The Crypto market has been on a downtrend in the last 24hrs with the crypto market cap falling by 4 % in the last 24hrs. The market is currently in a very bearish state with not much good news to support prices.
Bitcoin has fallen by 3% in the past 24 hours and is currently valued at $19,464. However, many altcoins are taking the worst hit of this market downturn. it has traded as low as $18,390.32 and as high as $20,087.51. The market capitalization is $388,297,924,866 and the trading volume is $38,619,510,099.
Ethereum, the second largest cryptocurrency by market cap, is currently down by another 10% and is trading at $1,302.15. The 24hr high was $1,457.57 and the 24hr low was $1,287.42. The total market capitalization is $159,424,819,021 and the trading volume is $20,221,805,662.
Ethereum price after the merge has really resulted in a lot of FUD and sell-offs. If this continues, it is likely that we will see Ethereum prices retrace back to the $1,000 levels in the next few days or weeks.
Altcoins in a decline
The other major altcoins are also taking a beating in this market downturn with ADA, Solana, Dogecoin, and DOT all falling down by over 7% in the last 24 hours.
The crypto market at large is facing a very critical situation with a lot of uncertainty and selling pressure. It remains to be seen how the market will develop in the next few days and weeks.
The market is currently in a very bearish state with not much good news to support prices. This has resulted in a lot of selling pressure and market uncertainty. Many altcoins are taking the worst hit of this market downturn.
The global crypto market downturn is a consequence of macroeconomic factors. The Ethereum merger couldn’t have occurred at a worse time, according to experts. The Federal Reserve has taken an extremely hawkish stance amid growing inflation. This has created a lot of uncertainty in the market and has resulted in investors selling off their assets.
The current market conditions are not favorable for cryptocurrencies. However, it is important to remember that the market is highly volatile and conditions can change very quickly. It is important to stay up to date with the latest news and developments in the market.