Most major cryptos are still in the doldrums, and the prospect of a fast and strong recovery to regain their appeal is just not there yet following the heavy drag caused by the bears.
Bearish Drag Casts Gloom on Major Crypto
Bitcoin (BTC) had a beating late yesterday courtesy of the bear market and, as usual, so do the other digital currencies. Interestingly, Binance Coin (BNB) stood its ground and made a decent rally to claim 10th place in the market cap rankings.
The most popular crypto was briefly stuck in the $3,400 ceiling late Wednesday while the rest of its peers – except Ethereum (ETH) which weakened to $104, and XRP dropping to below 30 cents – were all in the red zone.
Bitcoin continues to hang in the $3,400 level, its global average as we speak, although Coinbase pegs BTC at $3,300 while the other major exchanges have it otherwise.
Figures as of late Wednesday had Bitcoin still reeling from a $66 drop from where it has yet to recoup its losses. Continued pressure from the bears kept BTC at the cellar, but even going down as low as $3,360 at this point.
In contrast, Ethereum’s dismal performance was largely due to the decline in BTC, only worse. In the same vein, ETH produced 50 percent of BTC volume yesterday at more than $2.5 billion.
While ETH and BTC began shedding dollars as of late Wednesday, BNB – the 10th biggest virtual coin in terms of market cap – was inching upwards to hit the $8.00 mark on the global price index, beating Bitcoin SV.
Meanwhile, Ripple (XRP) shed the most in terms of percentage points compared to BTC and ETH as shown in the graph above.
How long do you think the bear market will continue dragging down major cryptos? Share us your views.
(Jet Encila is a freelance writer, editor and blogger from the Philippines).