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The cryptocurrency market faces a seemingly endless decline, with Ethereum (ETH) and Dogecoin (Doge) major Losses between digital assets of great capitalization. This correction comes as the Broader market feeling He becomes bassist and cautious, while Bitcoin (BTC) experiences persistent volatility and moves to the territory of the bears market.
Ethereum and Dogecoin Market Cap receive a success
Ethereum, the second largest cryptocurrency for market capitalization, has registered a significant fall in its market capitalization in the last 24 hours. While the Ethereum’s price has decreased To $ 1,910, its market capitalization has also dropped approximately 7.8%.
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A combination of factors has contributed to this unfortunate drop in assessment, including the precaution of investors before key economic reports and GUBBER FEELINGS IN PROCEDURE. While Ethereum’s commercial volume seems to be the only metric in green, jumping at 80%, Persistent settlements As merchants leave their positions before greater losses.
In a similar note, Dogecoin, the meme number one currency, has experienced pronounced losses both in its value and in its market capitalization. Despite its 30.5% increase in the volume of negotiation, Dogecoin market hunting It has fallen by 6.6%. This decrease follows a recent increase in cryptocurrencies based on memes Earlier this year, which seems to be losing impulse.
At the time of writing, the price of Dogecoin is quoted at $ 0.16, which reflects a deep correction of 16.8% in the last seven days and a massive accident of 37% in the last month.
In particular, the decrease in the market capitalization of Dogecoin and Ethereum is the highest in the last 24 hours, with coins in the 10 mains that experience a fall of less than 2%. This massive fall in both cryptocurrencies occurs when analysts confirm that Bitcoin has entered the territory of the Bear market.
Bitcoin and Altcoins enter the bears market
According to cryptographic analyst Tony Severino, Bitcoin may exist joined Bear market territory as the pioneer cryptocurrency faces Decreasing moment. Severino’s analysis applies Elliott’s wave theory, which states that the Bear market for Altcoins began in 2022, coinciding with Bitcoin’s wave 5.
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During this period, the market saw an increase in interest rates and Tightened quantitative (QT)where central banks reduced liquidity in financial markets. Since the Altcoins thrive when there is an excess of liquidity, the economic hardening has led to weak performance for these digital currencies.
Severino argues that Bitcoin’s Wave 5 It lacked the usual force of a true upward market. Based on it Elliott’s wave theoryThe fifth wave has always been weaker than the third in terms of price, volume and amplitude speed.
The analyst also referred to a textbook that explains that Wave 5 tends to be on the side and weak, often preceding the bears market, since it indicates a reduced impulse. The general conclusion of Severino’s analysis is that the Altcoin Bear market, which began more than three years ago, has never ended since economic conditions have not returned to what they were before 2022.
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