The crypto market has been disappointing the investors lately. The global market cap has slipped closer to $2 trillion after plunging by 8.14, and the FGI has shifted to 38 points under Fear. There is no clear indication of a factor that may have caused this fall. A chance for a rebound is still on the table, with the ongoing downfall potentially presenting a purchase window. What’s left to see is if flagship cryptocurrencies will bring back the memories of crypto winter or if they will be able to mitigate a steep slope.
Bitcoin and Ethereum officially lose momentum
Bitcoin ($BTC) is down to $55,141.73 at the press time. It has shed almost 6.62% weight in the last 24 hours and 10.67% in the last 7 days. Near-term Bitcoin predictions are still bullish, but that is likely to change given the circumstances don’t support a jump in the next 5 days right now. One can still not negate the fact that BTC can rise as swiftly as it has fallen recently.
Ethereum ($ETH) is on a similar path. It has slipped to $2,909.41, down by 10.29% in a single day and 15.73% in the last 7 days. Suffice it to say that Ether has lost more than BTC despite optimistic speculation about the approval of Spot Ether ETF by the US SEC. BTC’s fall is largely credited to the repayment by Mt. Gox to its creditors. The process has not yet started. It could soon be initiated as a few small Bitcoin amount transfers have already been successfully made.
All eyes on meme coins
Meme coins can still come up with a better performance considering they are backed by respective communities and supported by trends they set. The segment has chosen to go with the flow and is, therefore, on a shrinking spree. The global market cap of meme coins has plummeted by 18.13%. The top two tokens in the category have lost the most.
DOGE and SHIB are down by 18.53% and 18.49%, applicable in the same order, in the last 24 hours. Dogecoin has something more to worry about – its market cap is now hovering around $13.6 billion. This is down from $17 billion and acts as a major hit to its reputation. PEPE was last seen listed at $0.000007909, reflecting a drop of 19.04% during the same timeframe.
Other gainers and losers
It is hard to believe but gainers in the crypto market have gone scarce when the article is being drafted. LEO is slightly up by 0.86%. It falls short of instilling a sense of hope among traders and investors. DAI has gained 0.02% with no positive effect whatsoever.
DADDY has made a significant gain of 2.78% in the last 24 hours; however, it has fallen by 0.57% in the last hour. PEIPEI has positively fetched 1.28% in a day and notably 239.93% in the last 7 days.
Conclusion
Fluctuations have gained momentum, and the crypto market has lost sight of profits. Short-term traders have a lot to think about, while long-term traders can take their time. Bitcoin and Ethereum have fallen below the support levels of $60,000 and $3,000, respectively. Meme coins might attempt a rebound.
Disclaimer: The article is only for reference and does not intend to serve as an investment advice or recommendation. Crypto investments should only be done after thorough research and risk assessment.
