TL;DR Breakdown
- The global crypto steadies itself as the total market cap crosses the $1.9 Trillion mark.
- Bitcoin lands above $41,000 after a modest gain in the last 24 hours.
- Ethereum makes no major movements, loses 0.03% overnight.
- The price action for Cardano turns bearish.
- Meme coins Dogecoin and Shiba Inu trade in red, losing 1.06% and 2.17% respectively.
The unexpected movements in the crypto market over these last few days has led to some positive changes in the sentiment. However, it has been a slow day at the office today but that did not stop the global crypto market capitalization from crossing $1.9 Trillion. It had reached $1.89 Trillion just yesterday. This shows that while growth has slowed down a little, the market is still making headway.
The global crypto market is still looking to gather support in order to gain momentum for yet another bullish run. Taking into account the overall situation of the crypto market, it seems less likely that the market will see a downward trend any time soon.
While the last 7 days have provided a boost in confidence to the overall crypto market, the last 24 hours have not been ideal for some cryptocurrencies.
Bitcoin’s price above the $41k mark, how high can it go?
Technical analysts around the world have expressed their views that the slowing down of gains could mean the end of the bull run for Bitcoin (BTC). However, if the price value of bitcoin can cross the $43k mark in the coming days, the cryptocurrency might just continue the bullish run. The $43k mark would be the resistance level for Bitcoin according to technical analysts.
It is worth noting that Bitcoin, as the leading cryptocurrency in the crypto market, is currently continuing on the uptrend. BTC amongst other cryptocurrencies has surprised everyone within the crypto space a great many times in the past few years.
Source: CoinMarketCap
Bitcoin was only able to take a small step forward overnight. After an increase of just 0.37% in the last 24 hours, the price value of one Bitcoin now sits at $41,612 at the time of writing. The total market cap rose to $788,565,647,350 for a total of 18,950,312 Bitcoin tokens in circulation.
BTC’s price action in the coming days will be crucial in determining how the month of February will shape up for the cryptocurrency.
ETH fails to continue the bull run, trades in red but reports no major losses.
It has been a slow day at the office for Ethereum (ETH), which is currently the second largest cryptocurrency by market capitalization. ETH, as the biggest altcoin in the crypto market, failed to live up to expectations.
While ETH is currently trading in red, the current market indicators imply that the cryptocurrency will steady its position and might even start a bull run soon. The last 7 days have proved to be beneficial for ETH as it gained 15.14%. However, after losing 0.03% in the last 24 hours, the price of ETH now stands at $3,012 at the time of writing.
Source: CoinMarketCap
ETH has a 24 hour trading volume of $9.9 Billion, and with a total of 119,468,171 ETH tokens the market capitalization hovers just above $359.9 Billion. Since last week’s low, the bullish run has helped Ethereum move higher and higher. However, there still remains some downside risk but as of now ETH has not reported any major losses.
Cardano enters the “extreme fear” zone with a price drop of 2.96%.
Cardano (ADA) was forced to report the biggest of the losses from amongst the top 10 cryptocurrencies list. While the overall condition of the crypto market remains bullish, the price value of Cardano suffered a loss of 2.96% to reach $1.12. However, even with this drop in price value, it has been a pretty impressive week for the cryptocurrency.
Source: CoinMarketCap
With a market cap that floats above $37.6 Billion, Cardano is currently the 6th largest cryptocurrency. The 24 hour trading volume for ADA is just above the $1 Billion mark.
While investors and traders fear that ADA will continue on the downward trend in the coming days, it is important to remember that the Cardano Hydra upgrade could help ADA become one of the best performers in the crypto market. The protocol upgrade is one of the most exciting things coming up in the world of crypto.
Dogecoin and Shiba Inu, unable to find the bulls, trade in red.
Not so long ago, the demand for meme coins Dogecoin and Shiba Inu was continuously growing. Many traders and investors were sure that meme coins are amongst the cryptocurrencies to watch in 2022. However, both Dogecoin and Shiba Inu failed to make any serious progress while the rest of the cryptocurrencies reported some serious gains over the last 7 days.
Source: CoinMarketCap
Dogecoin (DOGE) ended up losing 1.06% over the last 24 hours which caused the price value to fall as low as $0.1475. With 132,670,764,300 DOGE tokens in circulation, the total market cap for Dogecoin stands just above the $19.5 Billion mark.
Analysts can’t seem to find the right reason as to why the meme coins have not performed so well lately. Is the hype dead? Or is it too early for anyone to say anything?
Source: CoinMarketCap
Shiba Inu (SHIB) lost 2.17% of its price value in the last 24 hours to reach $0.00002275. With a market cap of $12,493,076,089, SHIB is the 15th largest cryptocurrency by market capitalization. The meme coin failed to find its way with an overall bullish looking crypto market and make any progress.
Conclusion
The slowing down of the bull run has caused tension amongst the crypto investors and traders. The global crypto market has shifted into “low gear” but the overall market signals a bullish view. A clean break in the coming days could help some of the top cryptocurrencies, especially Bitcoin, to make some serious progress.
