– Top cryptocurrencies have decreased by nearly 0.5 percent to 47.20 percent of the overall crypto market. – Bitcoin (BTC) has dropped by 9.14% in the last 24 hours to $25,638. – Cryptocurrency market capitalization increased by 31.35 percent to $94.56 billion in the last 24 hours.
The crypto market capitalization has continued to crash, now sitting at $1.04 trillion, a decrease of over 8% in the last 24 hours.
Almost every principal cryptocurrency was in the red, with prices for many dropping by more than 11% and establishing new lows in the previous 24 hours.
The dominance of the top currencies has decreased by nearly 0.5 percent to 47.20 percent of the overall crypto market. Bitcoin’s price has tumbled by a staggering 17.02% over the past week. Consider this: Bitcoin’s year-to-date return is down 40%, whereas Ethereum‘s is down 50%.
Ethereum is trading at roughly $1350, a drop of more than 14 months. Solana has fallen by almost 30% and is hovering around the $29 mark. According to experts, the cryptocurrency’s price drop suggests a declining risk appetite among investors. They are very cautious of risky investments. It is one of the most volatile investments due to its unpredictability and volatility.
The crypto market has been under pressure from the Federal Reserve, hiking the interest rates to combat inflation over the past few months. Bitcoin, Ethereum, and most currencies suffered losses over the weekend after a broad sell-off following the data showing US inflation hitting a 40-year high Edul Patel, Co-Founder and CEO of the crypto investment platform Murex
The decline in cryptocurrencies is a global event. Central banks’ rate increases and the dollar index’s rise have resulted in decreased trading activity and price drops. Volumes have decreased, and traders (speculators) are booking losses. - Amit Gupta, founder and CEO of Fintrekk Capital
Despite the volatility and recent price fall, many experts still believe that Bitcoin will reach $100,000 soon, albeit with varied estimates on when it will happen. According to a recent study by Deutsche Bank, approximately a quarter of Bitcoin investors expect Bitcoin prices to be over $110,000 in five years
According to experts, the price fall indicates a declining risk appetite among investors. They appear to be very concerned with risky assets. It is one of the most volatile investments owing to its uncertainties and variations. Since Friday, the number of liquidations has been high, perhaps due to investor panic. Bitcoin and Ethereum have dropped about 7% each and are now valued at US$25,000 and US$1,300, respectively. The bearish trend may continue in the days ahead.
Although bitcoin has a long history of underperformance, altcoins are now facing additional challenges due to the potential for regulatory barriers. According to an analyst, only a tiny number of altcoins will survive such market swings. The increasing food, gas, and energy prices are putting a lot of strain on the Bitcoin market, according to Shivam Thakral, CEO of BuyUcoin.