The cryptocurrency market remained under selling pressure on Thursday amid correction, with market capitalisation going 4.2 percent down to $1.3 trillion.
As of 1310 hours GMT, the largest cryptocurrency Bitcoin’s (BTC) price reached $30,109, reflecting a decrease of 5.1 percent. With this decrease in price, the market capitalisation of the biggest crypto has reached $573.8 billion. Bitcoin has gained 1.8 percent of its value over the last seven days.
Bitcoin is continuing to move within a descending triangle pattern. It may witness an immediate support at $26,800, while the resistance at $33,000 could stall upward momentum, which could be limited. BTC made minor recovery in the last couple of days rallying above $32,000 but the momentum did not last long as the dollar index regained some lost ground.
Ether (ETH), the world’s second-largest cryptocurrency by market capitalisation, dipped 6.3 percent to reach $1,830. With this decrease in price, the market capitalisation of ETH has reached $221 billion. ETH has been 5.9 percent down in the past seven days.
Similarly, Binance Coin (BNB) price slipped by 4.4 percent to reach $303. With this decrease in price, the market capitalisation of BNB has reached $49.6 billion. BNB has shed 6.8 percent of its value during the last seven days. The price of Cardano (ADA) dipped 5 percent to reach $0.577. Its market capitalisation has dropped to $19.5 billion with this decrease. ADA has gained 12.2 percent of its value in the past seven days. Similarly, the XRP price went down by 4.7 percent to $0.399. The market capitalisation of XRP stands at $19.3 billion with this decrease. XRP has shed 1.5 percent of its value during the last seven days.
Same was the case for Solana (SOL) whose price decreased by 8.6 percent to $41.07. With this decrease in price, the market capitalisation of SOL has reached $13.9 billion. SOL has shed 14.6 percent during the last seven days. The crypto market is following a similar path to stock markets, and the odds of traders remaining bullish on cryptos is low. Another reason behind falling crypto prices could be low risk appetitie among traders and investors, especially after the Terra (Luna) debacle.
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