Bitcoin returns to $18,000, Ethereum falls and cryptocurrency rises after controversy. How is the cryptocurrency market doing today?
Just after a brief recovery, with highs of more than 10%, the cryptocurrency market fell again on Wednesday (28). At around 9am, Bitcoin, Ethereum, BNB, XRP and other cryptocurrencies were down as much as 9%.
Analysts attribute the crypto market’s up and down cycles to uncertainties in the economic landscape of most countries. Rising interest rate concerns and the rising cost of living in most European countries have left plenty of reason to sell large reserves.
Bitcoin, the leading cryptocurrency in market capitalization, is a clear example. The currency’s boom cycles come with a sharp fall soon after, with large volumes in sales by smaller investors. On Wednesday, the drop was 6.7 percent. The price of BTC, which had surpassed the $22,000 level, retreated to $18,000 overnight. Here in Brazil, according to CoinGecko, the price of Bitcoin was around R$101.716.
The price of Ethereum was also heavily impacted by the selling, falling more than 7% in the last few hours. At around 9am, the price of ETH was at R$6,944.
The new market drop came without influence from the price of the dollar, which had little variation at the close of the last day. According to CoinGecko, the price of the commercial dollar and stablecoins was R$5.38.
Price of major cryptocurrencies today
While the cryptocurrency market falls, altcoins also suffer. Early in the morning, it was possible to observe most cryptocurrencies going back into the red and without any indication of a new high for the day.
According to CoinGecko data, while BNB and Dogecoin fell by 4.3%, the Cardano (ADA), Solana (SOL) and Polkadot (DOT) coins recorded a drop of about 6% each. Still on the falling wave, the XRP coin has lost more than 9% in its price in the past few hours.
Among the cryptocurrencies that ignored the new wave of decline were Terra Luna Classic (LUNC), which rose 1.2% in the last 24 hours and the STEPN token (GTM), from the move-to-earn game in partnership with famous tennis brands.
The value of the global cryptocurrency market was trading sharply down at $911.80 billion, falling more than 5 percent in the past 24 hours. However, total trading volume was up more than 16% at close to $94.45 billion.