MPost Markets: Cryptos in the red; bitcoin down to $21,000
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Cryptocurrencies are experiencing another slump.
Bitcoin is still in the red, with the price down to $21,000. It has fallen by 4.24% since yesterday and 5.23% over the last seven days.
While the coin has seen “experienced a much-awaited relief rally,” as the Glassnode review puts it, the price is again falling. The research has noted that the $20K price is attractive to Short-Term Holders, who are optimistic about the price increase and thus affect the coin volume. This trend has been seen whenever bitcoin crosses a psychological threshold of $20k, $30k, etc.
Ethereum’s ether is doing even worse—down by 9.20%—and is now trading at $1,391.31. Although the coin has been relatively stable for the entire week, this stability seems to have shattered, with the price falling by over 11% over the last seven days, it’s clear the entire price drop occurred just this week.
Binance’s BNB and XRP have both seen price drops of approximately 4.70%, while the price of Cardano’s ADA has slid by 6.63%. Solana SOL has seen an even more dramatic drop of 8.69%, with the price diminished by a quarter over the last week. Quant QNT, NEAR Protocol, and Lido DAO LDO have experienced the largest price drops, with their prices falling by approximately 11%.
Looking at the metaverse cryptocurrencies, things aren’t looking that much brighter. The market cap is down by 7.05%, and the trading volume has also been affected—falling by 4.35%.
ApeCoin, while still cryptocurrency number by market cap one among NFT-related cryptos, has seen a price drop of nearly 12%. Flow is down by 8.58%, Decentraland’s MANA by 6.51%, and The Sandbox’s SAND by 8.20%.
NFTX and XMON have seen a huge price decrease of 20.45% and 18.12%, but they’re not the only coins that have experienced significant price drops. Star Atlas DAO POLIS is down by 15.79%, YooShi by 14.76%, and inSure DeFi SURE by 14.32%.
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