The Sluggish Crypto Market: Bitcoin Struggles to Maintain $31K While Ripple Falls from $0.5
Bitcoin Price Unable to Break $31K
The total cryptocurrency market has slowed down and declined over the past 24 hours. Coin losses have caused the total capitalization to slide toward $1.2 trillion. The most significant losses were due to Bitcoin and the rest. For now, let’s focus on Bitcoin.
At the moment, Bitcoin’s price is down 1.2% and trading closer to $30K. Currently, the cryptocurrency has not been able to maintain above $31K. Yesterday BTC briefly poked above it, but it quickly descended due to bear intervention which forced the price down to around $30K. Fortunately, BTC has been able to recover, and it’s currently trading at around $30,400.
However, the broader market sentiment has significantly decreased since yesterday. According to the popular Fear and Greed Index, market sentiment has dropped from 64 points to 55.<
Ripple (XRP) Slips Away From $0.5
The heat map below illustrates most altcoins trading in the red, with green being the exception.
Ripple’s XRP is slipping away from $0.5 due to the ongoing battle against the US Securities and Exchange Commission.
Today’s top performer is NEAR, whose price skyrocketed by more than 12% after partnering with Alibaba. Since then, the price has retracted a bit but is still trading up by around 8% in the past 24 hours. APE comes in second place with a 5.2% gain on the day. On the other end of the spectrum, AAVE is down 11%, and Synthetix Network (SNX) falls close behind at 9.3%.