The crypto market cap falls below $1 trillion leaving bitcoin down by 60% from its all-time high. Most investors and traders are skeptical of the prices of cryptocurrencies, if they will continue to dip or if we will see an upward trend soon. Could the reason for the crash be a massive sell-off by traders and investors? Some financial analysts think bitcoin will still get to $17,000.
The world’s number one of cryptocurrencies has managed to maintain the $30,000 price support level throughout the last week. But at the beginning of this week, we saw a bearish cycle and bitcoin has currently fallen below the $23,000 price in a 24-hour trading volume (Source: Gate.io). This is the lowest we have seen BTC for about 18 months now from the trading chart of BTC/USDT on the gate.io cryptocurrency exchange. According to “the crypto fear and greed index”, investors are now in extreme fear as BTC is down by 15.26%.
Some Altcoins On Bearish Trend
As bitcoin continues to dip, most altcoins have followed the same downward trend. The world’s number one altcoin is trading at the lowest price in 14 months. Despite the expectation that ETH 2 will be launched soon, the price at press time is $1226.96 and it is down by 19.27% in a 24-hour trading volume. Some analysts have predicted Ethereum to fall below $1,000. At this point, will Ethereum Whales give up their position or hold till the market gets to the next bull run?
Furthermore, as the cryptocurrency market continues to slump, we can see Shiba Inu coin down in price, despite the fact that the utility of the meme coin keeps increasing and even teamed up with the Welly burger restaurant to launch an NFT this week. The Shiba Inu price at the time of writing is $0.0000082061 and it is down by 10.04% in the last 24-hours. Will the Shiba Inu coin still get to $1 before the end of the year? Some investors may invest in Shiba Inu`, so they make some good gains when the market is up.
Moreover, when will Safemoon get to the moon? Here is another bear market and the Safemoon token is yet to get to the moon. The Safemoon team has put in their best in coming up with lots of features for the Safemoon token in order to increase its utility in Q1 and Q2. Can Safemoon bulls put back the Safemoon in an upward trend? Currently, the Safemoon price is $0.0004295 on a trading pair of SFM/USDT. It is down by 19.49%.
The cryptocurrency market is suffering losses and one of the contributing factors is the increase in interest rate by the United State Federal Reserve in order to combat inflation. So as inflation increases, lots of investors are selling off their holdings. Could this be the best time to buy different cryptocurrencies after doing a good market research or should investors and traders hold their position and watch out for the next bull run? With the current state of the crypto market, what will happen to the portfolio of traders and investors that have invested in various crypto projects?
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Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.