The cryptocurrency market was relatively bearish on Friday, September 13, 2024 with Bitcoin, the world’s largest cryptocurrency by market capitalization, trading just below $58,000. At the time of writing this article, Bitcoin was at $57,892. 17, had recorded a 24-hour drop of 0. 68%. This movement has affected the whole crypto space, the global market cap fell to $2. The global economy was estimated to be worth $4. 0 trillion as at the end of the year, a 0. This is down by 21% in the past one day.
This is even as some positive developments have been witnessed in the crypto space such as the continued inflows into Bitcoin ETFs. According to Soso Value, Bitcoin ETFs received inflows of $39. It had reached 02 million as at September 12. Nevertheless, this positive trend could not be sustained to outweigh the general market forces that were driving the price down. Bitcoin’s share in the total cryptocurrency market capitalization also slightly declined to 0. 03% to 56. has risen to 18% in the last one day.
Other major cryptocurrencies also copied the trend of Bitcoin and most of the altcoins were trading in the negative zone. Ethereum (ETH) the second largest digital currency was valued at $2,358 at the time of writing. 57, which is a 24-hour change of – 0. 58%. Dogecoin (DOGE) another meme coin also went down, and it was trading at $0. 1021, down 0. 55 percent within the last twenty-four hours. Solana (SOL), another popular altcoin, dropped by nearly 1 percent and is now worth $134.
Surprisingly, Ripple’s XRP token was an exception and rose by 4. It has also dropped by 5% in the last one day to be valued at $0. 5616. This positive movement for XRP comes at a time when Ripple is still in a legal fight with the U. S. Securities and Exchange Commission (SEC) and as institutional investors show interest in the token.
The general outlook of the crypto market looks somewhat conservative, with the Market Fear & Greed Index at 33, which is a “Fear” zone. This can be seen from the price fluctuations of different cryptocurrencies where some experts have pointed out that the market could be in a phase where it is set to consolidate before making its next significant move.
However, there are some analysts who are still bullish on the future of Bitcoin even at the present situation. Some of the factors that have been mentioned include the next Bitcoin halving which is expected to happen in 2024. In the past, Bitcoin has always experience price rise in the months after the halving, which is the reduction of the issuance of new bitcoins.
The crypto market is also being affected by macroeconomic factors such as the global inflation rates, changes in the regulatory environment, and the continuous growth of DeFi and NFTs. These factors persist in influencing the investors’ perception and the overall market trends in the ever-growing crypto ecosystem.
While the market goes through this period of volatility, investors and traders are keen on the support and resistance levels of Bitcoin and other big cryptocurrencies. The next few days and weeks will be very important in deciding whether the current pullback is just a short term blip or the start of something more serious.
At the same time, the crypto community continues to pay attention to the further evolution of blockchain technology, the integration of institutions, and the regulation that may define the further evolution of digital assets. Thus, the audience of market participants is recommended to carry out the necessary analysis and approach the investment process with caution in the highly unpredictable environment of the cryptocurrency market.
