Cryptocurrency market continues with its downtrend

The cryptocurrency market has been in a recession for most of the week, with the price dip causing liquidations across the market. The primary cryptocurrency, Bitcoin, has not been spared from this dip, recording double-digit losses at some point.

While some slight gains have been recorded, the market is still on monthly lows. The entire crypto market cap has dipped to around $1.6 trillion, which is a notable dip, given that the same had peaked at around $3 trillion in November 2021.

Bitcoin is still recording dips

Bitcoin has failed to recover from the ongoing market dips. The primary cryptocurrency is currently at a nine-month low, and despite the low prices presenting an ideal value for traders that want to buy during the dip, the market has not shown any signs of a recovery.

Bitcoin has recorded a 1% gain during the past 24 hours, but it is still trading at a crucial support of $35,000. BTC’s 24-hour low stands at around $34,020, according to CoinGecko.

The trading volumes for this coin during the past 24 hours stand at around $31 billion, showing the increased selloffs across the market. The coin has started a slow rebound, but the rising fear levels in the market could fail to sustain the rebound, and the coin could continue recording lows.

The entire crypto market is down

Bitcoin is not the only cryptocurrency recording notable lows. Ethereum has also dipped, with the altcoin currently trading at around $2500. The coin has dipped by more than 23% during the past seven days. Ethereum had peaked at around $4800 in November, with the current price being an almost 50% drop.

Solana, one of the coins believed to be potential Ethereum killers, has also recorded a major selloff. The token has lost over 30% during the past seven days and even dipped below $100. Solana’s market cap has also dropped to around $32 billion, and it now ranks as the seventh-largest cryptocurrency by this metric.

Other popular coins such as Dogecoin, XRP, Cardano, and Polkadot have also dropped because of the ongoing market selloffs.

However, the past 24 hours have shown signs of a rebound, with some cryptocurrencies making double digit-gains. Decentralized finance (DeFi) tokens such as Terra LUNA and Avalanche led the gains during the past 24 hours, having gained 19% and 12%, respectively. Shiba Inu has also gained over 20% during the past 24 hours.

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