The cryptocurrency market has been under pressure as all the major digital coins including Bitcoin have registered losses in the last 24 hours. In terms of total market capitalization, the value is pegged at $177 billion which is almost at the same level the market registered on Friday. The Average trading volume per day, however, has grown from the level of $41 billion on Friday to $45.5 billion at the press time. Despite the consensus that this bearish phase is not going to long last, the speculation over the recovery time is different among investors and experts. Some are attaching the recovery to an upward rise of Bitcoin while others emphasize that the recovery would be stable only if crypto adoption among the general public rise. For the latter to happen, there should be combined efforts from the policymakers, government institutions, and regulatory agencies which will ultimately to a robust and long-lasting recovery for the market.
Bitcoin, Ethereum, and XRP
The largest cryptocurrency by market capitalization, Bitcoin is trading at $5,273 at the press, translating into a loss of 1% compared to its value on Friday. The upside of the coin is capped by the level of $5,300 which signifies that bearish market sentiment has somewhat got control on the digital coin. That said, this trend seems to be on the short-term site and experts are of the opinion that in the long term, there are possibilities of Bitcoin moving towards the higher level. The second largest coin by market cap, Ethereum has been under intense pressure and lost 2.3% in the last 24 hours. At the press time, Ethereum was pegged at $169.72 and oversold quite heavily which means the recovery phase might be near for the coin. The same story goes for the third largest digital coin, i.e., XRP which is also facing the heat and lost about 2.5% on a day. At the time of writing, the value of the coin was pegged around $0.3200.
In the list of biggest loser in the top-20 coins, ontology (ONT) tops the chart as it has lost around 8% with recorded value at $1.2 at the time of writing. In terms of the overall ranking, the coin is ranked 20th on the crypto list. The sixth largest cryptocurrency by market capitalization, Litecoin was trading at $76.33 and had lost around 6.3% of its value over 24 hours. The 10th largest cryptocurrency, Cardano is also down with its last trading value pegged at $0.0725.
In sum, the cryptocurrency market is in the grip of bearish sentiments (although not very strong) and its effect can be seen on all the major digital coins. Still. investors are pinning their hopes on the experts’ view that this downward phase is not going to last very long and bulls could soon return to the market.