The crypto market has been experiencing a significant sell off recently with some investors believing the market has turned significantly bearish. The leading cryptocurrency by market capitalization, Bitcoin few weeks ago reached its all-time high of $64,863 before it started a downward movement to where it is currently below the significant support point, the $30k region.
Currently, bitcoin is trading at $29000+ with a loss of 8.7% over the past 24 hours. Bitcoin is currently down at over 53% from its all-time high. With a market dominance of 46.8% and a market capitalization of $555 billion, bitcoin is seems to be heralding the arrival of the bears.
The likely cause of this market downturn is the massive crackdown on bitcoin miners in China. While others share the belief that the market needed to cool off and reset, it seemed the market is becoming bearish as some investors believe.
What is Happening to altcoins
The second largest cryptocurrency, Ether has also experienced a significant loss beyond 50% from its all time high. Ether is currently trading at $1781 with a 9.32% loss under 24hours and a 31.39% in the past 7 days. With a market capitalization of $206 billion, Ether is the least cryptocurrency losing a better part of its value in the past 7 days from the top 10 coins.
Dogecoin having lost 23% of its value over the past 24 hours is the highest hit for the past 24 hours. Next is Polkadot and BNB which are currently down by the over 21%. While BNB is down 35% in the past 7 days, Polkadot is down by 43% within the same period.
Cardono and XRP are down by 20% and 21% respectively in the past 24 hours while over a 7 day period, its down by 34% and 39% respectively.
With what is currently happening in the market, it begs the question, has the bears arrived?