Sunday, June 4, 2023

Crypto Markets Erased $40B While ETH And ADA Drop By 5%

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Crypto markets erased $40B while both ETH and ADA dropped by 5% and the Bitcoin dominance continues increasing so let’s read more today in our latest cryptocurrency news.

Ethereum, Cardano, Solana, and Avalanche all keep on bleeding out and it has been a rough day since the crypto markets erased $40B In the bear markets, Bitcoin tends to outperform altcoins and the main reason for it is because it is an established market leader with more investor confidence in it compared to the volatile and unstable altcoins. With that said, BTC dominance is a metric that tracks its share relative to that of the entire crypto market which surged by 1% in the past day and tapped another high that was not seen since October last year.

crypto market
Source Quantify Crypto

In the meantime, Bitcoin’s price is down less than one percent in the past day and traded at $29,000 and is unable to recover from the slumps. As seen in the charts, Bitcoin’s price got trapped below the 200-day exponential moving average that is now acting as a strogn resistance with Ethereum and Cardano erasing by 5%. The altcoin market is looking wobbly with the BTC rising domiannce being a clear sign of it. In any case, the ETH chart is looking bleak as the crypto lost 5% in the past day and ETH is trading at its lowest point against BTC.

The market recovered some of the losses and it is in the red. Another altcoin that had a rough time is Cardano’s ADA which is down by 5% on the day and Solana lost about 7% in the past day and Avalanche followed. Altcoins didn’t have a good outlook and the biggest winner was XCN with a 64.5% which is an outlier in today’s market conditions when compared to the top 100 best-performing assets which are ETC with a 4.4% increase. GMT on the other hand was making strides a few weeks back and it is now down 20% on the same day and 40% on the week.

Source TradingView

As recently reported, Bitcoin had another failed attempt at $30,000 as the asset dropped to $29,000 and the altcoins are in a much worse shape with substantial losses evident on all charts. Ethereum struggles below $1900 while ADA dropped below $0.5. it became quite inevitable in the past ten days to see a scenario of Bitcoin attempting and challenging above $30,000 before the bears push it south over and over.

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