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Crypto market in red, BTC falls by 2%, SHIB, SOL, DOT start with a bearish Wednesday

Crypto market

TL;DR Breakdown

  • BTC Dominance dropped to 45% in 24 hours.
  • The crypto market capitalization back to 2.2 trillion.

The crypto market for today is bearish in general as Bitcoin is down by more than 2%. In the past 24-hours, the price of BTC dropped from 57.4k USD to 54.6k USD. Altcoins followed a similar pattern as SOL, DOT, and SHIB remain bearish. 

Bitcoin today started off at $55.9k, while the lowest price for today is $54.1k. The prices remained bearish as a CFRA researcher noted that prior to 2022, a Bitcoin ETF is not possible. 

Bitcoin is currently below the resistance at $56.6k, with a $53.9k price level acting as a support level. The prices remain bullish as BTC/USD trades above the 50-day and 100-day Moving Averages in the long term. 

Crypto market in red, BTC falls by 2%, SHIB, SOL, DOT start with a bearish Wednesday 1
Source: TradingView

While the Bitcoin dominance in the crypto market rose to 47% in the past few days, the current bearish movement led to a drop in this dominance. The current dominance stands at 45.34%, with the total crypto market cap being at $2.2 trillion. 

The crypto market bleeds as bears strengthen

On the other hand, Polkadot rose by 3.05% the previous day, closing at 35.17 USD. Polkadot price action is above the 50-day and 100-day Moving Averages, above the 33.05 USD support. Currently, Polkadot is trading at $34.8.

SOL token is ranked at #7 in the crypto market and has proved to be a worthy investment in the past few weeks. Currently, SOL prices are down by more than 4% as compared to yesterday, when they rose by 5%. 

The current resistance for SOL/USDT stands at 158.8 USD, and it remains unbroken. In the long term, the prices are above the 50-day and 100-day Moving Averages as well. However, it seems that the volatility has died down for now. 

Furthermore, the SHIB/USDT pair is below the resistance at $0.00003069 as the trading volume dropped by 45%. Although, the price action is still above the 50-day and 100-day Moving Averages. 

Crypto market in red, BTC falls by 2%, SHIB, SOL, DOT start with a bearish Wednesday 2
Source: TradingView

Conclusion

To conclude, the prices remain bearish as many investors are still waiting for the news on Bitcoin ETF approval. Meanwhile, NFTs continue to dominate the interests of artists as DeFi projects gather heat. 

Anisha Pandey

Anisha Pandey

A professional content creator, Anisha has ghostwritten ebooks on blockchain technology and cryptocurrencies. Consistently sharpening her writing skills, she believes in achieving results by working diligently and smartly.

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