Cryptocurrency markets have been volatile for the past week and prices continue to fluctuate at this point. The price for Bitcoin has fallen below $3500 per coin, while the value of Ethereum is approaching $2,500.
The “why crypto market is down today in 2022” is a question that has been asked many times in recent days. There are many different reasons why the cryptocurrency market is declining, but one of the main reasons is that Bitcoin fell below $35,000 and Ethereum moved closer to $2,500.
Last night, the bitcoin market was hit. In the past 24 hours, Bitcoin (BTC) has lost 3.8 percent of its value, while Ethereum (ETH) has fallen 4.9 percent. The crypto market appears to be in a bear market as evidenced by the prices of most crypto assets.
Bitcoin and Ethereum Prices Fall
According to CoinGecko statistics, Bitcoin has fallen below $35,000 while Ethereum is approaching $2,500. This indicates that the cryptocurrency market continues to shrink and the crypto sector is under increasing selling pressure.
It’s also worth noting that there have been other virtual currencies that have fallen in value in the past few hours. BLUNA is down 12%, LUNA is down 11.3 percent, FXS is down 8.8 percent and TFUEL is down 8.7 percent in the last 24 hours.
Some virtual currencies saw gains alongside stablecoins, including Tether (USDT), Binance USD (BUSD), and USD Coin (USDC). Tron (TRX), Tezos (XTZ), Algorand (ALGO) and GMT are among these digital currencies. In the last 24 hours, they have all gained at least 1%.
LUNA was the worst performer in the top 10, losing 11.3 percent, followed by Ethereum (ETH), which fell more than 5%. It is worth noting that Bitcoin has already recovered 50% of its way down from its all-time high of $69,000. That suggests that a significant adjustment has taken place since November 2021.
When the market starts to fall, money begins to migrate from altcoins to Bitcoin and other long-standing virtual currencies that are considered low-risk. Instead, as the market rises, money flows from BTC and other safe and stable assets into stablecoins.
Despite the current market downturn, Bitcoin’s market dominance in the cryptocurrency industry has not increased. As of early 2021, Bitcoin has a market share of approximately 41.20 percent. What will happen if Bitcoin continues to fall and the market enters a deeper bear trend? As a result, several crypto ventures can exit the market, leaving only those that focus on real goods and services rather than hype to thrive.
Another factor to consider is Bitcoin’s recent drop in value near $30,000. This is a critical price level for Bitcoin, as a break below it could significantly lower the cryptocurrency. As a result, bulls must do everything possible to keep Bitcoin’s price above $30,000. Otherwise, the bear market could expand and BTC could fall further.
The “crypto market news” is an update of the cryptocurrency market. The crypto market has been in a downtrend for the past few days and Bitcoin has fallen below $35,000. Ethereum has also moved closer to $2,500 as of October 17.
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