- Crypto market capitalization drops below $2 trillion in the past 24h.
- Increased trading volume accompanies widespread altcoin declines.
The crypto market has been experiencing a significant bearish trend, with the overall market capitalization dropping by 9% recently, now falling below $2 trillion to $1.99 trillion. Conversely, trading volume has surged by 40% in the past 24 hours. Bitcoin has been hit hard, dropping 7% to a five-month low of $53,680.23. Despite the decline, Bitcoin dominance has seen a modest increase of 0.56%.
Adding to the turmoil, $110 million was liquidated from the cryptocurrency market hours ago. Ethereum has also faced a substantial decline, down 10% in the past 24 hours, reaching a two-month low of $2,826.33. Reflecting this trend, all altcoins are experiencing double-digit declines, hitting new lows. Notably, the following coins have reached yearly lows:
XRP (XRP)
XRP has plummeted to a 17-month low (nearly a two-year low) of $0.3911, with a 12% price decline in the past 24 hours. Trading volume has increased by 36% over the same period. Its highest price in the past 24 hours was $0.4576. On a monthly timeline, it is down 24%. The daily RSI stands at 32. The 9-day EMA at $0.44546 confirms a bearish trend. Resistance levels are identified at $0.4907 and $0.5282, while potential support levels include $0.3796 and $0.3485.
Polygon (MATIC)
MATIC has performed poorly, with its price dropping 14% in the past 24 hours and trading volume increasing by 10%. Its highest price in the past 24 hours was $0.5182. On a monthly timeline, it is down 39%. The daily RSI stands at 23, indicating significant selling pressure. The 9-day EMA at $0.5249 confirms a bearish trend. Resistance levels are identified at $0.5375 and $0.6078, while potential support levels include $0.5050 and $0.4861.
Arbitrum (ARB)
ARB has worsened the crypto market scenario, with its price dropping 20% in the past 24 hours to an all-time low of $0.5773. Trading volume has increased by 29%. Its highest price in the past 24 hours was $0.7354. On a monthly timeline, it is down 47%. The daily RSI stands at 19, indicating severe selling pressure. The 9-day EMA at $0.7342 confirms a bearish trend. Resistance levels are identified at $0.7732 and $0.8569, while potential support levels include $0.5000.
INJ, LINK, and TON
Amid these bearish trends, top altcoins INJ, LINK, and TON have hit nine-month lows of $17.09, $11.21, and $6.44, respectively, accompanied by a moderate surge in their trading volumes. These coins also face significant selling pressure, making it difficult to escape the bearish trap. Additionally, all meme coins are experiencing major dips.
The crypto market is currently experiencing significant bearish momentum, with major coins hitting new lows and trading volumes increasing as prices decline. Analysts advise that investors should remain cautious and monitor market conditions closely.
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