Top digital coins bleed on Monday. LUNA lost more than 10% as Avalanche and Solana dropped 8% each. More plummets came from XRP, Ethereum, and Cardano, sliding by 6%.
To crypto token continued to drop today due to inflationary worries amid the Russia-Ukraine conflict. The altcoin market suffered severely. The downswings started as negative news over the past weak ruined all hopes of resolutions by the fighting nations. Russian military attacked more Ukrainian cities with rocket fire and artillery.
Top digital currencies bled today, with Terra dropping over 10% of its value. Solana and Avalanche followed with 8%-24hr losses each. Ethereum, Cardano, and XRP reflected more downtrends, shedding up to 6%.
The global market capitalization lost more than 4% within the past 24 hours, changing hands near $1.70 trillion at this publication. Meanwhile, the total crypto trading volume gained over 25% to $67.11 billion.
Grayscale is among the leading digital asset managers within the crypto space. It boasts many crypto-related trusts, starting from Bitcoin to an alternative coin like Livepeer. The BTC Trust has around $25 billion under the manager’s belt. Moreover, funds are vital indicators as far as institutional investors’ interest within the market is concerned.
WazirX Trade Desk stated that interest surged as Grayscale Bitcoin Trust (GBTC) received nearly $140 million at February end. That’s a significant development as financial space remains paralyzed with uncertainty. Surge in institutional interest while Fear & Greed index flashes extreme fear shows confidence within the cryptocurrency world.
Bitcoin tried to overcome the $45K level over the past week but could not. Remember, this zone served as a support floor in 2021 December, when BTC welcomed the initial decline phase. Meanwhile, Bitcoin decisively broke the level early in January. Furthermore, $45K has served as a critical resistance and halted more than two upside attempts within the previous month.
For now, Bitcoin sees dominant bearish actions, failing to climb higher with each attempt. BTC has weak support at $37K as the crypto appears vulnerable to violate footholds. Nevertheless, a move towards $42K and $45K will present this week’s selling opportunities.
Stay tuned for more crypto updates.