By Nathan Ferguson
The crypto market recorded another slump as Bitcoin price declined beneath the crucial $30K. Bitcoin could not steady at the $31K value area, indicating weak sentiments. Early today’s sessions saw the leading crypto by value losing 3% to trade near $29,620.89.
Keep in mind that the bellwether crypto has lost more than 35% in 2022, trading far away from its November 2021 peak of $69K. Also, the global crypto market cap dropped 3.8% within the past 24 hours to $1.27 trillion.
Such developments triggered substantial declines in the altcoin market. The 2nd-largest digital coin, ETH, recorded a 4% decline within the past day to $1,758. Also, Dogecoin hovered 2.8% down at $0.080677, while Shiba Inu surrendered 4% to hit $0.00001069. Meanwhile, Solana led the losers, losing more than 12% during Saturday’s early hours to trade at $36.34.
Meanwhile, Bitcoin bounced back towards the resistance at $30K on Thursday after crashing with the stock market. The digital currency hovered around the $30,000-mark last month. Moreover, BTC has briefly concurred the $30K since the UST stable coin crash that catalyzed market-wide plummets early in May. Jamie Douglas Coutts of Bloomberg believes Bitcoin might print a cyclical low during 2022’s second half (according to previous cycles).
For now, experts predict extended bearishness for Bitcoin. DailyFX strategist Nicholas Cawley believes BTC exhibits a neutral technical outlook and needs a move past $40K to confirm a bullish picture. Bitcoin started the week with a mini-uptrend, climbing towards 3-week highs at $32,358 on Tuesday. That revealed hopes that the bellwether crypto might regain upside strength. However, inflation, recession threats, and rate hikes have deteriorated the crypto space.
Solana extended its underperformance amidst the latest network outage. Though developers resolved the issue, broad market sentiment meant further weakness for SOL. The alternative token lost more than 12% within the past 24 hours, changing hands at $37.25 during this publication. Large-cap cryptos endured losses overnight, intensifying fear in the marketplace.
What are your thoughts about the current crypto market? When will the marketplace gain its strength? Feel free to share your thoughts in the comment section below.