Market Hits “Fear” As Bitcoin Drops to $61k

The crypto market has entered a bearish phase, with top assets losing value. According to Cointree, the Fear and Greed Index has also hit Fear.

The metric is at 37, showing growing distrust among traders. Bitcoin has dropped to the 61,300-dollar mark, while Ethereum has lost its 2,600-dollar footing. TRON is the sole coin in the top 10 ranks that has not experienced a decline in value, in addition to USDT and USDC.

Names like Sui, Popcat, and Flare still attract traders with short-term gains. Let’s take a brief look at the overall market overview, including the most recent updates and developments.

Bitcoin

BTC is trading at 61,307 dollars, down from its 65k-dollar mark. In the past 24 hours, the market leader has lost 0.26% value.

Its 7-day performance chart is in red now, showing a dip of 3.30%. In the meantime, Bitcoin whales have purchased 3.15 billion dollars worth of BTCs in 10 days. Seeing how BTC has its first resistance at 62,172 dollars, the coin is expected to skyrocket in the coming weeks.

Ethereum

Ethereum is not in red-hot form, having lost 7.65% value in the past 7 days. Its 24-hour performance also shows a drop of 3.64%.

The coin is trading around the 2,400-dollar mark and is constantly losing value. ETH has lost 44.40% sales volume in the past 24 hours, bringing it down to the 3rd rank. The coin has support at 2,335 dollars, while its resistance is at 2,470 dollars.

XRP

Following a remarkable week, XRP has been getting the short end of the stick. The coin has been constantly losing value, continuing the pattern on Wednesday.

XRP has dropped to 0.538 dollars, a 24-hour dip of 10.89%. Its weekly performance also showcases a 7.73% loss. The coin is suffering once again due to its feud against the SEC. Right before the final date, the SEC has now registered an appeal in the Ripple lawsuit, raising concern among XRP holders.

Popcat

POPCAT, the SOL-based meme coin, outshined the competition with a 6.28% jump. The coin has crossed the 1-dollar mark and is currently trading at 1.06 dollars. 

Even so, Popcat has not seen any trading volume success. The meme coin has lost 13.31% in 24-hour sales volume. On the other hand, its monthly performance chart shows a 74.59% growth. 

The meme coin is expected to replicate the performance in the coming weeks as well.

Sui

SUI also defied expectations and market dynamics by registering a 5.17% growth in 24 hours. The coin is trading at 1.92 dollars after a whopping 140% surge in September.

Unlike Popcat, Sui is performing well in trading volume, ranking 9th across the top cryptos. Sui holds the 20th rank in terms of market cap, a position it continues to improve.