The crypto market has been struggling to find desired strength and momentum, as Bitcoin went under $20,000 over the weekend. However, the market has now posted some green candles. The global crypto market cap is close to the $879 billion mark. It recovered to over $900 billion but retraced back again. Furthermore, positive momentum was felt across the crypto and DeFi industry.
Bitcoin slightly recovered to move past the $20K mark. But it is currently valued at around $19,400. The market cap of the coin is over $370 billion, and its 24-hour trading volume is around $25 billion. The dominance of the leading crypto token is about 42.10%.
Bitcoin is still a long way from its price mark of ten days ago. At that time, the coin crossed $21K. Many crypto geeks believed that the market has bottomed out. But the coin fell again in the following days. Therefore, this slight movement upward has given a sigh of relief to investors.
Crypto Market Positivity Might Not Live Long Enough
Despite recent performances, many experts believe that the market has the tendency to go further lower. Their analysis might just be proven as the market has started consolidating already. Almost all major coins are way below their last week’s prices.
Ethereum is hovering around the $1,100 mark but has shed 10.50% during the last seven days. BNB, ADA, and XRP have also shed their value. However, SOL, AVAX, and DOT lost the highest percentage value. The Solana Blockchain is being hit with hacking attempts continuously. Thus, it is having a toll on the performance of SOL.
On the other hand, MATIC has performed much better than other coins. The coin is ranked number 18 in the list of top cryptocurrencies by market cap. Also, it has touched the 50 cents mark to attract more potential investors and traders. Moreover, ATOM has also gained some strength. The token is still green in daily and weekly price fluctuations. At the time of writing, the coin is valued around $8.50.
The coming few days are critical for the entire crypto market. Many experts anticipate long red candles for top coins in the coming days. Therefore, it is essential for these coins to hold local support levels. The macroeconomic conditions have had an adverse impact on the crypto industry. Most of the coins are way below their all-time highs. The performance of Bitcoin in the coming days will be an influencing factor in the overall sector.