven days’ data, an increase of more than 4% is seen.

If we look at the past week’s statistics, Ethereum has shown a positive appraisal of more than 4% over the last 7 days, with a 1.85% decrease in value over the last 24 hours. Ethereum’s market capitalization is now estimated to be $11,509,745,980 today and market cap is estimated to be $331,680,045,290.

Solana reclaims its dwindling momentum

Solana has done an excellent job at upgrading its platform throughout the years. Solana had developed a quick, secure, and censorship-resistant blockchain that enabled it to be used by individuals from all over the globe. 

If we look at the past week’s statistics, Solana has shown a positive appraisal of more than 7% over the last 7 days, with a 0.85% decrease in value over the last 24 hours. Solana’s market capitalization is now estimated to be $3,042,820,970 today and market cap is estimated to be $34,484,586,522. 

XRP gains 0.45% in the last 24 hours

It’s a good day for the price of Ripple because we’ve seen both low highs and low lows set in the last 24 hours. So, XRP/USD has turned bullish again, and we expect more good news to come early this week.

XRP traded in a range of $0.5859 to $0.6185 over the last 24 hours, which shows a lot of change. Trading volume has risen 20%, now totaling $1 billion. Meanwhile, the total value of all coins on the market is about $28 billion, which puts the coin in 8th place overall.

Final Thoughts

As the notion of digital money has gained traction, the crypto market’s appeal has risen. As the market expands globally, more individuals agree with the concept. Coins like Bitcoin are increasingly sought after by people in a wide range of nations. The market has been good today as compared to past weeks.

Cryptocurrency has given individuals a new means to earn a living. Countries in underdeveloped regions are turning to bitcoin trading as a means of alleviating poverty and joblessness. The market, on the other hand, isn’t as straightforward as it seems. The volatility of the market has caused a lot of ups and downs in the cryptocurrency market. Liquidations have cost many people a lot of money during market downturns.

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