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The cryptocurrency market is in the face of a seemingly endless fall, and Ethereum (ETH) and Dogecoin (Doge) leading Loss among immense capitalization digital assets. This correction appears as wider market moods He turns bear and carefully, while Bitcoin (BTC) experiences enduring variability and moves to the bear’s territory.
CAP on the Ethereum and Dogecoin market.
Ethereum, the second largest market capitalization, has recorded a significant decrease in market capitalization in the last 24 hours. While The price of ethereum has dropped Until $ 1910, its market capitalization also dropped by about 7.8%.
The combination of factors contributed to this unfortunate decrease in the valuation, including the investor’s caution against key economic reports and Continuous bear. While the Ethereum rotation volume seems to be the only measure in green, jumping by 80%, Survive When traders leave their positions before further losses.
Similarly, Dogecoin, the number one meme coin, has experienced steep losses both in terms of value and market capitalization. Despite the 30.5% escalate in the volume of rotation, Dogecoin market capital fell by 6.6%. This decrease occurs after the last one Impact of meme -based cryptocurrencies At the beginning of this year, which seems to lose momentum.
From writing, the price of Dogecoin is trading $ 0.16, reflecting deep correction 16.8% in the last seven days and a huge 37% disaster over the past month.
In particular, the decrease in Dogecoin and Ethereum market hat is the highest in the last 24 hours, and the coins in the top ten experience a decrease in less than 2%. This huge decline in both cryptocurrencies appears, as analysts confirm Bitcoin entered the bear’s territory.
Bitcoin and Altcoins enter
According to Tony Severino’s cryptographic analyst, Bitcoin could have Inscribed Bear territory as a pioneering cryptocurrency Reduction of the momentum. Severino analysis uses the theory of Wave Elliott, which claims that the bears for the Altcoins began in 2022, running down with a wave of bitcoins.
During this period, the market recorded an escalate in interest rates and Quantitative twist (QT)where central banks reduced liquidity on financial markets. Because altcoins bloom, when excessive fluidity occurs, economic exacerbation has led to the impoverished efficiency of these digital currencies.
Severino claims that Bitcoin wave 5 There was a lack of ordinary strength of a real top on the bull market. Based on Wave Elliott theoryThe fifth wave has always been weaker than the third in terms of speed, volume and width.
The analyst also referred to the textbook, which explains that Wave 5 is usually sideways and delicate, often preceding the bears, because it indicates a decrease in the shoot. The general conclusion of the Severino analysis is that Altcoin Bears, which began over three years ago, never really ended, because the economic conditions did not return to what they were before 2022.
A distinguished picture from Unsplash, tradingview.com chart
