This week has not been kind to the crypto markets, as they continue to trend bearish. Financial markets have remained uncertain since Biden’s surprising loss in the presidential election. Even the most stable cryptocurrencies like Bitcoin and Ethereum are gradually losing their value. Despite the difficulties, the rising meme coins have captured the attention of traders around the world. However, their rise is not expected to continue as a dominant force in the market.
Introducing a daily updated overview of the cryptocurrency industry.
Bitcoin
After a week of continuous growth, Bitcoin has stabilized and is currently slightly declining in value. The coin has lost 2.28% of its value in the last 24 hours, with the 7-day growth rate dropping to 5.17%.
The cryptocurrency fell from the $66,000 milestone but is now comfortably hovering around $65,000. Even without much progress, the Bitcoin price has moved to $66,500 for BTC holders over the past three months.
If the coin price continues to decline, the average purchase price could reach $63,600.
Layer zero
After a busy week, ZRO suddenly stopped trading. The token lost 4.25% of its value in the last 24 hours, after gaining 83.54% of its value in the past month alone.
In the absence of any major market updates, the coin is trading below the $5 mark. However, analysts have high expectations for the coin amidst the market changes.
Lucky Hawk
The cryptocurrency market has once again surprised everyone with its antics. Over the past 24 hours, the popular internet meme Hawk Tuah has outperformed all other cryptocurrencies as a meme token.
In the past day, HAWK has surged by 260.20% and its 7-day growth rate is 308.51%. Despite defying market sentiment, the community-driven platform is expected to lose momentum in the coming weeks.
Ethereum
Ethereum is following in Bitcoin’s footsteps in terms of market performance and ETF updates, with the second-largest cryptocurrency yet to make an odds-defying bull run following ETF approval.
Conversely, ETH has lost 1.22% of its value in the last 24 hours. The coin is currently trading below the $3,500 mark, which is concerning for traders. However, BTC has also made real progress in the months since the ETF approval, and eventually Bitcoin has reached an all-time high.
Traders have similar expectations for Ethereum given how closely it replicates BTC’s movements.
Solana
Solana and Layer Zero are in the same boat, having lost momentum after a bullish week. The coin gained 37.54% in value last month and 7.43% last week. However, it is currently trading at $173, down 3.16% in the last 24 hours. Despite the launch of the SOL-based meme coin, Solana has not been able to outperform the overall market sentiment.
Overall, the cryptocurrency market seems to be going through a small correction before preparing for a big jump. Even the top 10 cryptocurrencies, with the exception of a few stablecoins, are losing at least 1% of their market cap. However, once this correction phase is over, a huge comeback is expected.