The crypto market is still bearish, some have managed to rise, and some have fallen. It is still in the “extreme fear” region. The global crypto market has gone from $1.31 trillion to $1.25 trillion. The top cryptocurrency, Bitcoin, has decreased to $29,000. While the overall crypto market volume experienced a fall of 0.11% in 24 hours, standing at $80.41 billion. The volume in Defi stood at $7.26 billion. Stable coins volume was $70.38, accounting for 87.52% of the crypto market’s 24-hour volume.
Let’s look at the top cryptocurrency market prices and where they stand as of the past 24 hours.
Ethereum, which is ranked as the second-largest crypto asset, has dropped 4.98% in value. It now stands at $1959. Over the past week, it has experienced a fall of 15.31%. Binance’s coin has experienced a little over 3.5% decrease to $292. Binance is ranked the fifth largest crypto asset. Standing ninth in line, Solana has fallen by 7.68% to $50.82. The XRP coin has experienced a fall of 4.09% to $0.4088. It is the sixth in line in terms of crypto assets. The eighth biggest crypto asset is Cardano, which has fallen by 8.56% to $0.5263. Dogecoin, ranked ten, has dropped 4.23% and stands at $0.08905.
Experts believe that there is a long road ahead to recovery as a result of the crypto crash. Darshan Bathija, the CEO and Co-Founder of Vauld, believes, “The 30k level for BTC is one that an important psychological area. The crypto Fear and Greed indicator, which gauges market sentiment, was still in extreme fear.” He said, “While BTC’s price indicates that we’ve still had a long way to go before a rally or an early recovery, data from glass node showed that addresses with at least 0.01 BTC passed the 10 million mark for the first time. While we already know that institutions made large BTC bets last year, this metric indicates that retail investors are continuing to remain bullish about the digital asset.”
An analyst at WazirX Trade Desk says, “Bitcoin has been moving fairly sideways now, since the past few days. The markets have been majorly dominated by buyers in this period with significantly higher volumes as compared to the previous weeks as the market sentiment sees a positive jump to double figures. On the hourly time-frame, the BTC chart has been moving horizontally within a triangle pattern. The next support for Bitcoin is expected at $24,000.”
Lastly, the Co-Founder and CEO of Mudrex, Edul Patel, said, “BTC’s initial resistance at US$33,000 could stall an upward momentum in the price. Even though this surge is limited in the bearish market, it has relieved the investors to some extent. With volatility increasing over the past few days, investors may be taking little time to return to the market.”