Wednesday Market Watch: Crypto Market Still Reeling from Last Week
The crypto market is still very much reeling from the massive downswing experienced from last Sunday to Tuesday. While the percentage declines are quite small today, it resonates with the overall bearish sentiment on the market, and it seems like the market will not be making a large bounce back anytime soon. Let’s take a look at the price movements of various cryptocurrencies on Wednesday.
BTC: $35,992.13 (-2.22% over the past 24 hours)
BTC has climbed back slightly from the low point of $32,947.27 on Monday, but is still down overall on the day, dropping by a little bit more than 2% on the day. With so many different news acting against BTC’s price, including the Fed’s plans to combat inflation, the pandemic of widespread Omicron variant, and general pessimism when it comes to global economic growth rates, it seems like BTC, at least in the short term, will not be recovering from this crash in a spectacular rate.
ETH: $2400.26 (-2.62% over the past 24 hours)
ETH is stabilizing around the $2,400 price point, which is not something that bullish investors would like to see, especially when ETH has peaked at over $4,800 back in November 9th. This represents an evaporation of over 50% of ETH’s total market capitalization since its peak price. However, with the introduction of layer 2 solutions to ETH, and a possible consolidation of layer 2 solutions with the layer 1 main chain coming this year, there are still plenty of reasons for optimism on ETH’s growth in the future, especially when ETH accounts for the vast majority of trading volumes on NFTs, which has seen tremendous growth despite crypto downturns.
LUNA: $55.99 (-10.02% over the past 24 hours)
Out of all tradable coins on BTCC.com, LUNA faced the largest decline today, dropping more than 10% today to just under $56 at the end of day. It has been rough for LUNA, which despite starting off hot during its debut on BTCC.com, it crashed alongside all the other coins the past week. LUNA is another blockchain that institutional investors and crypto analysts have been quite high on in terms of its future growth potential, and thus the short-term fluctuation caused by overall market atmosphere should not deter investors who buys into LUNA’s use cases.
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