The global crypto market cap is off to a bearish performance this week after dipping by 2.05% at the time of this press. The global crypto market cap is currently at $2.58 trillion after failing to manifest a recovery during the weekend. Top performers like Bitcoin and ETH seem to be stuck in limbo as the sentiment leans towards more fear. Here’s a recap of how some of the top cryptocurrencies have performed in the last 7 days.
Bitcoin is currently trading at $57,395 after sliding by 2.58% in the last 24 hours and 13.04% in the last 7 days. BTC was unable to recover back above the $60,000 price level as fear continues to dominate the market after the recent drop and is also on the heels of more crypto regulation. The market is currently full of uncertainty as to whether BTC will drop towards structural support near the $53,000 price level or rally back above $62,000.
There is room for some downside given that BTC is not yet oversold and also the fact that it is showing signs of potentially more bearish momentum after sliding below its 50-day moving average. On the other hand, Bitcoin is expected to set a new all-time high before the end of the year, in which case we might witness some more bullishness in the next few weeks.
ETH is down 3.04% in the last 24 hours and 10.66% in the last 7 days after continued bearishness and is currently trading at $4,223. ETH’s price action has so far experienced a continued pullback after peaking above $4,800 earlier this month. The Ethereum blockchain is currently going through its most critical changes as it transitions to Ethereum 2.0 and it is expected to deliver robust growth once the transition is complete. Current projections suggest that ETH will be worth $8000 on the low side and that it could reach $10,000 as soon as next year. However, if its current price declines, then it might drop as low as $3,700.
Despite its bearish performance in the last few days, ETH is still not oversold but it is currently trading below its 50-day average. It previously delivered an impressive rally and has fortunately managed to avoid an equally massive crash because of the upside expectations.
Solana has so far been one of the best-performing blockchains this year. It has experienced strong growth which is reflected in its native cryptocurrency. SOL is currently trading at $219 after rallying by 3.35% in the last 24 hours, but it is down by 9.63% in the last 7 days. Its current price tag is not as heavily discounted from its all-time-high of $260, indicating that it is has managed to avoid a lot of downside during the ongoing bearish pullback.
SOL’s past price action indicates that it is one of the cryptocurrencies that rapidly recover after every price dip. It still has a lot of potential upside but a dip below $200 is not farfetched. However, a sub-$200 is currently considered a good entry point for SOL.