The crypto market has seen a fair share of a downtrend as many traders sold more of their digital assets during the last seven days. On-chain analysis shows more funds leaving exchanges than the inflow as the last three days.
During this time, the outflow of cash out of exchanges impacted the prices of most cryptocurrency negatively as they started a downward retracement over the last three days.
Altcoins were the worst hit by the price drop. One such coin is Axie infinity. AXS dumped by more than 35% over the last three days after hitting its all-time high of $29.2. The price drop continues as Axie infinity lost 16% in the last 24 hours.
Everything is stable in the top 10 coins by market cap ranking. Binance coin still retains the fourth spot as Tether holds the third. A little shuffle in the market cap ranking will soon take place as more stablecoins are holding on to their value and are closing in major coins.
For example, the difference between the market cap of XRP and USDC is barely $1 billion. DOT is also threatened by BUSD. The inability of volatile coins to hold on to their worth per unit is creating more space for stablecoins to thrive.
Bitcoin was not left out from the price retracement saga as it also experiences it’s a fair dose of the fall. The last two days saw BTC hit various lows; with each low lesser than the previous.
The good news amid this bearish situation is that crypto largest coin found support at $31k and even a stronger one at $30k. It is also thrilling to see the coin resume it price recover as it traded between $31,217 and $31,973; boosting the market cap of the crypto industry
Unfortunately, the same cannot be said for alts as some are still in the dip and are losing more of their worth per unit thereby lagging behind the king coin.
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