Major Coins Including Bitcoin and Ethereum Trade in Red as Bears Takeover

• BTC’s negative performance generated further downside during the previous five days.
• Bitcoin has been down 3.12% in the last 24 hours.

Despite this year’s high volatility and price adjustment, worldwide usage of Bitcoin (BTC) is expected to rise in 2022. Bitcoin and other cryptocurrencies are being seen as a way out of financial debt in countries under increasing pressure. As a result, bitcoin adoption seems to be on the verge of a snowball effect.

BTC’s negative performance generated further downside during the previous five days that stretched below the support line. As more gloom filled the market, it fell below the $40,000 mark. According to CMC, the Bitcoin price today is $38,540.11 USD with a 24-hour trading volume of $25,725,571,102 USD. Bitcoin has been down 3.12% in the last 24 hours.

Altcoins Follow Similar Course

Ethereum made attempts to break over the $3,000 barrier level. Although the price failed to break above the $3,000 level, ETH formed a short-term top near $2,980. After reaching a peak of $2,967, the price began a steep decline. The support level of $2,950 and the 100-hourly simple moving average were breached. Despite the bulls’ efforts, the price managed to go below $2,900. Not just ETH nut significant altcoins are trading in red, including Shiba Inu, Cardano, XRP, polygon, and Dogecoin.

According to MicroStrategy’s CEO Michael Saylor, Solana and Binance will face Ethereum. His remarks come at a difficult moment for the Ethereum community, whose prized platform is further postponing the Merge. Solana’s NFT market is smaller than Ethereum’s. Moreover, Solana’s NFT trading volumes continue to fall well short of Ethereum’s, despite recent advancements in the technology. According to CMC, the Ethereum price today is $2,827.21 USD with a 24-hour trading volume of $14,968,837,464 USD. Ethereum is down 4.12% in the last 24 hours.