Bitcoin, Ethereum and Solana fall again; Polygon, Chainlink and Tezos up 25%

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.

Also read: Japan plans to end stablecoins like Tether and USD Coin

Read also: Whales move US$1.74 billion in Bitcoin (BTC) and Ethereum (ETH) and shake the market

Also read: End of process between Craig Wright and David Kleinman generates misinformation in the community; understand

About Yadunandan Singh

Born in 1992, Yadunandan approaches the world of video games thanks to two sacred monsters like Diablo and above all Sonic, strictly in the Sega Saturn version. Ranging between consoles and PCs, he is particularly fond of platform titles and RPGs, not disdaining all other genres and moving in the constant search for the perfect balance between narration and interactivity.

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