The crypto market has faced more difficult times as its worth dropped below $1.5 trillion A repeat of the drop may be upon us as the market saw a decrease in value during the last trading session.
The industry saw a decline of more than 10% in the last 24 hours owing to the decrease in the price of most coins. Many crypto assets in the top 100 are all in the red zone, as most have lost more than 10% over the past 24 hours.
NEXO is the worst-hit coin, as it lost more than 20% during this bearish crusade. More assets followed suit as bitcoin dropped by 8% and ether dipped by more than 10%.
One of the reasons for the gradual price drop is the dying interest from investors. As of press time, more traders are holding on to their bags while more funds are leaving the market than the ones coming into it.
Traders are worried as to when the current dip rocking the market will be over. The answer to that question is still unclear as recent price movements continue to over-hope and dash them afterwards.
One strong indicator of the decreasing interest in the crypto market is Google Trend data. Most coins, especially bitcoin, have seen reduced interactions from the general public since April 2021.
The market is experiencing a mild recovery as of the time of writing, with major coins like BTC and ether leading the charge they are surging and gained 1% and 1.3% respectively in the last 1 hour.
For the king coin, the biggest resistance that most traders are talking about is $40,000. BTC has crossed this critical level more than twice in the last five days. If bitcoin can trade consistently above $40,000 for one week, it will spell goodwill for the crypto market as it piques the curiosity of intending buyers who are afraid of buying any digital currency now because of uncertainty next price actions.
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Author: Gideon Geoffrey