Weekly trading in the Crypto market has started the week on a bearish trend after registering losses on Monday. The trend reverses last week’s gain, where the market closed on a high note raising hopes that the Crypto winter will likely be reversed.
The market capitalization has consequently reduced from $969 billion on Monday morning Sydney time to $929 billion as of the time of review. A bearish market is, however, ideal for investors who may be looking to buy the dip.
Bitcoin is Trading Above the $20,000 Level of Support
With a market dominance of 43%, BTC is the most significant Crypto in the market and its trends determine the Altcoin fortunes. In the last 24 hours, BTC has lost 2.29% of its value, which has reversed the weekend gains. Bitcoin is, however, in the green, having grown by 1% in the last seven days.
One of the most significant factors leading to the growth is increased trading volumes. In the last 24 hours, transactions in BTC pairs are up by 11% to $21 billion. This has increased the supply of BTC and reversed the last week’s trend, where investors pulled out 114,000 tokens from the exchange. The tightening supply increased the price equilibrium leading to the short-lived rally that we witnessed for the better part of last week.
Ethereum Holds Steady Above $1,000
Altcoins tend to be more susceptible to market shocks than Bitcoin. Ethereum, the largest Altcoin by market capitalization, has shed off 3.2% of its price, although it is trading at $1,182, which is above the level of support. On the other hand, the 7-day time series analysis of price changes shows ETH is still in the green, having surged by 5.57%.
Unlike BTC transaction volume, Ethereum pairs transactions are in the red, having tanked by 11% to $12 billion in the last 24 hours. This scenario should ideally shore up the price, but this is not the case because the most traded ETH pairs are against Stablecoins and traditional currencies whose value is stable despite the inflationary pressures.
Despite the Daily Losses, The Crypto Market Is Still on The Green
Although the last 24 hours have been bearish across the Crypto market, major Cryptocurrencies such as Dogecoin (DOGE), Solana (SOL), and Ripple (XRP) have gained in the last seven days. However, Cardano (ADA) is the exception, having lost 1.28% of its value in the last seven days by trading below its $0.5 level of support.
In the meantime, Tether (USDT) $40,547,843,514 transactions dominate the market volumes by far. The USD Coin (USDC) and Binance USD also dominate the market transaction as adoption of Stablecoins skyrocketed worldwide.