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Easter Monday turns pretty red for all cryptocurrencies. Bitcoin (BTC) took another hit this morning, but most altcoins are falling even harder. The total market cap of all crypto even dips back below $1.9 trillion and after a drop of almost 4% comes to $1.89 trillion.
Market Overview#BTC price trades below $40K
The Top 10 are traded in red zone $ADA -6.8%, $LUNA -5.8%, $AVAX -5.6%
Market cap: $1.91T (-3.38%) $BTC dominance: 38.75% (-0.13%)
Fear & Greed Index: 24 (Extreme Fear)
Full Report
https://t.co/PCUrVO8ljy pic.twitter.com/ibT5nDd2OD
— CryptoRank Platform (@CryptoRank_io) Apr 18, 2022
Ethereum drops 4.5%
Ethereum (ETH) continued to move very cautiously upwards last week, but that came to an end last night. The ether price failed to hold at $3,070 and then dropped slightly below $3,000 but appeared to be holding out for a while. However, this morning, ETH plummeted to $2,900, its lowest price in nearly a month. ETH is therefore down 4.5% today and almost 10% down compared to a week ago.
the EF spent $48M in 2021
it has 350K ETH ($1B) and $300M fiathttps://t.co/1AL68I5YgF pic.twitter.com/0yLXNHy3Aj
— Justin Ðrake 
(@drakefjustin) Apr 18, 2022
BNB, SOL, LUNA, XRP drop significantly
Of the largest altcoins, it is the binance coin (BNB) that holds up best. Still, BNB plummets all the way back to $400, putting the price down by 3.5%. Solana (SOL) drops by no less than 5.5%, bringing the price back below $100 to $96.5. Terra (LUNA) also loses 5.5% of its value and now stands at $77. Ripple (XRP) is even down 5.7% to $0.736.
AVAX, DOGE, SHIB, ADA, DOT drop even harder
Avalanche (AVAX) is already down 6% and currently stands at $73. Dogecoin (DOGE) loses 6.2% of its value and drops to $0.135. Shiba inu (SHIB) is also down 6.2%, falling to $0.00002416. Cardano (ADA) is down a whopping 6.8% in the last 24 hours and currently stands at $0.88. Polkadot (DOT) is this time the biggest loser among the largest crypto and is 7% in the min. DOT is still holding above $17.
Top 100 crypto hardest fallers
Helium (HNT), ecash (XEC), gala (GALA), chiliz (CHZ), theta (THETA), synthetix (SNX), enjin coin (ENJ), chainlink (LINK), axie infinity (AXS), internet computer ( ICP), vechain (VET), tezos (XTZ), bitcoin cash (BCH), convex finance (CVX) and thorchain (RUNE) are all down 8% or more this morning. For kusama (KSM) that is 9% and for zilliqa (ZIL), eos (EOS), waves (WAVES) and filecoin (FIL) that is even 10%. STEPN (GMT) is the biggest loser of the top 100 and is down 10.5% today.
Top 100 crypto hardest risers
However, not everything is in the red. Frax share (FXS) is up a cautious 2% and newcomer chain (XCN) is up 6.7%, but the USD 0.115 was still too much this morning. Stacks (STX) just skyrocketed this morning, rising 8.8% to $115. Then decred is still worth mentioning. The DCR race also made a huge jump and briefly entered the top 100. However, the rate was rejected at $80 and is falling sharply again this morning. Nevertheless, DCR is still 18% in the plus and is currently at position 101.
Top gainer: Decred #DCR $DCR increased by 36.80% in 24h! Create your #Decred (DCR) crypto alert: https://t.co/Ps9SoRH4Bh pic.twitter.com/B4QmTVgtJv
— Coinwink (@Coinwink) Apr 18, 2022
Learn more about altcoins, crypto and blockchain
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Top 10 Gainers Of The Week$KROM +191%$MTRG +94%$WGRT +65% #PINKSALE +30%$MARSH +29%$CFX +28%$SURV +20%$MAPE +13%$NWC +12%$GMT +10%
https://t.co/AgXao7y3eB pic.twitter.com/CDrmS3emka
— CryptoRank Platform (@CryptoRank_io) Apr 17, 2022
On Eastern Sunday, the majority of cryptocurrencies traded downward. Bitcoin, which leads the pack, couldn’t shake off the retreat.
The total market capitalization of all cryptocurrencies as of Sunday was $1.87 trillion, down 0.69 percent from the previous day.
Expectations remain that Bitcoin (BTC) will continue to decline in the short term, as price compression has become the dominant chart feature of the Easter weekend thus far, saving worried traders another plunge below $40,000.
BTC was trading at $40,444.29 on Sunday, down 5.5% in the last seven days, according to Coingecko data.
The overall volume of the cryptocurrency market in the last 24 hours was $49.62 billion, a decline of 19.67 percent. The overall volume in DeFi is currently $5.26 billion, accounting for 10.60 percent of the entire 24-hour volume in the cryptocurrency market.
Suggested Reading | Price Of Bitcoin Retreats Under $42,000 As Enthusiasm From Miami Event Fizzles
Contracting Range For Bitcoin
According to TradingView data, BTC/USD has been trading in a narrowing range with a ceiling of $40,700 on Saturday and Sunday.
As the holiday season began, the pair experienced little movement, as US equity markets were closed for the Lenten week, allowing crypto to avoid correlation-based volatility.
The price consolidation follows a week of bearish pressure that pushed the world’s most valuable cryptocurrency towards critical support levels.
Recent price consolidation follows a two-week losing skid in which Bitcoin lost about $10,000 in value.
According to CoinMarketCap data, the world’s largest cryptocurrency presently holds a 41 percent market share, a decline of 0.07 percent.
BTC total market cap at $787.44 billion on the weekend chart | Source: TradingView.com
BTC Making Higher Lows
By analyzing market movements, Kevin Svenson, a well-known bull on social media, warned that current chart behavior resembled the period immediately preceding Bitcoin’s bear market meltdown in late 2018.
While that occurrence followed a lengthy run of lower lows throughout the year, he highlighted that Bitcoin has been making higher lows in 2022, but it would not take much for the tables to turn and “capitulation” to enter.
Suggested Reading | Bitcoin Continues To Slide As Macroeconomic And Geopolitical Anxiety Persist
Analyst: Bitcoin Won’t Hit The Dreaded $24K
Meanwhile, despite recent sluggishness, popular crypto researcher PlanB stated on Friday that they did not envision BTC falling to realized values.
Their statements come as the world’s most valuable cryptocurrency fell sharply earlier this month from its 2022 highs. BTC is presently trading roughly 20% below its year-to-date highs and has fallen more than 40% from its November record high.
PlanB mainly rejected concerns that BTC may plummet to $24,000 in a matter of days. They noticed that the last three times such an incident took place, it was in conjunction with a so-called “black swan” event involving the crypto.
The expert claimed that a spike in strong negative sentiment would be required to propel the market to realized levels.
Featured image from 123rf.com, chart from TradingView.com