- Global crypto market cap is down about 3.78% since yesterday.
- Bitcoin is now back to $49k after a value drop of 4.48%.
- Ethereum’s price also falls back following a 3.32% value decrease.
- Today’s top gainer, Tezos (XTZ), makes gains of 24.11%, and EOS follows shortly behind with 9.19% gains.
Early Tuesday, the crypto market was on the green following as major coins slightly recouped losses last week. However, after yesterday’s recent market cap increase went down the drain, this has changed today. Since last night, the global crypto market cap has fallen 3.78% and sits at $2.32T at writing.
Volatility is characteristic of the crypto market; there have been no sightings of a standstill or bullish momentum for any cryptocurrencies, as they seem to be showing bipolarity in their fluctuations. The market’s instability was attributed to the intense bearish runs last week.
Investors hope that prices don’t recede as much as they already have, considering there is more room to lose than to gain for our top cryptocurrencies. The crypto market has had trouble keeping itself afloat as if preparing itself for a stronger bearish run than the last.
BTC’s price dips below $50,000
Once again, yesterday’s good performance has been nothing short of disappointing for Bitcoin as prices fall even more thanks to a 4.09% price dip. Bitcoin has had no shortage of shortcomings this past week as it continues to fluctuate up and down but does not show any signs of regaining its lost composure.
Bitcoin seems to have shed a lot more value than the top altcoins such as Ethereum or Binance Coin, which serves as a shock to investors after BNB was the first among the top three to record bearish runs again. While ETH and BNB have kept themselves from drowning in the bearish runs, BTC has not been as lucky with its price dipping back to $48,900.
It is truly a battle of strengths and wills from here on out as investors back out from their hopes in BTC to regain its top title – the $60,000 price level, to be precise. At the time of writing, Bitcoin has recorded a market cap decrease to $924.68 billion, with its trading volume in the red at $29.39 billion.
ETH, keeping itself afloat despite the odds
For now, Ethereum has not lost too much value considering the global market cap drop. Its value has dropped $117.53, easily recoverable for our second top coin. This value can be regained within a short period, more easily than the thousands BTC has dropped.
Ethereum has countered the turning of tides by keeping its head above the $4.2k mark, with its market value at $4,270. On its other side, its market cap remains steady at $506.39 billion, while it trades $19.04 billion over the last 24 hours, equal to 4.49M ETH.
In recent times, Ethereum hasn’t constituted any significant loss for the investors, always making easy recoveries and on the gainers’ list. It has a lot more room to grow, but the influence of ETH in the crypto market is possibly grander than that of BTC’s, which has shown instability since the all-time high.
XTZ and EOS suited for success?
The volatility of the crypto market has turned even notable gainers like Terra and Gala on their backs as they fall further down the gainers’ list today. On the other hand, names like Tezos and EOS have made themselves a lot more prominent, taking advantage of the fall of our top gainers by putting themselves higher on the list.
Tezos is a blockchain-based network for smart contracts. It isn’t much different from Ethereum, save for its goal to be ever-changing and ever-improving over time. The coin has gained 24.11% within the last day, rising from $4.02 to $5.25, a 595.02% increase in trading volume over the last 24 hours.
EOS is a platform that allows developers to create decentralized apps. Its main technology method is to make it as simple as possible for programmers to adopt blockchain technology and introduce it to the application sector. After making gains of 9.19%, it has shown a price increase of $3.02.
Even with volatility, our top currencies can turn things around with their zealous communities backing them up and helping the coins make their way back up to their previous standards. With Bitcoin whales’ and institutions’ massive shares, there is no telling what can happen next in the crypto market, so vigilance and sharpness are necessary for investors to make good choices in the market.
The last thing any investor wants is to lose more money than they’d bargained for, but with skill and intuitiveness, one can stay grounded to support viable crypto projects? We have seen many startups valiantly gaining stability and making a difference for their communities. On the horizon, we see Forward Protocol about to launch their IBO. Better keep an eye out!