Data from many sources shows that the crypto market is suffering from heavy bearish sessions with the total valuation declining to less than $1.93 trillion. On the other hand, the fear and greed index was reduced to 34, indicating fear. In this article, we will explore the market situation and how cryptocurrencies are performing.
Bearish Session Hits the Crypto Market as Valuation Falls to $1.93 Trillion, Fear/Greed Index to 34
The crypto market has entered a full-blown bearish session, with the total valuation falling to $1.93 trillion. The Fear/Greed Index has dropped to 34, signaling rising fear among investors. This downturn has been accompanied by a significant decrease in market activity, as seen in Bitcoin and Ethereum trading volumes.
According to data from CoinMarketCap, the Bitcoin ETFs are also declining, recording over $170 million in outflows in one day. Furthermore, the trading volume of the crypto market is also declining, reducing to $38.98 billion as of September 9th. For more context, it was at more than $94 billion on September 7th.
Bitcoin Less Than $55K, Ethereum at $2.3K
Bitcoin (BTC) has dropped below the $55,000 mark, now sitting at $54,820, which is a -6.20% decline over the past 7 days. With the global crypto market down -3.90%, Bitcoin is underperforming. The trading volume of BTC in the last 24 hours is $14.1 billion. This is a steep -62.40% decrease from the previous day, further reflecting reduced market activity and liquidity.
Ethereum (ETH) has also experienced a sharp decline, trading at $2,300. This marks a -7.50 % drop in the last 7 days, making Ethereum another underperformer against the global market’s -3.90% decrease. The trading volume of ETH in the last 24 hours is $8.14 billion, representing a -65.70% decrease from one day ago, highlighting a continued fall in investor activity.
How Are Other Altcoins Faring in the Crypto Market?
While Bitcoin and Ethereum are leading the market decline, other altcoins are experiencing mixed performances. Toncoin (TON) is one of the worst-hit assets, falling by -11.70% in the past 7 days, significantly underperforming the broader crypto market’s -3.90% drop.
On the other hand, Cardano (ADA) has proven to be somewhat resilient. With a modest -1.40% price decline over the past week, Cardano is outperforming the overall market. Similarly, Solana (SOL) has seen a -1.70% decline, which is also better than the general market performance.
Memecoin seems to be the category of cryptocurrencies receiving the most impact. Dogecoin is down by over 7 % in the past month, with Popcat reducing by over 15% in the same period. Moreover, others like DOGS saw a massive drain of 11% in the past week.
Conclusion
The current bearish session in the crypto market is evident with the valuation falling to $1.93 trillion and fear levels surging as per the Fear/Greed Index. Bitcoin and Ethereum, the market leaders, are underperforming, with significant reductions in trading volumes. While some altcoins, like Toncoin, are struggling, others such as Cardano and Solana are showing relative resilience, though they too are experiencing declines. The overall market sentiment remains negative, and investors are bracing for more potential downturns.
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The information provided in this article is for informational purposes only and should not be considered financial advice. The article does not offer sufficient information to make investment decisions, nor does it constitute an offer, recommendation, or solicitation to buy or sell any financial instrument. The content is opinion of the author and does not reflect any view or suggestion or any kind of advise from CryptoNewsBytes.com. The author declares he does not hold any of the above mentioned tokens or received any incentive from the company.
