After 24 hours of a rally in the price of most cryptocurrencies, the market has returned to instability and declines. What appeared to be Bitcoin’s recovery, was lost in a new market slump.
This Wednesday morning (8), according to CoinMarketCap, most of the major cryptocurrencies showed a drop in price. Bitcoin, for example, reached more than 4%, returning to the price of US$ 49 thousand. The biggest drop came around 7 am today, when the currency lost more than $2,000 in market value.
Ethereum also dropped by around 2% in 24 hours. The current price of the ETH is $4,257. As far as the currency is from last weekend’s crisis, the drop shows an intense withdrawal of profits.
Solana dropped more than 8% in just 24 hours. The currency that had been recovering and resetting its price returned to the $180 level again.
In addition, coins such as Cardano, XRP, Dogecoin, Terra, Avalanche and Shiba Inu also dropped again during the early morning. However, currencies such as Polygon (MATIC), Chainlink (LINK), Tezos (XTZ) and EOS have increased between 2% and 25% in the last 24 hours.
The global cryptocurrency market capitalization declined slightly, about 1%, to $2.35 trillion compared to the last day. However, total market volume plummeted more than 21% to $108.89 billion.
Altcoins outperform major currencies
With Bitcoin apparently finding support in its 50-week moving average, altcoins are also starting to make decent rebounds – the best performer being MATIC, which rose more than 25%.
By all appearances, the next few weeks will be critical for Bitcoin and the markets in general. It’s not the most ideal situation for the average keeper, but it’s certainly heaven for the liveliest negotiators.
The forecast is for an even greater correction in the coming days, with cycles of large rallies and sharp declines. This is due to the insecurity of most investors with the global cryptocurrency market.
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