The crypto spectrum sees bearishness as top tokens lose critical levels. Binance Coin has dropped to rank fourth in the top ten crypto-list. Meanwhile, USD Coin overtook Cardano to be the 6th largest digital coin.
The crypto market was in a bloodbath on Thursday following global stock markets corrections. Early rate hikes and hawkish attitude by Fed Reserve saw investors’ sentiment dampening. Excluding the dollar-tied USDC, nine of the top ten cryptocurrencies traded with sharp declines early today. Polkadot lost 11%, while Terra and Solana incurred double-digit drops.
The overall crypto market capitalization lost more than 7% to $2.07 trillion. Meanwhile, the global cryptocurrency market volume gained over 14% to $117.85 billion.
The recent sell-off saw the crypto list adjusting. The decline in Binance Coin has seen BNB dropping to the fourth spot in the top ten digital tokens. Meanwhile, USDC raced to be the 6th largest token, overcoming Cardano.
Expert’s Viewpoint
CoinDCX Research Team commented on the latest actions in the crypto market, saying that the crypto and traditional markets saw corrections. The team believes Fed hawkish stance on digital tokens contributed to the latest crash.
Also read:The global macroeconomic picture appears pessimistic for the overall markets when coupled with rate hikes and imminent tapering. Top asset classes have also traded with lofty valuations amid fundamentals absence. CoinDCX trusts the correction might continue.
NFT Craze
Itsblockchain founder Hitesh Malviya said several NFT collections such as Capsule House presented more than 2,000% gains within a week. Moreover, OpenSea witnesses colossal volume inflow at the moment. He added that NFTs are performing the best, OpenSea recording more volume in four days, higher than last year’s first half.
Technical Outlook
Revencon is a P2P digital platform that facilitates digital assets transfer between different parties. The best thing is that anyone can use a computer to mine Ravencon (RVN). RVN has seen a 45% surge since 2022 started. While publishing this content, the token trades at $0.115, following a brief retracement from the latest rally. Meanwhile, RVN has to reclaim and keep .382 retracement around $0.0116 to exhibit a bullish trend.
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