The cryptocurrency market has been experiencing a period of volatility in recent weeks. Bitcoin has peaked at around $30,000, and Ether has been fluctuating between $1,700 and $1,800. However, crypto industry experts believe that this decline is temporary and modest.
Cryptocurrency markets also slowed down in the past 24 hours. The global market capitalization fell by 0.30%, shrinking to $1.23 trillion. According to CoinMarketCap data, the top tokens have performed in the past 24 hours:
Bitcoin fell 0.68% and is currently trading at $29,992. Ethereum is trending lower and is currently trading at $1,784 after falling 0.50%.
The value of USDT Tether increased by 0.01% in the past 24 hours. Meanwhile, the USDC stablecoin showed a downtrend of 0.03% and remained pegged to $1.
BNB token is currently 0.58% higher. Ripple's XRP is also falling. It fell by 0.22% in the previous 24 hours.
ADA token showed a decline of 1.11%. Dogecoin fell 0.40%. Over the past 24 hours, positions in the majority of major cryptocurrencies have declined.
Expert opinion
Charles Tan, chief marketing officer of Atato, MPC's licensed crypto custodian wallet, spoke to Business Today about the various reasons behind the volatile sentiment in the market.
“The European banks' decision to raise interest rates surprised global financial markets, including the crypto market.The overall cryptocurrency market capitalization was $1.23 trillion, down slightly from the previous day,” he said. ”
He also said that “the total volume of cryptocurrencies took a big hit, declining by more than 26%. This shows a decline in investors' risk appetite.”
Regarding top tokens, he said, “Bitcoin, the world's oldest cryptocurrency, is struggling to sustain above $30,000 due to selling pressure.” Ether has also fallen below the $1,800 level, down almost 2.5%. Solana and DOT traded in the green, up nearly 2%. ”
Finally, when asked what to expect in the coming days, Tan said: “If central banks around the world continue to raise interest rates, we may see further declines in the crypto market in the coming weeks.” said.
“Cryptocurrencies fell on Thursday, with Bitcoin and Ethereum falling as U.S. Treasury yields rose,” the CoinDCX research team told Business Today.
Unlike our other experts, they still have a positive outlook. They said, “However, the decline appears relatively modest compared to previous declines. This is likely a result of the depletion of marginal sellers and the gradual easing of regulatory concerns.”
They further added, “As significant institutional capital continues to flow into the cryptocurrency space, this could be seen as a reversal of the once widespread negative sentiment.”
Regarding the near-term outlook, the pair said: “We remain optimistic about the adoption of cryptocurrencies and Web3 into the second half of 2022 as technology continues to evolve to address existing challenges in the financial sector.” “It's true,” he said.
Also read: Crypto market is in the red again. BTC is $29,000. When is recovery expected? – BusinessToday
Also read: Russia changes its crypto stance again! – Business Today
