Crypto Crash Latest Update: Bitcoin, Solana, Etherium, Cardano, DOGE, DOT, AVAX prices crash up to 9 percent!
Although the global crypto market cap has crashed in the last few days to just $ 1.24 trillion and the price of many altcoins has plummeted, the dominance of the most popular cryptocurrency Bitcoin (BTC) seems to be increasing.
At the time of writing, Bitcoin’s dominance was 44.68%, about 0.4% higher than the previous day, according to CoinMarketCap’s data.
Bitcoin continues to dominate, above 45% on Wednesday. Analysts at WazirX Trade Desk shared in a note, “In fact, the dominance of Bitcoin is at its highest in the last 7 months.
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Analysts expect Ethereum (ETH), the second-largest crypto, to be even weaker against Bitcoin.
“The daily chart for ETH-BTC is moving in an upward channel pattern. However, the trend is breaking below the pattern. As Bitcoin’s dominance continues to grow, we can expect it to weaken further against Etherium BTC,” the note said.
Ethereum prices have fallen more than 4 percent below $ 2,000 in the last 24 hours. At the time of writing, the value of 1 ETH was $ 1956.
Bitcoin price movement
In terms of price, Bitcoin seems to be struggling to hold the 30,000 level. Experts say sellers are currently dominating the crypto markets and are expected to remain stagnant for investors in the next few weeks, more so due to rising global inflation.
“Bitcoin fell below US $ 30,000 again on Wednesday, as bulls could not hold on to Tuesday’s gains. Over the past few weeks, BTC has been trading in a very tight range between its support US $ 27,000 and US $ 30,000, the lowest in its year-round trading. This trend shows that investors are a little hesitant to return to the market, fearing a downturn in the retail sector, ”Edul Patel, co-founder and CEO of Mudrex, told FE Online.
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Experts say the latest statement from US Fed Chairman Jerome Powell on keeping tight monetary policy until inflation cools down has put investors at their fingertips.
“Rising global inflation is putting tremendous pressure on the traditional / crypto market. Vendors are currently dominating the crypto market and the market is expected to remain volatile in the coming weeks, ”said Shivam Thakral, CEO of BuyUcoin.
Subsequent support at $ 24,000
“Yesterday the Bitcoin market witnessed some sell-offs which resulted in prices falling by more than 5% throughout the day. The recent correction appears to be a reaction to a fall in stocks at US retail chains Walmart and Target. In the daily time-frame, the BTC chart is moving in a descending triangle pattern and is trading near its support level. Further support for Bitcoin is expected at $ 24,000, “said WazirX Trade Desk.
(Cryptos and other virtual digital assets are unregulated in India. They are considered highly risky to invest in. Please consult your financial advisor before making any investment decision.)