Unfortunately, it is another red colored market today in the cryptocurrency world. A remarkably high amount of fear, uncertainty & doubt (FUD) has been circulating in the media for almost two weeks now. Most crypto prices have already crashed a few times because of this, but the dips were usually quickly bought up by institutions and whales.
Last Friday it was that time again and rumors emerged that China would introduce a ban on mining. On Saturday, prices recovered somewhat and at first it seemed that this recovery would continue, but now it looks like even the whales are starting to take a wait-and-see approach. The total market cap of all crypto just dropped to $ 1.45 billion and is currently declining at a rapid pace.
Bitcoin (BTC) nosedive again to $ 34,400 last Friday after the FUD, but managed to recover around $ 38,000 on Saturday. However, the BTC rate is back in a significant drop this morning, bringing the price from $ 38,400 to $ 34,700, down nearly 10%. Yet that is slower than the rest of the crypto market, the dominance of bitcoin is slowly increasing and is now above 44% again.
Ethereum (ETH) fell 20% on Friday from $ 2,700 to $ 2,150. The ether price was able to hold up around $ 2,350 on Saturday, but fell 13% this morning to $ 2,040. Perhaps for the first time since early April today, ether even dips below $ 2,000.
Cardano (ADA) recovered to $ 1.53 last night, but is now down 16% to $ 1.28. Binance coin (BNB) is down 17% from $ 310 to $ 256. Polkadot (DOT) was still around $ 30 last Friday and is now below $ 19, down 37% in a day and a half.
Solana (SOL) was one of the strongest risers early last week, but has been in a decent downtrend since Thursday, bringing the price down 50% from $ 48 to $ 24. Polygon (MATIC), which had a huge rally last month, also continues to decline considerably. The MATIC price was still at $ 2.6 on Tuesday and is falling to $ 0.92 at the time of writing, a loss of 65%.