Ethereum, Dogecoin performs great losses in the maximum with bitcoin moving to the bear market area
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The encrypted currency market faces an endless decrease, with ETHEREUM (ETH) and Dogecoin (Doge) Driving Losses between large digital assets. This correction comes as Feelings of the broader market It turns into landing and caution while Bitcoin (BTC) suffers from continuous fluctuations and moves to the bear market.
Ethereum and Dogecoin Market Cap move
ETHEREUM, the second largest encrypted currency by market value, recorded a significant decrease in the maximum market during the past 24 hours. while Ethereum price decreased To $ 1910, the maximum market also decreased by 7.8 %.
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A set of factors contributed to this unfortunate evaluation, including the invested caution before the main economic reports Continuous Hubudian feelings. While the trading volume in Ethereum seems to be the only scale in green, as it jumps by 80 %, The liquidation continues As merchants leave their positions before more losses.
In a similar note, Dogecoin, the number one Mimi currency, witnessed sharp losses in both its value and the market ceiling. Although 30.5 % increased in trading volume, Dogoin market cover He decreased by 6.6 %. This decline follows recently An increase in cryptocurrency -based currencies Earlier this year, which seems to lose momentum.
As of writing, the price of Dogecoin is traded at $ 0.16, which reflects a Deep correction From 16.8 % in the past seven days and huge 37 % disrupted during the past month.
It is worth noting that the decrease in the market ceiling in Dogecoin and Ethereum is the highest in the past 24 hours, as coins in the first ten places suffer from a decrease of less than 2 %. This huge decrease in encrypted currencies comes at a time when analysts confirm this Bitcoin entered the bear market area.
Bitcoin and Altcoins enters the bear market
According to encryption analyst Tony Severino, Bitcoin may have I entered Market lands as well as the leading cryptocurrency Reducing momentum. Cevirino’s analysis applies Elliott Wave, which claims that the Bear market for Altcoins started in 2022, coincides with the Bitcoin 5 wave.
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During this period, the market witnessed an increase in interest rates Quantum tightening (QT)As the central banks reduced liquidity in the financial markets. Since Altcoins flourish when there is extra liquidity, economic tightening has led to poor performance of these digital currencies.
Severino argues that Bitcoin wave 5 It lacks the usual force of the real bull market. Based on Elliot wave theoryThe fifth wave was always weaker than the third place in terms of speed, size and breadth.
The analyst also referred to a textbook that shows that the 5 wave tends to be side by side, and often precede the bear market because it indicates a decline in momentum. The general conclusion of Sevirino’s analysis is that the Bear Altokin market, which started more than three years ago, has never ended because economic conditions did not return to what it was before 2022.
Distinctive image from Unsplash, Chart from TradingView.com
