TL;DR Breakdown
- Entire crypto market has declined in capitalization by billions of dollars.
- How some top altcoins have responded to the recent market sentiment.
A bloodbath has presently overcome the entire cryptocurrency market, resulting in a decline of market capitalization by billions of dollars. For example, Bitcoin (BTC) has shed almost 32.3% of its capitalization since the start of the year, according to Stack Fund. The head of research at the Crypto issuance firm noted numbers showed a three-year low in 2018. Let’s look at the following three coins, and how they have responded to Bitcoin’s reversal.
Cardano (ADA)
Cardano lost its place among the top 5 cryptocurrencies by market capitalization in the cryptocurrency market, after dropping in cap to $54 billion. The coin is now trending at sixth place after facing a downtrend on 18th May, when the price hit as low as $1.006. This is the lowest the coin has reached since the 23rd of April 2021. The bulls quickly responded to the price decline by purchasing the dip in large numbers. As a result, the price bounced back to above $1.500. ADA is attempting to attain the 20-day exponential moving average (at $1.74), and setting up to set a new yearly benchmark, high above $2.33.
Litecoin (LTC)
Litecoin only came to a few places last week, from its 2017 all-time high, after hitting $413. Given that Litecoin, Ethereum, and a few more altcoins trade in sync with Bitcoin, the lightweight digital asset capitulated to $149. This did not impress the bulls as the coin accumulated quick support from the wider market to purchase the dip. Therefore, the stay around the bottom was short-lived until the coin shot back to $230 by the end of yesterday’s cryptocurrency market daily chart.
LTC did not have a good start early today after facing another dip to $167. At the time of writing, the altcoin‘s price is hovering above the $200 support level.
Bitcoin (BTC)
The leading coin is currently trading within the oversold region after the bears pulled the price below the neckline at $44K. Bitcoin has been trading within a head and shoulder pattern for the past week, with buyers attempting to push the price above $44k. The bears staged an aggressive selling pressure on the 24-hour chart, which brought the coin to a massive drop of around $29k. But market entrants seem to be more interested in Bitcoin’s dips, such that drops is welcomed by lots of buying pressure.
Bottomline
Despite the current onslaught of declining prices, market experts still hope for a correction in price. An estimated $350 Million has been lost in the present digital currencies crash, and almost all traders are hoping to recover their lost investments.
