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The prices of bitcoin and ether are still falling, albeit less dramatically than yesterday, but some cryptocurrencies are recovering from the dramatic drop that happened over the last few days.
Bitcoin is now trading at $21,935.79 and has lost approximately $2,000 in value since yesterday—7.30% of yesterday’s price. The price did plummet to $20,800 last night, but it has since risen a bit.
Glassnode research refers to what is now happening as “the darkest phase of the bear” as we seem to be entering the deepest bear market. According to Glassnode, “With the market trading into the mid-$20k region, it is approaching one of the most significant and fundamental on-chain metrics, the Realized Price. This metric represents the average price of every coin in the supply, valued at the time it was last spent on-chain.” The Realized Price (at $23,430) is seen rarely “outside the deepest and latest stages of bear markets.”
Meanwhile, Ethereum’s ether is now $1,175.70 and has experienced a 2.90% fall since yesterday, while Binance’s BNB is down by 0.45%On the other hand, Cardano’s Ada is up by 10.10%, XRP by 0.40%, and Solana SOL by 7.97%. Among cryptocurrencies with the biggest gains over the last 24 hours, there is Helium HNT up by 25.63%, Theta Network’s by 17.69%, IO TeX by 17.57%, and Fantom by 16.58%.
Metaverse cryptocurrencies are a bit of a mixed bag, with some experiencing more price drops while others attempting to regain their previous price. Flow price has slid by 0.41% and Tezos is down by 6.24%. However, Decentraland’s MANA is back in the green, up by 6.55%, along with The Sandbox’s SAND up by 6.49, ApeCoin APE by 1.88%, and Axie Infinity AXS up by 10.15%. The price of LUKSO LYXe has risen by an impressive 21.27%, inSure DeFi’s SURE by 15.88%, and Origin Protocol’s OGN by 14.26%.
The Metaverse Index price is up by 5.90%, and MVI is now trading at $36.77 after dropping to as low as $30.68 over the last 24 hours.
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