The crypto market is once again in the red as Bitcoin struggles to stay above the $28,000 mark. With key support at $29,000, a downside break below this could start a stronger bearish wave. Lows have also been seen in the US markets. S&P 500 is down by 2% and Nasdaq 100 lost 2.3% within the first four hours of trading. Uncertainty driven by the Russian invasion in Ukraine and rising inflation continues to have a chokehold on markets, and the crypto market has also not been spared.
At the time of writing this article, Bitcoin had been down by 4.82% in the last 24-hours. It was trading at $28,889. Ether dipped below the $2,000 mark after losing more than 7% in the last 24-hours. ETH is trading at $1,928. Over the past couple of days, the top two cryptocurrencies have been stuck in a tight trading range – volatility remains elevated. This is likely to boost the risk of greater price swings. Despite the dip in BTC price, trading volume increased by 12.27%, totaling $30.28 billion. The total market cap trades at $555.44 billion. Bitcoin continues to dominate the market.
Meanwhile, the altcoins are splashed in red. Avalanche is the biggest loser as AVAX lost 13.44% of its price in the last 24-hours. Polkadot and Polygon (MATIC) lost more than 12%, while Solana and Cardano saw a dip in their token prices by nearly 11%. The meme coins – Dogecoin and Shiba Inu are down by nearly 7%.
Most altcoins are struggling for a fresh increase but many are showing bearish signs. Data suggests that price action could remain choppy due to the surrounding macroeconomic risk and turmoil in the stablecoin market.