The cryptocurrencies and other altcoins were in the red zone in the past 24 hours. As a result, investors are looking for the perfect timing to enter the market, and they have to look to the Crypto market today for daily updates and news.
Today’s most trending crypto is Frontier, which is a De-fi aggregator. The crypto market cap fell about 1.39% to $958.36 billion, and the trading volume was up with a slight margin of 0.13% to $60 billion.
The top-gaining cryptocurrency in the past 24 hours is Casper, which goes up by 10.71% to $0.03532. At the same time, the top-losing cryptocurrency was Helium, which went down by 9.7% to $5.06.
Key Points
- The current crypto crash is triggered by pessimistic macro events such as US-fed rate hikes.
- The crypto market witnessed 71 % in bitcoin prices from last year November’s peak value of $69000.
- The top-gaining cryptocurrency in the past 24 hours is Casper, while the top loser is Helium.
Cryptocurrency Prices
Bitcoin
Bitcoin showed its volatile nature and could not sustain its higher price level. The price of Bitcoin went down in the morning and was trading at its lowest level. But in Noon, it recovered and again reached $20,000 levels. After that, there were too many ups and downs, and the price went to $19,000, but it regained its position.
The lowest intraday price of Bitcoin was $19,801.80, where its trading volume went down by 10.9% to $31,519,938,530.
The price of Bitcoin fell by 1.55% to $20,015.52.
Ethereum
Ethereum was highly volatile in the past week and continues this week. The price of Ethereum was going up suddenly and coming down. But it has maintained the range between $1340 to $1380.
The lowest intraday price of Ethereum was $1349.15, where its trading volume went up 0.87% to $10,982,955,980.
Overall, the price of Ethereum fell by 1.26% to $1356.20.
Other Altcoins
The price of Ripple goes down by 1.65% to $0.4881, whereas its trading volume goes down by 24.26% to $1,908,227,747.
The price of Solana also goes down by 1.8% to $33.72.
Cardano’s price declined by 1.44% to $0.4285, whereas its trading volume dropped by 15.41% to $393,623,442.
Binance has also shown down movement by 3.57% to $285.79, where its 24-hour volume goes up by 47.38% to $1,030,741,418.
Meme Coins
The price of Dogecoin goes down by 2.33% to $0.0635, and its trading volume goes down by 32.07% to $361,940,992.
Shiba Inu went down by 2.75% to $0.00001121.
Analysis of the crypto market crash
Crypto market crashes are nothing new for the industry. The crypto industry had seen such events before, which heavenly disrupted the market and affected the investment of several investors. Similar to the internet, cryptocurrencies and blockchain are relatively new concepts.
What brought the Cryptocurrency Crash
Here are some reasons affecting the crypto market in 2022.
Rising interest rates
By far, the biggest reason for the crypto market crash is the rising pressure from Fed rate hikes. To back up a little, the US and many countries worldwide have faced global inflation since the beginning of Covid-19. This increases the money supply and supply chain disruptions, causing the prices to rise.
In response to the US federal rate, many other countries also increased to reduce the money circulation in the system and bring down inflation. However, in 2022, The Fed rate increased its rate five times.
Speculation and Manipulation
Generally, when the market is experiencing growth and cryptos are performing well. Investors find the market as a good opportunity. They likely hold their investment in return for profits.
On the other hand, if the market is crashing and the price of the cryptos is falling. Investors will be more likely to sell off their funds to avoid losses. This event is escalated if the crypto market’s whales (Big investors) sell off their assets.
These whales are often responsible for the manipulation of the crypto prices since they hold a large portion of the money in the market. As a result, they can single-handedly cause a plunge in the market by selling a large portion of their assets. This usually causes fear among investors causing the prices to fall further.
Terra Luna Crash
Another biggest reason for the crypto market crash is the Terra luna crash which wiped out billions of funds from the market. Luna coin, launched in 2019, became one of the most successful coins in a short time and the 7th largest cryptocurrency based on market capitalization.
However, its unsustainable business model could not go longer, and after one point, it crashed in May 2022. In many luna, the price fell approx 96% in a day, bringing it lowest at $0.10, and by the 13th, may coin fell to almost $0.00001675.
Bitcoin crash
The spillover effect was so significant that Luna was so big that it also triggered a fall in the bitcoin price, bringing it from the $40,000 range to a low $30,000.These lower bitcoin prices affected the other altcoins.
Even since Bitcoin peaked at an all-time high of $69000 in November 2021, its price has fallen approx 70 % at the time of writing. Bitcoin is trading around the $20000 level. The Bitcoin plunge took down all other altcoins.
Will the Crypto market recover?
Although the crypto market has experienced a significant downfall in recent months, some experts believe it hasn’t reached its low and can crash anytime. The main reason can be increasing interest rates from the US Fed.
Additionally, Increasing mining rates for several reasons is becoming unprofitable for investors. Unfortunately, miners are forced to sell their assets at a loss, which also causes crypto prices to go down.
Despite these situations, analysts believe that the crypto market will not sustain long-term negative effects. The crypto market is recovering, and soon it will turn into a green zone.
Conclusion
In short, we can say the crypto market is a dire shot where you have to pay with a fortune. The bear market has made many investors rethink their investments. The crypt crash of this year has been a reality check for major investors. Not only has crypto had some of its worst months in a decade, but it betrayed the faith of many investors who put their valued money in the market.
FAQs
Q. Will the Casper coin reach $10?
Ans. Currently, the crypto market is bearish, and It is slowly recovering. The coin can’t reach the $10 level by the end of 2023. The coin can see significant growth after 2024.
Q. Is Casper a good coin?
Ans. If you’re looking for currency with high returns, Casper is undoubtedly a good choice that can profit.
Q. What factors affect the price of cryptocurrencies?
Ans. Several factors, such as supply and chain, market sentiments, and macro and micro economic events, influence the price of cryptocurrencies.
Q. Why is Bitcoin so volatile?
Ans. Bitcoin is one of the most demanded and top cryptocurrencies by market capitalization. Therefore, it is significantly affected by the major macro and micro-economic events.
Q. Should I buy or sell cryptocurrencies based on their current prices?
Ans. Selling and buying cryptocurrency is your personal decision which solely depends on your individual choice. You should make decisions based on current events, financial situations, and market conditions. Therefore, it is important to do your research before making any investment decision.
