Bitcoin, Ethereum Struggle with Market Downturn
Major digital assets are struggling to break out but the cryptocurrencies market downturn holds back uptick momentum due to selling rallies. Most investors in cryptocurrencies are engaging in selling rallies amidst global inflation.
Weak corporate positioning has also been noted as a downside risk, according to MarketForces Africa discussions with crypto analysts, saying the crypto prices crash is a buying signal. Since the crypto market rout, retail investors continue to trade short to strengthen their position after losing streaks.
Bitcoin (BTCUSD), the largest cryptocurrency by market value, was changing hands at $19,905, up 0.3% in the past 24 hours, after swinging between a day low of $19,296 and a day high of $20,432, according to Coinmarketcap data. Trading volume was at $23.54 billion, up 19%.
The oldest cryptocurrency is currently down 57% since the beginning of the year and 71% since it reached an all-time high of $68,990 on Nov. 10. Ethereum (ETHUSD), the second-largest digital asset, was trading 0.5% lower at $1,115, expanding its year-to-date loss to 70%.
XRP (XRPUSD), the fifth-largest digital asset, dropped 1.1% to $0.32, whereas Solana (SOLUSD), the sixth-largest, decreased 1.9% to $34.06. Cosmos (ATOMUSD), the 15th-largest digital asset, was the day’s top gainer, rising as much as 3.7%. READ: Cryptocurrencies Struggle as Retail Buyers Exit Positions
The overall market capitalization of the cryptocurrency industry decreased 1.3% in the past 24 hours to $929 billion, according to CoinGecko data. # Bitcoin, Ethereum Struggle with Market Downturn