These past two weeks have seen a dramatic change in almost all of the crypto assets, particularly Bitcoin. Although the cryptocurrency market saw positive movements in July, many tokens were unable to sustain their growth. The entire crypto market has been affected by other recent losses.
The market broader than the stock market saw a record breaking transaction of more than $50 billion. However, the market’s cumulative market capital fell to below $1 trillion. It appeared that the bears weren’t finished with their downward pull. Trading over the past two days gave the market some hope.
Multiple cryptocurrencies are seen trying to regain some lost value. Bitcoin rose above $19500 and dipped as it collected over $1,000.
Similar trends were also observed in other cryptocurrency. Actual positive developments in the cryptocurrency market saw it surpass its $1 trillion target and reach market capital.
Bitcoin is also experiencing a downtrend
Just as it appears that bulls are on the rise, the market is experiencing a new negative trend. Reports on market prices show that volatility has increased in the past 24 hours.
As the token has seen a little drop in value over the past 24hrs, the BTC price is now hovering around $20,000 The cumulative crypto market capitalization has remained at the 1 trillion mark.
BTC is trying to grab the $20,000 mark, as both buyers and sellers battle for dominance. So far, Bitcoin’s strong forces are holding down the price at the level despite the increasing volatility in the market.
Altcoins Are Not Left Out
Altcoins will not be left behind in the downtrend price movements. Ethereum, for example, fell by 0.3%, and currently trades above $1,500 during press. The negative swing in crypto markets’ prices has also affected other significant altcoins.
SOL fell but gained again; DOT lost 0.69% and DOGE traded sideways. SHIB also lost but has since recovered. AVAX dropped by 0.37%. There is also a reverse of the market sentiment as the level has moved back to ‘extreme fear.
Over the last 24 hours, liquidations have spiked due to a sudden increase in volatility. The current market value stands at approximately $250 million. The OKEx cryptocurrency exchange was the site of the largest single liquidation, involving a BTCUSDT swap worth $2 million.
Featured image taken from Pixabay. Chart from TradingView.com