The buyers have had the worst day of the week so far. The day started as a normal trading session with the bulls oblivious of what will happen next. The clamor to buy the dip intensified but was quickly muffled by the sellers who are making dumping the crypto market seem like a walk in the park since the BTC death cross.
The last 24 hours also saw it fair of the bears in action. We saw many cryptos dip to their lows not seen in the past two weeks over the last 24 hours. The fear and greed index was at 25 at the time under consideration.
The last 12 hours saw the worse sellers congestions since the week’s beginning. The fear and greed index reading drop to 20. The total value of the crypto market dipped by 4% during this time as it hit $1.33 trillion; the lowest in the past four days.
Bitcoin has mostly been the main trigger for these price drops and as such it depreciates every time a major price retracement like the one experienced today takes place. The King coin has an intraday low of $32,288 as it depreciated by 3%.
Ether also joined the list of losers as it lost more than 2% over the last 12 hours. The largest alt by market cap saw an intraday low of $1,961; the lowest in the last two weeks. The coin may struggle for some time below $2,000.
The crypto industry has been on a very boring streak for the past two weeks. Traders are getting bored as most coins are failing to perform as expected. The struggle between the bears and the bulls is more subtle compared to previous weeks when we saw more aggressive price movement. Based on recent price movements, we can see there has been a gradual depreciation of the cryptocurrency market cap.