The cryptocurrency market faces a large contraction again, with the transformation of the market morale from “panic” to “extreme panic”. After a short recovery, the market witnessed a sharp decrease, which led to great fear among investors.
Crypto goes “extreme panic”
According to alternative data, the Cryptocurrency Panic and Greed index fell to 15 today, a decrease from yesterday 33, indicating a transition from “panic” to “extreme panic”.
The roof of the global global currency market has decreased to $ 2.84 trillion, which represents a 12.8 % decrease over the past 24 hours. In addition, the total trading volume of encrypted currencies in the past 24 hours is 215 billion dollars.
Bitcoin, XRP, ETH, Sol continues to decline
Bitcoin (BTC) currently dominates 58.5 % of the market, while ETHEREM (ETH) has 8.76 % of the market share. Despite the shrinkage, the biggest winners in the industry are the ecosystem of the polycadott and the major infidels system in the XRP ecological system.
Bitcoin is trading at 83,756 dollars, as it has decreased by 9.63 % in the past 24 hours. As a result, the maximum Bitcoin market decreased from $ 1.85 trillion yesterday to $ 1.66 trillion today. The trading volume has decreased 24 hours by more than 18 %, currently at 76.29 billion dollars.
Ethereum witnessed a sharp decrease, a decrease of 14.61 % to 2,082.82 dollars. The market ceiling has decreased to $ 251 billion, which reflects the decrease in trading over the past 24 hours.
Meanwhile, Altcoins such as Ripple (XRP), Solana (Sol) and Cardano (Ada) also witnessed great losses. XRP is trading at $ 2.31, a decrease of 17.10 % after a modern increase after a statement by former President Donald Trump regarding his inclusion in the “encryption reserve”. Solana (SOL) decreased by 19 %, at $ 136.41.
The panic and greed index, which is calculated based on several factors including volatility, market trading volume, social media heat, market research, bitcoin dominance, and Google trends, reflect the increasing concerns about market stability.
Also read: The next step for BTC: key levels and market scenarios
