Top 10 cryptocurrency are mostly going down with only one remaining somewhat bullish in its 30 day %. Could this finally be the end of crypto? Was crypto just a phase to begin with? What is the real reason behind the huge dips?
Top 10 Cryptocurrency Performance
WhaleBot Alert, on Twitter, shared the performance of the top 10 coins and as shown, it isn't too good. There is an explanation, however, as to why the prices of the top 10 crypto are quite low but before that, check out how low they actually are and how much they've dipped in 30 days.
1. $BTC
Price: $33,491
24/hr % change: -0.4%
7 day % change: -8.8%
30 day % change: -42.6%
2. $ETH
Price: $2,517
24/hr % change: -3.0%
7 day % change: -4.2%
30 day % change: -35.1%
3. $USDT
Price: 1.00
24/hr % change: +0.2%
7 day % change: 0.0%
30 day % change: -0.5%
4. $BNB
Price: $352.85
24/hr % change: -1.5%
7 day % change: -2.4%
30 day % change: -46.5%
5. $ADA
Price: $1.58
24/hr % change: +1.2%
7 day % change: -9.1%
30 day % change: -11.1%
6. $DOGE
Price: $0.33
24/hr % change: -1.7%
7 day % change: -11.9%
30 day % change: -44.0%
7. $XRP
Price: $0.88
24/hr % change: +1.5%
7 day % change: -13.3%
30 day % change: -43.0%
8. $USDC
Price: $1.00
24/hr % change: +0.1%
7 day % change: 0.0%
30 day % change: -0.1%
9. $DOT
Price: $21.77
24/hr % change: +0.4%
7 day % change: -4.5%
30 day % change: -45.9%
10. $HEX
Price: 0.06
24/hr % change: +5.0%
7 day % change: +9.9%
30 day % change: +55.9%
Why is Crypto Down?
There is actually a good reason as to why the cryptocurrency market is like this and it is because of its market cycle. There are different cycles in the market and it just so happens that it is within the later part of the market, as explained by CryptocurrencyFacts.
Read Also: Crypto 101 | How to Spot a Pump and Dump and Is It Dangerous?
Here is what the Bitcoin market cycle looks like:
Smart money and early investors start accumulating Bitcoin when it is at its lowest due to the drop from the last peak.
Bitcoin starts to go up and more and more people hope that the price will continue to be bearish.
People now get excited as the price starts to go up even faster due to FOMO or Fear of Missing Out.
Bitcoin sits near or on it's all-time high once again consistently. This is when big investors start to sell. This is where we are as of the moment.
Bitcoin starts to drop down. This is when a lot of shorts and play bounces and where anxiety and denial revolve around selling.
People start to panic and some start selling their assets.
Bitcoin shrinks even more as more people decide to panic sell.
Bitcoin now bottoms out in quite a messy pattern sitting still on the bottom while more traders prepare to purchase.
Repeat.
For those keen on investing in cryptocurrency, it is important to start purchasing when prices are low and selling when prices are high. The basic principles of selling apply to cryptocurrency and it is important to acknowledge at what stage is the market at as of the moment.
This article is owned by Tech Times
Written by Urian B.
