The cryptocurrency market has continued to fall in recent days. However, that was again the case last night and the total market capitalization even briefly fell to $1.32 trillion. This morning there was a slight recovery to $1.39 trillion, but the market capitalization is now falling back to $1.35 trillion.
The fear is in good shape again and the fear & greed index has fallen back to ‘extreme fear’. Nevertheless, we are now seeing trading volumes increase significantly and prices are gradually starting to look a bit more positive, although the chance of further dips remains high in the near future. It may take a while before the situation in China is resolved and the Bitcoin (BTC) hash rate recovers.
Bitcoin has taken some serious blows in recent days and it happened again last night. The price hit a low of $31,250 overnight, but then bounced up to $33,000 right away. After that, however, the price dropped slightly again to $32,500 and bitcoin is currently hovering around this range.
Although the market has become wary of the many corrections, the trading volume is gradually increasing. Especially around the time of the bounce, there was a significant increase, which indicates that a certain group of investors continues to accumulate.
However, that does not mean that we will necessarily see an outbreak upward any time soon, that could be in a few days, but also in a few weeks. In the meantime, a further dip down, perhaps even below USD 30,000, should not be a big surprise. Nevertheless, bitcoin today falls less fast than most altcoins, so that the dominance is again above 45%. However, according to BitInfoCharts, the hash rate has dropped further to 88.9 EH/s
Ethereum (ETH) also fell around the same time as bitcoin last night, briefly reaching $1,850. The ether price also made a big bounce up and touched $ 2,000 again. However, at the time of writing, ether is falling back to $1,950, but trading volume increased last night.
Dogecoin (DOGE) is by far the hardest drop in the crypto market in the past 24 hours. This may be due to the fact that these investors have less confidence in the underlying product than with other crypto and are therefore quicker to exit from panic. The DOGE price came in at USD 0.17 last night before rising again to USD 0.20. This means that Dogecoin is still 22% down compared to yesterday. However, we also see the trading volume at Dogecoin increase significantly in recent hours, which may indicate that this dip is also being bought.
Other crypto that are in the red today are nem (XEM), waves (WAVES), filecoin (FIL), solana (SOL), ontology (ONT) and enjin coin (ENJ) with about 15%, qtum (QTUM ), bitcoin gold (BTG), kusama (KSM) at around 17% and amp (AMP), neo (NEO), theta fuel (TFUEL) at over 18%