- Bitcoin loses 0.80% to reach $41,600.
- Ethereum stays below $3,200 as the dominance of the leading altcoin decreases.
- Terra and Chainlink turn slightly green in an overall bear market.
- Near Protocol posts significant losses; Cardano, Fantom, and Gala also shed previous gains.
The cryptocurrency sector has revolutionized the global economic structure. Its usability has led to a major spike in its popularity and global adoption. People from all over the world, belonging to different walks of life, pursue cryptocurrencies in one way or another. Despite being a financial asset, crypto tokens like Bitcoin and Ethereum are also used in daily routine tasks, like payments and transactions.
Bitcoin and Ethereum are known to play an influential role in triggering new market trends. In the last couple of weeks, the market has to go through a phase of recession and correction. Several major coins are bleeding and shedding their previous gains. This might still be a good buying opportunity for investors. However, the market’s uncertainty is never a good sign for any financial sector.
Bitcoin continues underwhelming performance below $42K
Being the first cryptocurrency token ever, Bitcoin dominates the market somewhat. After a recent dip amid crashing prices, its market dominance is up to 40.50%. However, there is no doubt that Bitcoin is one major influencer of the market, as it makes the crypto sector more lucrative and attractive. Yet, Bitcoin also goes through rough patches though it has always made a strong comeback from these pullbacks.
Lately, Bitcoin has struggled to gain momentum. The coin has plunged from highs of around $60K. At the time of writing, Bitcoin is valued around $41,600. This week alone, the coin slid from over $47K to below $41K. The 5-day chart below shows the price trajectory of the coin.
The coin has lost 11.80% for last week. Its market cap has shrunk to $787 Billion, over $1 Trillion just a few days back. Also, the 24-hour trading volume of the token is below $28 Million. Investors and traders are concerned about the price movement of the coin.
This recent crash of the crypto market enforced a slide in the global crypto market cap, which is not at $1.94 Trillion. However, Bitcoin’s performance is the key here for the market to either persist with bear patterns or make a comparative recovery in the coming days.
ETH weakens with another 3% decrease in value
Ethereum is not only the most valuable altcoin on the market, but it is also the most usable and popular blockchain network. The Ethereum blockchain is home to hundreds of crypto protocols that make it a key industry player. This is also a reason that the price fluctuation of Ether influences other tokens as well.
Over the last week. ETH has lost almost 18% in valuation as it dropped to the level of $3,100. The coin slid from a high of over $3,800 to a low of under $3,100. Since the last day, it was also unable to hold $3,200, which ensured another 3.20% decrease for the coin. The coin’s market dominance is also down to 19% amid the price crash.
The market cap of the ETH token has also plunged below $370 Billion, and its trading volume is around $16.30 Billion. The performance of Ethereum is deemed to be concerning by market experts and analysts, as the coin is well below its all-time high. However, the coin has to stay above $3,000 to avoid any significant dump in price.
LUNA and LINK make slight progress in recovering losses
Currently, the crypto market is soaked in blood with red candles all over. The market is under immense pressure as investors and traders have hit their stop losses. Capital is flowing out of the market like water. Almost no coins on the market show significant gains against their names. In the last 24 hours, Terra’s LUNA has made slight progress of about 4.15% to jump over $72.50.
The chart below shows how the coin plunged from over $85 to a low of almost $60 within this week. Therefore, this slight recovery indicates that the coin still has momentum and might bounce back if the market conditions remain suitable.
However, LUNA is still about 19% below its last week’s price. The market cap of the coin is at $26 Billion, and its trading volume is at $2.92 Billion. It sits at number 9 in the list of top cryptocurrencies in terms of market cap.
Moreover, Chainlink (LINK) has also progressed by a fair margin of over 4% in the last 24 hours or so. The coin is now around $27, as its weekly price has progressed by over 26.70%. LINK is among a handful of coins that have stood firm against the recent bear pattern and have accumulated gains from time to time.
LINK is progressing reasonably, and it might breakout to new highs in the coming days. The market cap of the coin is now over $12.57 Billion, and its 24-hour trading volume is above $3.37 Billion. Investors and traders are showing an increased interest in the coin amid its price surges.
Apart from LINK and LUNA, Internet Computer (ICP) and FTX Token (FTT) have also posted green candles during the previous day. ICP is piling on its weekly gains while FTT tries to recover the previous week’s losses. Investors are also keeping an eye on LEO and KLAY as they are also making slight progress.
NEAR down by 9%, ADA, FTM, and GALA continue to lose
Under current market conditions, almost every coin is bleeding. However, NEAR has topped the list by shedding over 8.50%. It has dropped to around $13.30, as its market cap stands at around $8.14 Billion. The trading volume of the coin is $769 Million. Investors expect the coin to recover in the coming days as it fought the bear trend throughout last week.
Apart from NEAR, several other coins, like ADA and FTM, have lost majorly. ADA has now dropped to almost $1.15, with another 5.30% decrease since the last day. The Ethereum-killer has shed 15% in the last 7 days. FTM has turned red as it has posted a 7% loss in value in the last 24 hours.
Like GALA and MANA, the hyped metaverse coins are also shedding their previous gains. GALA has lost about 5%, whereas MANA has lost over 7% in their values. BNB, CRO, MATIC, and ATOM have also shed a portion of their value in the meantime.
With increasing instability and uncertainty around the crypto market, the investing lot takes precautionary measures. Many individuals are reluctant to take risky trades as they consider the market to be too unpredictable at the moment. However, the performance of Bitcoin and Ethereum is significant in the coming days that might set a decisive path for the industry.