As Bitcoin approaches $40,000, Ethereum dropped to just over $3,000. Many other lower-cap altcoins have been hit harder over the weekend. There is a downward trend in the market. So what happened in the last few days? cryptocoin.com We have compiled the details for you, let’s examine the subject together…
Bitcoin, Ethereum and many altcoins are bleeding!
There is a bearish sentiment in the cryptocurrency space. The cryptocurrency market is in volatile mode. Bitcoin took another big hit this weekend, dropping from $42,000 to $40,600. Ethereum also dropped to levels just above $3,000. The $40,000 and $3,000 levels are notable as they act as important psychological milestones for both assets.
The two leading cryptocurrencies have since rallied around $42,000 and $3,150, but most low-cap cryptocurrencies haven’t done that well. Solana, Avalanche and Polygon are trading in the red today after shaving more than 20% of their market caps last week. Market sales also hit Axie Infinity, various DeFi tokens, and meme tokens like Dogecoin and Shiba Inu.
What happened in the market? Here’s the reason for the crash and altcoins staying strong
While most assets have been hurt by the bearish trend, outlier altcoins that have risen over the past week include Chainlink, Harmony, and Cosmos-based decentralized exchange Osmosis. The market tumbled on Wednesday after the Fed announced plans to raise interest rates. This update was notable as he noted that the cost of borrowing would likely become more expensive as the Fed tries to contain inflation. In such environments, assets at risk, such as stocks, tend to suffer.
As this week proved, cryptocurrencies also tend to take a hit under these conditions. While this week has been tough for most major cryptocurrencies, it follows a prolonged collapse in the market. Bitcoin is currently down 39.2% from the $69,000 high recorded in early November, while Ethereum is 36.1% behind its peak. Many low-value cryptocurrencies fell 50% or more. After this weekend’s shaky price action, the popular Crypto Fear & Greed Index has recorded 23 points, indicating that the market is in “extreme fear”.
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