Market Stays Bearish as August Ends

With August coming to a close, the crypto market is in a tough spot. The industry is undergoing a bearish phase, with top cryptos gradually losing value.

Market leaders like Ethereum and Bitcoin have lost over 5% and 3% in value in the past week, respectively. Other than TRON, most altcoins are also struggling to entice bullish traders. Memecoins like Dogecoin and Shiba Inu have also encountered a dip in the past seven days.

At the same time, even emerging tokens like DOGS and NEIRO have lost their edge. The market is leaning towards a fear environment, with the Fear and Greed Index set at 46. Here is an overview of the daily crypto market to help traders navigate it.

Bitcoin

Bitcoin stood strongly on Thursday after having an abysmal performance the day before. The market leader is down to the 58k-dollar mark after losing 0.95% value in 24 hours.

After a long time, BTC’s weekly performance is showing a dip of 3.67%. The crypto is currently trading at 58,793 dollars with minimal signs of a surge. Bitcoin has not made any recent developments and is being steered merely by market forces.

Ethereum

Much like most of the month, Ethereum constantly follows Bitcoin in dips. The second-largest crypto lost 0.68% value in the past 24 hours.

Ether is currently trading at 2,514 dollars and constantly dropping below it. In the past seven days, ETH has lost 5.84% of its market value. The dip was surprising, especially after Ethereum ETFs broke their nine-day outflow streak with a net inflow of 5.8 million dollars. 

Regardless of the movement, the ETF surge is a good sign for ETH holders.

DOGS

DOGS, built on TON, propels itself using Telegram’s meme culture and user base. The meme crypto was sailing smoothly for a while until the Telegram CEO was involved in severe allegations.

Now, the coin is barely trading above the 0.0010-dollar mark. DOGS lost 14.49% value in the past 24 hours and is currently valued at 0.0013 dollars. Experts oversee the constant battle between DOGS bulls and bears, with the latter winning the bout right now.

Beam

BEAM is the native token of Beam, a gaming network by the Merit Circle DAO. The gamer-centric platform has been gaining popularity among players worldwide.

That is why its native token has countered the market dynamics to score a 5.76% daily growth. BEAM is trading at 0.01511 dollars after losing more than 16% value in the past month.

However, the coin is being overshadowed by the latest crypto in the market, Raboo.

Raboo

Raboo, or RABT, is a new presale token that has taken the market by storm. Even with Beam’s rising popularity, traders are being swayed by the upcoming AI-based token.

AVAX recently unlocked 9.64 million Raboo tokens in a bid for market stability and supply support. The coin has already raised 2.1 million dollars and is on track to revolutionize the meme token industry.