After a short recovery phase on Tuesday, crypto again moved toward losses, and significant cryptocurrencies plunged sharply.
In the past 24 hours, the crypto market has been trading with losses. The price of major cryptos such as Bitcoin, Ethereum, and other Altcoins was falling. Investors always look for the cryptocurrency market before making investment decisions.
After a slight gain in the past week, the market cap fell by around 5% and reached $911.8 billion. However, the trading volume was also up by 16.25%, reaching 94.45 billion.
Quant, the top gainer in the last 24 hours, rose by 7.54% and reached $133.09 billion. At the same time, the top-losing crypto was Terra Classic, which showed a massive gain yesterday. Today, it is down by 12.24% and reached $0.0002637.
XRP has fallen 11 percent this week, whereas Solana, Bitcoin, and Ethereum also dropped 7 % this week.
Key points
- Rising fears of economic inflation, fed rate hikes, and dollar strength are the main causes of the crypto downfall.
- XRP has fallen 11 percent in the current week.
- The price of Bitcoin and other altcoins fell more than 6.5% in the last week.
Why are cryptos prices falling significantly?
Many factors are responsible for falling crypto prices. The rising fears of economic recession, inflation, and interest rate hikes are several reasons that are hurting cryptos prices regularly. All the cryptos, including Bitcoin, were trading with a loss within one week.
Popular crypto and altcoins have witnessed a significant downfall in their prices as the selling prices increased on the market, said Mahin Gupta, Founder of Liminal.
The rise in the dollar prices puts pressure on several countries around the globe, and investors are avoiding higher riskier assets; they are putting their money in safer avenues in anticipation of better times, he added.
Cryptocurrency Prices
If we talk about Bitcoin price, Bitcoin was trading with gains the whole day, but it experienced massive pressure, and there was a steep fall after late evening.
There was a significant fall from $20,145 to $18,991 within an hour. The price of Bitcoin fell by 6.55% and reached $18,666.53.
The lowest intraday price of Bitcoin was $18,498.41, where its trading volume went up by 22.65% and went to $57,704,712,010.
Ethereum was also reacting the same as Bitcoin, trading with gains for the whole day, but it started moving to the red zone in the late evening.
Currently, Ethereum is trading at its lowest intraday price and creating a new low price every new hour.
The price of Ethereum fell by 6.68% and reached $1277.15, the lowest price of Ethereum was $1273.02, but the trading volume went up by 10.27% to $18,094,436,362.
Other Altcoins
Ripple was also down by 10.2% and went to $0.4243, whereas its 24-hour trading volume was up by 2.53% and reached $2,950,932,452.
Binance was also down by 4.59% and went to $267.71, and its trading volume was up by 24.82% and reached $924,067,725.
Cardano also faced a fall of 6.07% and reached $0.4291, and its 24-hour trading volume went up by 9.35% to $708,219,911.
Solana’s price also went down by 7.33% to $32,92.
Meme Coins
Dogecoin fell by 5.35%, reaching $0.0588, and its 24-hour trading volume was up by 7.67% to $350,259,012.
Shiba Inu has faced a fall of 4.49% and went to $0.00001077.
Conclusion
The crypto world is full of uncertainties. Investment in digital assets is highly risky as they are highly volatile. Currently, the market is bearish, but it will recover soon. Creating new wealth opportunities with investment is a great option. So if you are an investor, take a better look at the market before making any investment decision.
FAQs
Q. How do you deal with crypto losses?
Ans. Cryptocurrencies are highly volatile assets. If you experience crypto loss, you can subtract with the other portfolios.
Q. Will the crypto market ever rise again?
Ans. Yes, crypto is a highly volatile asset; hence their prices can drop and increase anytime. Currently, the market is not in a favorable condition. It will recover soon.
Q. How soon will the crypto market recover?
Ans. Crypto’s future is unpredictable due to its unique nature. Generally, crypto can recover within 3-4 weeks.
Q. Is it worth buying crypto now?
Ans. Yes, cryptos are the most lucrative investment option, and they can significantly benefit you. In addition, cryptos are worthwhile investments for the long term.
Q. Is it a good time to buy crypto?
Ans. Yes, it is an excellent time to buy crypto. Currently, the crypto market is bullish but will recover soon.
