Learn How To Profit From The 2021 Cryptocurrency Bullrun Now!
Get 10% Discount Off Your Crypto Trading Commissions Now!
Get Free Bitcoins!
Reading time: ~6 m
- Bitcoin goes down to $54.3K in a bleeding market
- Ethereum manages to stay just above the $4,000 mark
- ADA, SOL, DOT shed their gains, GRT and CRO record green candles
- Metaverse tokens turn red after dream runs
The cryptocurrency market is highly fluctuating in nature, as several coins continue to make gains or losses within a short period of time. With over 14,870 cryptocurrency tokens across 426 exchanges, the crypto industry has an overall market of over $2.46 T. However, the figures for its market cap have shrunk since the persistent correction phase of the market.
There is a constant tussle between bulls and bears for power and control in the market. They are always trying to introduce a new trend that could drive the trend upwards or downhill. In the meanwhile, several tokens manage to make gains while many others suffer to gain any momentum. There is a strong impact of leading tokens, like Bitcoin and Ethereum, on the performance of the rest of the market. Bitcoin introduces new trends, and altcoins tend to follow its path quite religiously.
Bitcoin drops to $54.3K, depreciates almost 9% in one week
The leading cryptocurrency token of the world has failed to successfully recover from the strong correction brought upon the market. After recording new highs a few weeks back, Bitcoin consolidated by double-digit percentages. The coin was being traded in a state of extreme fear, as investors and traders were highly cautious about a bear run from the coin.
Even though experts are adamant about Bitcoin’s upsurge again, the token lingered across crucial support levels to raise some concerns. Bitcoin was forming an upward trend a couple of days but it has fallen back again, and this time it has leveled out with the $54K mark. At the time of writing, Bitcoin is valued at a little over $54,300.
The market cap of Bitcoin is slightly over $1.03 T, and its 24h trading volume has fallen below $30 B. It is crucial for Bitcoin to maintain a position above $55K before the daily candles close or else, it can result in a major pullout from investors that fear the crash of BTC prices.
Ethereum is right back at around $4,000
Ethereum is the leading altcoin of the crypto industry, and it holds high significance for the overall market. Ethereum has also struggled in this dipping market because it fell from its all-time high prices. The coin is, however, down by 7.50% in one week as it further plunged for 1.46% today to close the gap with $4,000. At the time of writing, ETH is at $4,050.
The trading volume of the coin is at $16 B, whereas its market cap is at $477 B. Ethereum holds 19.6% dominance over the rest of the market which shows that it is still performing fine at the highest level. A drop below the $4K mark might prove to be more troubling for the coin. However, if it manages to stay above and bounce from the support level, then a trend reversal could be on cards.
Major altcoins decrease significantly
The altcoin market has developed strongly in recent times. Top gainers and big names, like Polkadot have also received major dents. Ethereum killers, Solana and Cardano have plunged by significant margins. Solana is down at $187 with a further 3.20% decrease in valuation. With 304 million SOL coins in circulation, the market cap of the popular token is $56 B.
On the other hand, ADA is down at $1.51. The coin was previously struggling, and now it has crashed below crucial support levels. Investors that hold ADA are at a point of fear and confusion, as the coin recorded a high of over $3 this year, and it has now been sliced into half of that value.
Polkadot and Avalanche were the top performers of the recent bull run of the crypto community. Both of these coins achieved their all-time highs. DOT crossed the $50 mark, whereas AVAX crossed the triple-digit figure. However, in the latest trading hours, both of these coins have gone red. Polkadot has decreased to $34, as it has recorded losses of over 18% in one week. On the other hand, AVAX has crashed from a high of $147 to $107. The trading volume and the market caps of both the tokens have also received a significant blow in the meantime.
However, a handful of coins were able to record green candles. The crypto.com coin is one such coin that was going strong through the bearish trends of the market. Its price has now reached $0.72, as the token went up by 4.50% in the last 24 hours. The coin has gone up by a respectable 25% in one week, as its market cap now stands at $18.4 B.
In addition to CRO, the graph (GRT) has also managed to go up and stay close to the $1 mark. At the time of writing, the coin is valued at around $0.99. With over 4.7 billion GRT coins in circulation, the token has made its presence felt by climbing up the chart of market capitalization.
GALA and SAND faces a correction after staggering gains
A new trend was observed in the crypto world, as there was a growth in interest in metaverse coins from the crypto community. This interest led to a breakthrough in prices for several coins and tokens that were related to the concept of the metaverse. The likes of SAND, GALA, MANA, and TLM made record gains in double-figure percentages.
However, as the market consolidated, the coins were turning red. Gala has now gone down by about 12% in one day. After an upsurge of over 70%, this slight decrease is only considered to be a healthy correction for the coin. At the time of writing, GALA is valued at around $0.61. The trading volume of the coin is still at a respectable point of over $1.8 B.
The Sandbox token has also faced a downfall of almost 13% after going up by 50% lately. The coin is still above the $6 coins, and many experts are confident that it has the potential to upscale again and even cross the $8 mark this time. However, it is yet to be seen if the investors continue to put money in the coin and hold their assets to push the price of this metaverse project again.
It can be seen that the fear index of the crypto market is skyrocketing. Many experts and analysts believe that it is right to invest in the market as many coins are available at a discounted price. Once Bitcoin goes up and crosses local resistance levels, the patient holders of various altcoins might be rewarded generously. However, the next few days will prove to be more crucial to forming a more decisive pattern in the market. It will also be crucial for metaverse coins to prove their reliability and stability to the market by bouncing off from their support levels. As a result, investors will show more interest in such coins.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.