It has been a bearish start of the week for the crypto market. Shedding $30 billion, the market cap inched toward the $900 billion mark. The worsening geopolitical situation and the fear of steeper Fed rate hikes added to the selling pressure. The Crypto Fear and Greed Index continues to hover around the extreme fear zone with no improvements in investor confidence in the crypto space.
Meanwhile, there are no major developments in sight, so the crypto market is likely to shadow the global stock market in the near future.
Nasdaq, the tech-heavy index followed by most crypto traders, was also weak yesterday. It ended the day lower by 1.04%.
The big two
Bitcoin has dropped by over 2.33% in the last 24 hours. It is currently trading close to its immediate support at $19,000. If it fails to bounce higher from here, there may be intense selling pressure. Should that happen, the next major support is at $17,900. The overall momentum continues to look weak, amidst falling trading volume.
ETH has breached the strong support level at $1,280. If it fails to bounce back today, it could send ETH prices further down, toward the $1,100 mark. The support level at $1,240 has not been breached since July 2022.
The chief gainers and losers from yesterday
The market witnessed some top coins bleeding during yesterday’s session. XRP was down by 7.13%, ADA by 6.94%, SOL by 5.20%, and DOGE by 5.79%.
The top three gainers over the last 24 hours are:
- Maker (MKR): +5.94%
- AirSwap (AST): +4.40%
- Bancor (BNT): +1.35%
