TL;DR Breakdown
- The global crypto market experiences a bear run.
- Bitcoin continues to trade in red, falling below the $38,500 mark.
- Ethereum loses 2.79% over the last 24 hours, following Bitcoin on the downward trend.
- Ripple gains 2.09% in a market that continues to bleed.
- Cardano continues to trade in red, reporting significant losses.
The crypto market has never failed to surprise us all. It was only a couple of weeks ago that the crypto market and most of the top cryptocurrencies were experiencing the bulls, reporting modest gains and looking to strengthen their position. However, the crypto market took a turn for the worse. Over the last 24 hours, the global crypto market capitalisation fell down by 1.01%.
After a good start to the month of February, crypto investors and traders were hoping that the market would bring more good news. While it seems highly unlikely that any of the top cryptocurrencies will be able to make a full recovery before the month ends, it is important to remember that in the past we have seen the crypto market report massive gains in very short periods of time.
Looking at the charts, it is safe to say that it has not been a good week for the crypto market. Most of the top cryptocurrencies failed to report any major gains over the last 24 hours, which tells us that the bearish run of the crypto market is not over yet.
Bitcoin on the way down, reaches $38,340
The first and the most well known cryptocurrency around the world, Bitcoin (BTC), is known for setting trends in the crypto market. The performance of the largest cryptocurrency, Bitcoin, by market cap plays a critical role in the crypto market. Bitcoin has the influential power to start a bull run in the crypto market, and how most of the top cryptocurrencies perform depends a lot on how BTC is performing.
However, Bitcoin failed to bring any positive changes in the crypto market today. Suffering from yet another hit, BTC reported losses of 3.62% in the last 24 hours. The price value of one unit of Bitcoin now stands at $38,340 at the time of writing. The fall in price value caused the Bitcoin market cap to fall around $727 Billion.
Source: CoinMarketCap
According to the charts and reported data, Bitcoin lost 9.85% of its value over the week. The recent dips and the bearish outlook of the crypto market is making it extremely tricky for investors to make any smart decisions.
Ethereum falls to $2,640, following the bearish run of the crypto market
The second biggest name in the crypto world, Ethereum (ETH), is sometimes considered to be a very safe investment within the crypto space. This is because of the extensive use-cases of the Ethereum blockchain and high-profit potential of the native cryptocurrency ETH. Investors and traders around the world were expecting to see ETH, the largest altcoin, steady itself. However, ETH failed to resist the downward trend of the crypto market and is currently trading in red.
The price value of ETH is down by more than 10% over the last 7 days. After losing 2.79% over the last 24 hours, the price of one ETH token is now sitting at $2,640. For a total of 119,656,739 ETH tokens, the market cap is now hovering above $315.9 Billion. The 24 hour trading volume of the coin rose above the $11.5 Billion mark.
Source: CoinMarketCap
ETH is currently far away from it’s all time high, and the cryptocurrency failed to show any signs of improvement in the coming days. Still, it is too early to count out the second largest cryptocurrency by market cap.
Ripple does surprisingly well in a red market
Coming as a surprise to most of the traders and investors within the crypto space, Ripple (XRP) was the only cryptocurrency from the top 10 cryptocurrencies list that saw an increase in its price value. While the gains made were modest, investors and traders around the world are hopeful that this price action could see the bulls coming in soon.
Source: CoinMarketCap
After gaining 2.09% in the last 24 hours, the price value of one XRP token is now $0.7902 at the time of writing. With a market cap above the $37.8 Billion mark, XRP is currently the 6th largest cryptocurrency by market capitalization. The 24 hour trading volume for XRP was above the $4.2 Billion mark.
Cardano falls below the crucial $1 mark
The seventh largest cryptocurrency by market capitalization, Cardano (ADA), failed to stay above the $1 mark after losing 11.77% over the last 7 days. The falling price action caused the market cap of Cardano to fall below the $31.7 Billion mark. Adding to its previous losses, ADA lost 4.16% over the last 24 hours, and the cryptocurrency is currently trading at $0.9406.
Source: CoinMarketCap
With a 24 hour trading volume around $1.35 Billion, it seems that traders and investors around the world are either panic-selling because of the downward trend of the crypto market or they have little confidence left in Cardano. The red in the daily and weekly charts of the cryptocurrency show exactly how poor the performance has been.
Conclusion
Looking at how some of the top cryptocurrencies have been performing, and with reference to how cryptocurrencies like BTC and ETH can influence the outlook of the crypto market, the market could very well continue experiencing the downward trend. However, a positive start to the next week could change everything.
If we have learned anything about the crypto market it is that no one can accurately predict where the crypto market is headed. In the past, we have seen how quickly the market can have a change of mind and swing in a completely different direction.
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