According to CoinMarketCap data, the cryptocurrency’s total market cap fell from $1.02 trillion to $838.37 billion in a week, losing $179.13 billion over this period or 17.61% of its total market cap.
The market value of Bitcoin (BTC), the largest cryptocurrency asset, also fell by $74.66 billion, or 18.73%, from $398.69 billion to $324.03 billion over the past week.
BTC is currently trading at $16,530 but has lost 19.08% of its value over the past week, and it’s currently down 2.95% in the last day.
Taking Reasonable Actions
Technical analyst Matthew Hyland explained that the reason for the crisis is that the broader crypto market is still experiencing issues due to the actions of one participant with many other industry players suffering from the consequences.
“There are too many discrete fault points in this whole area.” The market shouldn’t crash if a trade or a person fails. However, this is the current market reality. It’s hazardous.
Also read:He added that more suffering could come, saying, “It seems as though the ordeal is not yet over.” “Over the last few days, people have wondered if there is any merit to staying put. But it is glaring that some people will leave.”
Hyland previously noted that the Nasdaq index had one of its biggest rallies late last week, saying its continuation could ease the pressure on the cryptocurrency market. “I better hope this continues in the interest of cryptocurrencies – any pullback will likely only put more pressure on this market.”
The cryptocurrency market has been tending towards a decline since the end of 2021. However, the beginning of 2022 was also marked by warnings of a possible decline.
The leading cryptocurrency has plummeted by over half its peak price and is now trading at around $16,583, a long way from its ATH of over $65,000 in November 2021.
There is no assurance that crypto assets will achieve their all-time highs again. However, investors can investigate the crypto assets that have the most chance of success.
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