- Most of the ubiquitous cryptocurrencies are currently on a downward spiral.
- Bitcoin, Dogecoin, Solana, Shiba Inu etc. have dropped in market value.
- Earlier, the aforementioned coins were on a rise but suddenly fell as of Thursday.
The cryptocurrency market saw a drop on Thursday, ending its two-day surge. Some users have been putting pressure on selling altcoins.
At present, the total volume in DeFi is $11.43 billion. This accounts for 16.56% of the total crypto market in 24 hours.
To be fair, however, Bitcoin’s price is currently at $37,079.58, still with a market dominance of 41.53%, an increase of 0.38% of the market in a day.
BTC/USDT 1-hr chart (source: TradingView)As seen on the chart above, BTC price has plummeted after displaying the Descending Triangle pattern. The bearish pattern manifested after traders panic-sold their BTC holdings.
At the time of writing, except for the US dollar-pegged stablecoins, all other top nine coins out of the top-10 digital coins were trading low on Thursday. Ethereum competitors Solana and Terra plunged to 13% and 9.7%, respectively. Meanwhile, Cardano (ADA) dropped to 4.5% and Shiba Inu (SHIB) to 5.5% in 24 hours. Dogecoin (DOGE) hangs on a value of 0.1355 and flips in between high and low value.
Regardless of this news, this isn’t the first time that the crypto community has experienced something like this. The word ‘volatility’ is a word commonly used in this space. Hence, some traders take this opportunity to buy more crypto and strategize their position during this bearish market.
Even though the global crypto market cap plunged about 3.49% to $1.70 trillion, the total crypto market volume met an 8% increase to $69.02 billion.
In other news, Meta, formerly known as Facebook, has also shown poor earnings and has negatively affected the market. Alongside this, just hours ago, Wormhole Network’s $80 million hack sent the DeFi space reeling. Trading volumes remained thin.
