cryptopolitan.com
- BTC price remains stuck around the $59,000 mark, with no signs of a clear breakout.
- ETH stays over $4,300 as altcoins turn slightly red after an overnight recovery.
- EGLD crosses $400, AVAX and GALA continue with their dream run.
The cryptocurrency market is a relatively new concept in the field of global economics. However, its upsurge in recent years has led to wide adoption and appreciation of several crypto tokens, like Bitcoin (BTC) and Ethereum (ETH). Investors eye the profit potential of the crypto world and invest more money on significant projects. The prime example is Bitcoin, which grew from a few cents, providing staggering profit margins to its early investors.
However, the crypto market is much more than Bitcoin as there are over 14,500 crypto tokens globally. Bitcoin has a firm hold and influence over the market as its market dominance also stands at 42.2%. But several other coins are coming into the spotlight through their vast gains.
BTC stays put under the $60K price mark
Being a trendsetter and leader of the crypto market, Bitcoin delivers crucial performance points. Just a few weeks back, the coin surpassed its previous ATH. The rest of the market also formed a bullish outlook at that time. However, in the correction phase, Bitcoin slid to a low of $55K. Even after structuring a comeback, Bitcoin is unable to cross the crucial $60K mark. It has remained stuck around $59,000 for a while now.
Bitcoin needs to cross the psychological $60,000 mark to help the rest of the market gain more stability and composure. The chart below shows the price trajectory of Bitcoin for the past three days, depicting Bitcoin cannot surpass $60K even after hovering around the point. At the time of writing, BTC hikes up at a little over $59,050. Its 24h trading volume has also shrunk to $26 B.
ETH over $4,300, but altcoins remain undecisive
Ethereum is the second-largest crypto token and the leading altcoin of the crypto space. The coin has progressed immensely lately as more and more users and investors have used its blockchain protocol. The Ethereum network has several use-cases, and this makes it one of the most exciting crypto projects. Its market dominance stands at 19.5%, whereas the ETH gas fee is at 62 Gwei.
Recently, ETH approached the $5K mark for the very first time. Its new ATH has a positive influence on the rest of the market as well. The coin also grew in market cap and trading volume. Also, investors kept on showing more interest in the token. However, the coin dropped to a low of slightly below $4K in the recent dip.
In the recent trading hours, ETH grew to cross the $4,300 mark, but it has remained stagnant at that point. As the graph below shows, ETH has been unable to make a clear breakout. But as the coin stays well over $4,000, it can be perceived as a safe spot as the margin of a bear trend is relatively low from here on.
Once Ethereum makes a stride forward, the altcoins can also take a break. Several altcoins have remained indecisive as they could not form a clear pattern. BNB, SOL, and ADA have not fluctuated by a significant degree. XRP and DOT have also remained at $1.07 and $41.50, respectively. These coins are considerably below their last week’s value, but currently, they have held their ground at a constant price. A possible bull run for Bitcoin or Ethereum could strengthen these coins to perform well, but till then, there is no visible price trajectory for these altcoins.
On the other hand, SHIB and DOGE have instead gone down. SHIB has hit $0.000046, and DOGE is below $0.23. The outlook for both of these coins does not look favorable, and they would have to perform exceptionally well to make a stride forward.
AVAX is still on top; EGLD, GALA, and CRO record massive gains
Even in this undecisive and correction-stricken market, AVAX has managed to stay on the top. The Avalanche project has experienced a massive upsurge of activity on its network as AVAX keeps on growing. Experts predicted AVAX to cross $100, but it has exceeded every prediction made about itself. AVAX did not only cross $100, but it made sure that it never looked back. The coin made it past $130, currently valued at $138. The chart below shows how Avalanche has kept on growing in the last few days. The recent correction also did not impact AVAX, and the project continued to move upwards and onwards.
Source: TradingView
Also, the metaverse projects are making waves in the cryptocurrency markets lately. There are many coins like SAND and GALA that have received attention from the investors. GALA has further upsurged by a mammoth 24% to cross $0.444. The coin has gone up by an unbelievable 400% in the last seven days or so. The project looks good to record more gains, as many users continue to join its unique project. With an increase in demand, GALA has remained a top spot in the list of gainers. Its trading volume and market cap have also made considerable leaps in figures.
On the other hand, EGLD has further upscaled by 13.25%. It has crossed the $400 mark and is looking promising to record more gains. The coin’s market cap is a little below $8 B, exceeding new highs. The record-breaking run of EGLD shows the coin’s potential, and its increased adoption has promised good returns to holders. Moreover, CRO has gone up by 14% and has crossed $0.65. It has also been one of the top performers in this market dump. The coin has climbed up the charts for top cryptocurrencies, and it certainly has the opportunity to grow further.
Rounding up
All that glitters in the crypto world is not gold. People lose their investments by making rash and irrational decisions. Bearish trends and healthy corrections are also part of this market, and therefore, crypto is not everyone’s cup of tea. The last few days have portrayed this phenomenon as the market has undergone a vital correction phase.
Despite some odd performances, the overall outlook of the cryptocurrency markets is still quite indecisive. Top crypto tokens have failed to break out of local resistance levels while remaining at the top of their support levels. The next couple of days could prove critical, as a mature market will better understand what the future holds.