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Crypto Market Dips by 1.2% in 24 Hours, Bitcoin and Ethereum Suffer Similar Losses

Crypto Market

The cryptocurrency market has taken a slight hit in the past 24 hours, with the total valuation dropping by 1.2% to $1.21 trillion. The market capitalization of Bitcoin, the world’s largest cryptocurrency, has also decreased by a similar percentage, now standing at $558.42 billion, while Ethereum, the second-largest cryptocurrency, is down 0.9% to $235.21 billion.

The top ten cryptocurrencies by market cap have all seen losses, with MATIC posting the most significant loss of 3.4%, followed by Dogecoin, which fell by 2.8%. The memecoin saw a surge yesterday, rising by 4.8%.

Stablecoin USDT issued by Tether, on the other hand, has seen net inflows of $291 million in the past 24 hours, bringing its market valuation to $81.31 billion. However, USDC and BUSD have seen drops in their market caps, falling to $31.26 billion and $6.60 billion, respectively.

Bitcoin’s Current Status

Bitcoin, the leading cryptocurrency by market cap, has dropped by 2.2% to trade at $28,806. For the past ten days, the largest crypto had been trading above $29,000. The bears may continue to push the price down to a support level of $28,560 and further to $25,500. Bitcoin’s market dominance stands at 46.1%, down from 46.3%.

Ethereum’s Current Status

ETH, the second-largest cryptocurrency by market valuation, is trading at $1,946 after slipping by 1.3% in the past 24 hours. The cryptocurrency hit a support level of $1,925 twice before rebounding to reach a daily high of $1,967. Its crypto market share is 19.4%, up from 19.2%.

Market Outlook

The cryptocurrency market is currently experiencing a slight dip, but market experts are optimistic about the future. The dip could be attributed to the ongoing market correction after a surge in prices earlier in the year. The crypto market has been experiencing high volatility in recent months, with prices fluctuating frequently.

As for Bitcoin, analysts predict that the cryptocurrency will continue to be bullish in the long run, with prices expected to reach new all-time highs in the future. The ongoing market correction could be a healthy sign for the crypto market’s long-term growth.

Ethereum, on the other hand, has been making significant progress with the ongoing development of the Ethereum 2.0 upgrade. The upgrade is expected to improve the scalability, security, and energy efficiency of the network, making it more appealing to investors and developers alike.

In conclusion, the cryptocurrency market is currently experiencing a slight dip, but this could be a healthy sign for the market’s long-term growth. Bitcoin and Ethereum are expected to continue to be bullish in the long run, with the ongoing development of Ethereum 2.0 likely to increase interest in the cryptocurrency. Investors are advised to exercise caution and do their research before investing in any cryptocurrency.

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Pankaj K

Pankaj is a skilled engineer with a passion for cryptocurrencies and blockchain technology. With over five years of experience in digital marketing, Pankaj is also an avid investor and trader in the crypto sphere. As a devoted fan of the Klever ecosystem, he strongly advocates for its innovative solutions and user-friendly wallet, while continuing to appreciate the Cardano project. Like my work? Send a tip to: 0x4C6D67705aF449f0C0102D4C7C693ad4A64926e9

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