The cryptocurrency industry is one of the most popular and sought after financial markets in the world. Although the concept of crypto is not that old, it still competes with the great tools of the global economic structure. Cryptocurrencies have given the idea of digital currency, which has been around for some time, a practical form. Crypto is used for trading and investing today, but it is also a popular payment mechanism and is meant to serve as an inflation hedge.
However, the cryptocurrency sector faces obstacles and barriers to its widespread adoption and use. Many countries and states are hesitant to track cryptocurrencies because of their decentralization and anonymity. However, the concept gained popularity with consumers and paved the way for a trillion dollar industry. However, the industry is also growing due to an uncertain and declining market environment.
Recently, the cryptocurrency market has deteriorated. The global cryptocurrency market cap fell to $1.95 trillion after falling 2.08% in the last 24 hours. Since late December there has been a steady downward trend in the market. Therefore, investors and traders withdraw their capital to stay safe in the market.
Bitcoin suffers from lack of momentum, worth around $41,900
Even though thousands of cryptocurrencies have been launched, Bitcoin remains at the top of the list. The addition of these crypto tokens to the sector may reduce Bitcoin’s dominance to some extent, but the industry still has a long way to go. Numerically, Bitcoin dominates 40.5% of the crypto market. It is still the most valuable asset. However, its recent performance has been a bit disappointing.
Currently, the price of the coin is around $41,900. In the last 24 hours, BTC fell below $41,000 but managed to return above a very important level. However, Bitcoin’s market cap and trading volume have also seen a decline in price. Its market cap is now $794 billion and its 24-hour trading volume is just over $28.40 billion.
BTC is still almost 12% lower than its price last week. The lack of momentum in its price action could prompt another bearish model for the coin. Experts believe BTC will need to maintain a solid position and overcome local resistance levels in the coming days to avoid another major carnage in the market.
ETH released a red candle that fell to $3,100
As the second best cryptocurrency token, ETH holds a respectable position in the market. However, last week’s Ethereum presentation raised concerns in the investment sector. In the last 24 hours, Ethereum has fallen nearly 4%. Ethereum has fallen below $3,100. However, it made a small bounce, and remains above $3.1K.
At the time of writing, ETH is trading just above $3,130. The coin’s market cap is $373 billion and its trading volume is around $16.30 billion. ETH is down almost 17% in the week. The 5-day chart below shows how the coin has fallen dramatically over the past few days. Therefore, Ethereum’s dominance has also decreased in the meantime. The leading altcoin is now well below its all-time high late last year.
HNT loses 10% as altcoins represent a bloodbath
If you browse the list of cryptocurrencies, almost none of them appear on the red candle. With the collapse of Bitcoin and Ethereum, the altcoin sector has also released disappointing results. HNT Helium was among the biggest losers, losing about 10% to $32.70. The coin has lost almost 17% in the last 7 days.
HNT’s market cap also fell, dropping below $3.50 billion. In addition, the 24-hour coin trading volume is less than $40 million. The coin continues to struggle due to lack of momentum. The general market crash didn’t help either.
Among other losers, FTM and NEAR lost more than 8%. THETA and XTZ lost over 6% and 5% respectively. Mem-Coin, DOGE and SHIB also lost over 4% on the last day. Coins from meta universes like GALA, MANA, and SAND also cannot survive.
LEO grew by more than 6%, ICP and ONE continued to grow
The uncertainty of the cryptocurrency market is one of its most important attributes. This is what sets it apart from other financial markets. Each token can be collected under different market conditions, which surprised the crypto community. A similar model is now being observed by UNUS SED LEO (LEO). Under devastating market conditions, LEO can earn more than 6% in the last 24 hours of trading. The coin has recovered from the previous days and is currently around $3.80.