• 23 July, 2024
News

Not So Optimistic Tradrers Sanitment Weighs On Top 4 Cryptocurrency; Read Here To Know

Global crypto market cap struggles to keep $1 trillion as FUD ropes in

Riskier assets are struggling to find their way in an anxious market mood. The global crypto market, in particular, is performing under the bear’s spell as on March 3 approximately $50 billion outflow from its market capitalization. As per CoinMarketCap, the market cap stood at $1.03 trillion.

The recent bearish momentum in the crypto space tracks the “FUD” (Fear, Uncertainty, and Doubt) brewing following the event of the crypto bank Silvergate crash, Higher U.S. inflation leading to fears of recession, and Mt. Gox creditors received massive Bitcoin (BTC) reimbursements.

Analytical firm, Santiment revealed that traders and hodlers of top crypto assets are showing skepticism 

However, as per the above graph, the pressure seems to have paused and there is a higher probability of a price rebound. The largest coin by market cap Bitcoin was down 0.26% as of press time as the price continues to struggle around $22k, Ethereum finds support around $1,570.

XRP managed to harness gains for the second straight session on Tuesday. As of writing, XRP/USD is reading at $0.3731, up 0.94% for the day. While Cardano ranked as the seventh biggest coin in terms of marketcap witnessed a drop of 1.51% in the past 24 hours.

Source: Santiment

However, historically traders could capitalize on an overwhelmingly bearish sentiment that leads to a price bounce.  After a bullish start to the year, the increased FUD sentiment sponsored the corrective pullback in February.

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