The crypto market has moved into a correction state following bitcoin. From the American session to the start of active trading in Europe, the first cryptocurrency was trading steadily below $60K, but returned above this round level in the last hour. Nevertheless, the coin loses almost 10% in a week. If we are currently seeing a local bottom, then the news is quite good.
BTCUSD quickly found buyers on the decline under $60KBTCUSD quickly found buyers on the decline under $60K
Some consider what is happening to be a temporary balancing process and “defending” before a new climb. Others see this as the beginning of a broader correction that will bring BTC down to $45K-$50K. One thing is for sure: in the event of a real drop in bitcoin to such lows, all parties will open positions to buy.
Ethereum has received another update, and although the final phases of the roadmap are still far away, it is always positively perceived by the participants of the crypto market. Despite the retreat from the highs, the second cryptocurrency is held above $4K.
ETHUSD is in demand due to network update ETHUSD is in demand due to network update
The total capitalization of cryptocurrencies is $2.5 trillion, near historical highs. The bitcoin dominance index is at a comfortable value of about 44.5%, reflecting the wide distribution of demand across the crypto market.
The cryptocurrency fear and greed index has lost ground in recent days, but confidently remains in the “greed” mode. The RSI index for the BTC/USD pair on the daily chart is retreating further from the overbought area. Both of these indicators indicate an expansion of the space for further growth of bitcoin.
Several altcoins have stood out strongly, which are now at the center of the news agenda. It’s about the confrontation of two “meme tokens” Dogecoin and Shiba Inu. At some point, the capitalization of SHIBA INU exceeded $50 billion, pushing XRP out of 7th place. Of course, after such episodes of growth, a correction follows, nevertheless, the situation is very remarkable. The community considers SHIBA INU to be the “killer” of Dogecoin.
Top 10 Cryptocurrencies by Capitalization Top 10 cryptocurrencies by capitalization
In fact, the space of the crypto market is quite enough for the harmonious coexistence of these two projects with the switching of speculators from one to the other.
Another bright hero of the last few days was the 1inch token, which at some point jumped in price per day by 100%. The coin was helped by fundamental factors, including the listing on the Upbit exchange and the growth of user activity.
As before, the crypto market continues to generate stories of rapid success, which attract new investors to the sector in an effort to earn quickly and a lot.
Cryptokazino continues to work and win. By the end of the year, we may see a new episode of the rise and fall of the sector, and it looks like the new bitcoin price high will cause a really explosive demand for digital assets.