The world of cryptocurrency is volatile and capricious. No one can confidently predict what will happen next as prices zoom up and down with uncertainty, depending, often, on what else is going on in the world.
But overall it is an expanding market, with Bitcoin still way out in front despite a bad week of trading, and stands at around $39,000 at the time of writing. Key points this week:
- The global crypto market cap falls to $1.80 trillion.
- Bitcoin stays under $40,000 after a 5.80% decrease during the last week.
- Ethereum sheds 3.70% in the last 24 hours.
- Decentraland loses around 7% in a bleeding market.
- Huobi Token gains 2.15% to reach $9.75.
The record-breaking crypto industry is a global hit as it not only offers an opportunity to earn high profits through investment and trading. But it is also widely utilized for transactions and payments.
This is why the market for crypto is expanding at a faster pace. More and more crypto coins after bitcoin are making their way into the sector, as they look to serve the increasing number of digital asset consumers. There are hundreds and thousands of crypto tokens in the market that offer a ton of opportunities to consumers. However, the cryptocurrency market is full of risks and not everyone can make it big in this industry.
Bitcoin hovers around $39,800
There is no doubt in the fact that Bitcoin is the unassailable leader of the cryptocurrency market. It is the oldest and the most valuable crypto token. However, the prices for Bitcoin have also experienced major highs and lows since its creation. Since last year, Bitcoin has experienced a massive swing in its prices. From the start of 2022, Bitcoin has experienced major lows in its prices. It has been struggling in the range of $30K-$40K.
The coin mapped a breakout by reaching $44K last week. However, it was rejected and had to consolidate below the $40K mark. At the time of writing, Bitcoin is valued around $39,800. The coin experienced a 0.80% decrease overnight, and an almost 5.90% decrease in the last 7 days. The percussions of this consolidation were also felt by the coin’s market cap which is now lingering around $756.62 billion. The trading volume of the coin is at $13.72 billion.
Source: TradingView
The performance of Bitcoin is becoming a concerning factor for the crypto community. The coin is unable to form new highs or overcome local resistance levels. It is facing rejections from the levels above $40,000. Bitcoin is also limiting several other coins that perform under its influence.
Ethereum continues to bleed throughout the week
Ethereum is a popular name in the crypto industry. It is counted as the #2 in the crypto market and attracts a major part of the crypto community with its extensive use-cases and high-profit potential. Ether has continuously risen in the charts of popularity. However, the ETH token has struggled to make a mark in the last few months. The coin that was hyped to go berserk is halfway down from its all-time high value.
ETH has lost around 3.70% during the last day, adding to its losses of the week. The weekly tally of ETH’s losses has now mounted up to 7.50%. Also, ETH is valued at around $2,700 with its market cap lingering around $325 billion. The 24-hour trading volume of the coin is now under $10 billion.
Source: TradingView
Decentraland’s MANA loses 7% as major altcoins post significant losses
The cryptocurrency market posts a mix of red and green candles which shows its unpredictable and volatile nature. However, over the last day or so, the market has witnessed a sharp decline in the prices of major coins and tokens. Almost every major coin has struggled to make its presence felt in a positive way. Green candles have become a rare sight in the list of top cryptocurrencies.
Popular metaverse token, Decentraland (MANA) has posted a 7% sharp recession in its price over the last 24 hours. The coin is currently valued at around $2.75 which is also significantly below its all-time high value. The coin’s market cap is now at $5.12 billion, and its trading volume is at $520 million.
Source: TradingView
The hype around metaverse coins was felt by MANA as it experienced major positive impacts on its valuation and adoption. However, the coin has struggled lately to perform as per the expectations. Other metaverse and gaming coins like the SandBox and Axie Infinity have also struggled and recorded 5.50% losses during the last day.
Other than these coins, ADA, SOL, and LUNA also bled since the last day. All 3 of these coins are counted among the most popular altcoins. However, they are currently posting red candles on the daily and weekly charts. The dog-based meme coins, DOGE, and SHIB have also lost 1.80% and 7.60%, respectively. Other significant market losers include ATOM, UNI, THETA, HNT, and VET.
Huobi Token gains in a pool of bleeding coins
Over the last 24 hours, the green candles have become incredibly rare and scarce. Almost every coin has suffered from plunging prices. Some have experienced big blows while others have consolidated by few margins. Under these circumstances, Huobi Token (HT) has become the only performer in the market. Even though the coin is still down by around 1.30% in its weekly price change, its value rose by 2.15% to reach $9.75.
Source: TradingView
The market cap of HT is above $1.53 billion and its trading volume is around $48 million. The coin sits at #61 in the list of top cryptocurrencies. However, with the recent increase in its value, HT has grabbed the attention of several investors and consumers. The coin may experience a significant inflow of cash in the coming days because of this performance. However, it is yet to be seen if the coin persists with green candles or submit to an overall bleeding market.
Among other notable mentions, XRP gained about 0.60% over the last day. Also, UNUS SED LEO posted gains of 2%. Both of these coins are still marked red in their weekly price changes. Nonetheless, they have managed to fight through the recession phase of the market.
Final Thoughts
The cryptocurrency market always swings in different directions. It shocks and amazes the consumers with its price fluctuations. It manages to go against any set of predictions which makes it unique from other financial markets. However, it is evident that the market is currently struggling with a lack of momentum. There is not enough force and support for the crypto industry to thrive bullishly.
The performance of Bitcoin and Ethereum has also been a concerning factor. Both of these coins influence the market. Thus, with their persistent dips, investors are reluctant in keeping their money invested. It is crucial for Bitcoin to stay over $40K and for Ethereum to move past $3,000 with a force. Otherwise, an extended bear run might be on the cards for the digital assets market.
