Cryptocurrencies across the global crypto market have seen enough turbulence since the start of this year. Heavy declines, high volatility and massive ups and downs, with majority of downs, cryptocurrencies including top ones have suffered a lot. Although things started getting normal as it seemed through movements of cryptocurrencies lately, they again started shedding values.
Every other cryptocurrency within the crypto market including Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), BNB (BNB) like top cryptocurrencies, experienced drops recently. By now the whole crypto space was facing the consequences of Terra (LUNA) network collapse like instances. It hardly started showing gradual growth but since last week they started witnessing decline.
Currently, bitcoin (BTC) is trading at around 18,801 USD after a drop of nearly 6% within a day. Top altcoin Ethereum is not an exception to the ongoing bearish trend where it has lost more than 7% of its value. Despite the hype after The Merge and Bellatrix upgrade, ETH dropped to 1,520 USD.
Leaving a very few altcoins aside, every other cryptocurrency met the similar fate as top cryptocurrencies. BNB (BNB), XRP (XRP), Cardano (ADA) and Solana (SOL) are down by 5.69%, 3.87%, 7.86% and 5.32% in the last 24 hours at the time of writing. Polygon (MATIC), Ethereum Classic (ETC) and Bitcoin Cash (BCH) are among some worse facing ones with a drop of 10% and more.
Whenever the economy gets affected through several macroeconomic factors here and there, the crypto market witnesses an almost carnage-like situation. Recent strengthening of the dollar’s value could be one such potential reason where it soared up to its 20-year high. Many factors have accepted the fact of the dollar getting strong. The 10-year treasury bills of the US also noted the same.
Traditional market became the first one to react against such instances. Top indices like S&P 500 and NASDAQ 100 fell by 0.4% and 0.7% during the same time period. Not to forget the reports earlier showing the correlation between the traditional market and the crypto market. Recent instances proving the same notion.
Source: https://www.thecoinrepublic.com/2022/09/07/cryptocurrencies-are-on-decline-another-wave-of-crypto-winter/