Crypto Market Roundup: BTC, ETH, ADA, and XRP Decline
Despite a week of strong gains, Bitcoin, the world’s most valuable cryptocurrency, fell to its lowest point in seven days today. Other cryptocurrencies such as Ethereum and XRP also lost ground at 5% and 4%, respectively. ADA, on the other hand, managed to lead the loss with 6%.
Bitcoin Declines After a Week of Gains
Bitcoin has seen a significant increase in its value over the last nine days. From a low of $19,230 on July 12, it has gained more than 26% to a high of $24,280. Despite the significant increase in its value, Bitcoin’s recent rise failed to surpass the key barrier that would allow it to reach the $30,000 price level. Instead, it started a new downward trend.
After reversing its gains, Bitcoin fell below the $22,000 mark. Currently, it is trading at $21,917.87, which is down more than 3% from its previous day’s close. Its market capitalization is around $418.68 billion.
Other cryptocurrencies, such as Ethereum, lost ground as they could not maintain their previous week’s price level. According to data from coinmarketcap, its price fell by 2.5% to close at $1,547.89.
ETH, ADA, and XRP are Plunging
Since the beginning of July, ETH has risen steadily. It reached its high of $1664 on July 23 and then fell back to its low of $1,000 on July 12. Since the Merge announcement, the value of ETH has increased significantly. Over the past seven days, it has gained 15.0%. Over the past 14 days, it has also risen by 32.3%.
The daily chart shows that the selling pressure is increasing to $1,700. This move suggests that the path of least resistance may be further down. The relative strength index (RSI) has also been rejected from its overbought region. A daily close below the $1,450 support area could trigger a significant decline in Ethereum price to the next support level at $1,300. Notably, there is also a crucial level at $1200, which the 100 SMA supports.
The eighth-largest cryptocurrency by market cap, XRP, lost 4.9% during the last 24 hours. The support levels supported the cryptocurrency markets they maintained throughout the last weekend. On July 18, a bullish surge occurred in the price of XRP. The price increase evidenced this belief that the cryptocurrency could overcome any obstacles. Unfortunately, during the start of the new trading week, the price of XRP took a sharp decline. It was unable to reach the support levels of around $0.4.
On the other hand, the price of Cardano also rose significantly, eventually overtaking XRP as the second-largest cryptocurrency. However, the bears were able to pull both assets. Despite the market’s positive performance, the price of ADA continued to decline, and it is currently trading at around $0.493943.
Dumped Institutional Coins Scooped Up by Smaller Investors
According to data collected by a crypto analytics firm, the number of institutional investors who sold their shares in the Terra Classic during the May 12 blowout was over 236,000 BTC.
According to the report, the number of BTC traded in the last two months is derived from various large selling transactions during market stress. However, it does not consider the other natural volatility that usually occurs during bear markets.
On the other hand, data from Glassnode, an on-chain analytics platform, revealed that the number of people holding less than 1 BTC increased significantly during the recent market stress. The data collected by a popular Twitter account, Documenting Bitcoin, showed that the trend in the market had started to strengthen in 2022.
