Symbol is a blockchain platform that features a new consensus algorithm called proof-of-stake-plus (PoS+). Recently, its XYM coin’s value declined by more than 5% to an all-time low. From May 2022 onwards, the coin had started trading below the price range of $0.10. Throughout the following year, a bearish outlook for the coin prevailed and the coin’s price reached its all-time low.
Symbol Price Analysis
At press time, Symbol (XYM) is trading at the price of $0.026042 with a 24-hour trading volume of $2.58 Million. XYM is down 5.50% in the last one day, with a current market cap of $150.56 Million. The last 24-hour low that the coin has noted was at $0.02595, which was also its all-time low, as per data sourced from CoinMarketCap (CMC).
As seen in the above all-time price analysis chart of XYM, from October 2021 to November 2021, the XYM coin traded above the range of $0.40. When the coin entered 2022, its price started demonstrating a bearish outlook.The negative sentiments about XYM coin took its price to an all-time low which demonstrates the potential of active bears.
Notably, in November 2021, Symbol was forked by a pseudonymous team of cryptocurrency experts and enthusiasts alike. As a result, its price started following a bullish trend and it went to $0.40.
As per the CMC data, Symbol has a cult following in Japan and Korea. The community can be primarily found on the platforms of Twitter, LINE, and KakaoTalk. Meanwhile, some of the most notable projects built on Symbol include Quest, Symboard, The Tower, NFT Drive, and COMSA.
Furthermore, even when considering the global cryptocurrency market, a predominantly bearish outlook is evident. As seen in the chart below, most of the cryptocurrencies are trading in the red-zone. The drop in the prices of Bitcoin (BTC) and Ethereum (ETH) are nearly 3% and 5%, respectively.
The global crypto market cap is currently $1.04 Trillion, a 5.68% decrease over the previous day. The total crypto market volume over the last 24 hours is $47.72 Billion, which marks an 82.22% increase. The total volume in decentralized finance (DeFi) is currently $3.79 Billion, which accounts for 7.94% of the total crypto market’s 24-hour trading volume.
The volume of all stable coins is currently marked at $44.67 Billion, which accounts 93.61% of the total crypto market 24-hour volume. The dominance of Bitcoin (BTC) is currently 47.72%, marking an increase of 1.01% over the day.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2023/06/10/symbol-price-noted-an-all-time-low-following-bearish-trend/