Ethereum, Dogecoin Lead Large Cap Losses As Bitcoin Moves Into Bear Market Territory
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Ethereum (ETH) and Dogecoin (Doge) lead Loss of large digital assets. This correction is Broader market sentiment Bitcoin (BTC) experiences continuous volatility and enters bear markets, while Bitcoin (BTC) becomes bearish and cautious.
Ethereum and Dogecoin market value have taken a hit
Ethereum is the second largest cryptocurrency in market capitalization, and its market capitalization has dropped significantly over the past 24 hours. and Ethereum prices have dropped At $1,910, its market cap also fell by about 7.8%.
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The combination of various factors has led to unfortunate declines in valuations, including investors in key economic reports and Continuous bearish sentiment. Although Ethereum’s transaction volume seems to be the only metric in green, jumping 80%, Stick to liquidation As traders exit the position before further losses.
Similarly, the first model suffered huge losses in both its value and market value due to the coin Dogecoin. Despite the increase in transaction volume by 30.5%, Dogecoin’s market value 6.6%. This decline is in the latest Meme-based cryptocurrencies surge Earlier this year, it seemed that it was losing momentum.
As of writing, Dogecoin price was trading at $0.16, reflecting Depth correction 16.8% of the past seven days, 37% of the crashes in the past month.
It is worth noting that the market cap declines in domycin and Ethereum are the highest in the past 24 hours, with coins falling by less than 2% in the top ten. Analysts confirm that this massive decline in both cryptocurrencies is emerging Bitcoin enters bear market territory.
Bitcoin and Altcoins enter bear market
According to crypto analyst Tony Severino, Bitcoin may have enter Bear Territory as Pioneer Cryptocurrency Face Reduce momentum. Severino’s analysis applies the Elliott Wave theory, which claims that Altcoins’ bear market began in 2022 and coincides with Bitcoin’s Wave 5.
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During this period, the market interest rates rose. Quantitative tightening (QT)the central bank has reduced liquidity in the financial market. As AltCoins thrives when liquidity is too high, the tightening of the economy has resulted in weaker performance in these digital currencies.
Severino believes Bitcoin Wave 5 Lack of the usual strength of a true bull market top. based on Elliotbo Theoryin terms of price speed, quantity and breadth, the fifth wave is always weaker than the third wave.
Analysts also cite a textbook that explains that the fifth wave is often sideways and weak, usually a trend that shows a weakening momentum before a bear market. The overall conclusion of Severino’s analysis is that the counterfeit bear market that began three years ago never really ended because the economic situation has not yet returned to what it was before 2022.
Featured images from Unsplash, charts from TradingView.com
