Cryptocurrencies Struggle Over Weak Buying Catalysts

Cryptocurrencies Struggle Over Weak Buying Catalysts

Top cryptocurrencies struggle to buck the downward trend as retail investors continue to trade exits amidst pressures while market capitalisation dragged lower again near $900 billion, from a peak of $3 trillion last year. 

At the press time, Bitcoin (BTCUSD), the largest cryptocurrency by market value, was changing hands at $20,062, down 1% in the past 24 hours, according to CoinDesk data.

Trading volume was at $23.17 billion, up more than 11%. The most popular cryptocurrency is currently down more than 56% since the beginning of the year, compared with 29% for the tech-heavy Nasdaq 100 index and 20% for the S&P 500 index.

Ethereum (ETHUSD), the second-largest digital asset, sank 4.6% to $1,103, extending its 2022 slump to nearly 70%. XRP (XRPUSD), the fifth-largest digital asset, decreased 3.3% to $0.33, whereas Solana (SOLUSD) and Cardano (ADAUSD), the sixth- and seventh-largest, were down 5% and 1.5%, respectively.

The third- and fourth-largest digital assets, Tether (USDTUSD) and USD Coin (USDC), which are stablecoins pegged to the US dollar, were trading 0.03% and 0.04% lower from their value in the past 24 hours. Meanwhile, Luna Classic, Shiba Inu (SHIBUSD) and Dogecoin (DOGE) rose 54%, 3.2%, and 1.8% respectively.

The overall market capitalization of the cryptocurrency industry fell 3.3% in the past 24 hours to $936 billion, according to CoinGecko data. #Cryptocurrencies Struggle Over Weak Buying Catalysts