The crypto market is renowned for its volatility and price fluctuations. Being distinctive, this form of the market never ceases to amaze the crypto fraternity with its swinging price patterns. Several major cryptocurrencies like Bitcoin and Ethereum attract a lot of attention from the investing lot because of their high profit margins. However, the crypto market comprises thousands of tokens and coins, each of which is distinctive in its own nature.
Since the start of 2022, the cryptocurrency market is under immense pressure. Expectations and speculations have posed a threat to market stability. However, several coins are underperforming. Investors and traders are pulling out their capital in fear of further losses. There have been no major improvements in the market condition for a while now.
The global factors, mainly the Russian invasion of Ukraine are also a major contributor to the market dynamics. Crypto regulations and comments of experts have caused a disruption in the market, every now and then.
The crypto market continues to post red candles
The global crypto market cap is at $1.76 trillion. This is the third time that the market cap has fallen below the mark of $1.80 trillion. However, in none of the three bullish cycles, the crypto market was able to cross the $2 trillion level. The crypto market gained $200 billion in one week because of the Russia-Ukraine war. However, the market is again down to the previous concerning levels.
Almost every major cryptocurrency has shed severely in their weekly price changes. Bitcoin is currently trading below the $39K mark. But it is still 5% below its last week’s price. Ethereum, on the other hand, has lost over 7.50% during the last 7 days. Cardano and Solana have experienced a price dip of almost over 10%.
This shows that the market is under severe pressure. The fear index is on a rise, and the investors are reluctant to invest for longer durations. Almost every coin has lost its major support levels. Bitcoin has failed to cross the crucial $45,000 mark since January. It has stayed over the low of $33K as well. But there has been no major positive sign from the BTC’s price trend.
Terra’s LUNA was the most significant performer in the crypto market. The coin’s trading volume experienced a significant rise amid Russia’s attack on Ukraine. It is still higher than other tokens and coins. The next few days are crucial for the market, as the clouds of uncertainty continue to hover on the digital asset industry. If the market is unable to gain some strength, we might see further losses and price falls.
