The bloodbath at the global cryptocurrency market extended for yet another day on Wednesday as major crypto coins continued to lose value amid volatile markets. Terra lost its position from top 10 and plummeted several ranks as its stable value of $88 was reduced to a mere $4, after the crypto coin lost over 85 per cent of its value. On the other hand, the global cryptocurrency market tanked 4.89 percent to stand at $1.39 trillion at the time of writing this article.
Bitcoin plummeted below the $30,000 levels on Tuesday but regained its value to stand at $31,374.17 at the time of writing this article. Bitcoin price today was, however, down by 0.85 per cent in the last 24 hours, as per data from CoinMarketCap. On the other hand, Ether price today was standing at $2,386.08, up by 0.40 per cent in the last 24 hours.
“After a significant correction that led to Bitcoin plummeting below the $30,000, BTC appeared to have recovered back to edge above the $31K level as the market sentiment of fear cooled-off a bit. On the daily time-frame, the trend for BTC is on the verge of breaking below the long formed triangle pattern. The trend could bounce back from this support level. If, however, the chart breaks below the pattern, then the next support for BTC can be expected at $28,600,” said the WazirX Trade Desk.
“Even as Bitcoin’s price stabilized around the $30,000 level, data from glassnode suggested that there was a spike in BTC transfer volume to exchanges. This implies that many traders were moving their BTC to exchanges to sell. Similar to how BTC’s correlation to the S&P 500 restricted the asset’s recovery, ETH’s correlation to BTC led to the altcoin trading closely with BTC,” Darshan Bathija, CEO and co founder of Vauld, said.