Yesterday’s momentary positive outlook on the crypto market has been completely wiped off as the crypto market plunged by 7% today shedding over $94 billion in the last 24hrs.
The daily candle opened yesterday to huge bullish momentum causing several crypto currencies to jump by 10-30%. This move brought a lot of optimism to the market as traders and investors began entertain the thought of a short term recovery in the market.
However, all of yesterday’s positive price action has been wiped off as most crypto currencies have dumped in the last 24hrs with BTC, ETH, SOL, ETH, BNB, AVAX and a couple of others leading the line.
Let’s take a look at how some crypto currencies have performed in the last 48hrs:
BITCOIN
Over the last three days, the price of Bitcoin has rallied up to $31,700 in an attempt to break above the weekly high around $32,400. However, several attempts to overturn the weekly high has been met with stiff resistance causing the price to plummet today to around $29,200. There also are indications from a technical perspective that BTC maybe on its way to $20,000.
The recent dump has led to several liquidations across the market as BTC’s market cap has deflated by over $560 million as at the time of this press. Bitcoin (BTC) is currently trading around $29,600. It will be interesting to see how things unfold from here as there is still a lot of fear in the market.
ALTCOINS
Several altcoins joined the momentary rally to the upside only to be halted as prices ran into stiff resistance causing huge sell offs. Speculations indicate that many traders and investors have been forced into a long squeeze as a wider bearish crypto market continues to unfold.
ETH jumped by over 7% in the previous days rally only to plummet by over 7% today. From a technical perspective covered by our Lead Analyst Iniobong Williams on our weekly crypto insight series (WATCH HERE) there are huge indications that the price of ETH maybe on its way to $1,500 level or even lower.
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BNB, amid the latest conjecture about an unfolding SEC investigation, BNB also dumped by 12% currently trading below $280 as at the time of this press. Similar price drops are also prevalent in Solana (SOL), Avalanche (AVAX), Cardano (ADA), Polkadot (DOT) etc.
Ripple, Dogecoin, and Tron are also in red from the larger-cap alts. Windfall drops are also evident in ICP, Convex Finance, Aave, THORChain, Neo, Chiliz, The Graph, and many others.
The crypto market capitalisation has dropped by almost $100 billion today. This recent plunge begs the question, is a much wider bearish market waiting to unfold in full-scale? only time will tell.
