The cryptocurrency market is currently in the bearish zone, but the total market cap has managed to stay above the $2 trillion mark.
Bitcoin And Others Trading In The Red Zone
The cryptocurrency market is currently littered with red trading charts as the prices of most cryptocurrencies are down by 3% and more in the past 24 hours. The decline in the prices comes after an extended rally last week and over the weekend.
The rally over the weekend saw Bitcoin reach the $50k mark for the first time since May. The leading cryptocurrency traded above the $50k mark for two consecutive days. However, it was unable to build on the momentum, allowing the bears to take control of the market.
Bitcoin is now trading below the $47k level after sustaining losses over the past few hours. At the time of this writing, Bitcoin’s price is down by 0.75% in the past 24 hours and risks dropping lower towards the $45k region if the current bearish momentum in the market is maintained.
Ether is also in the bearish zone after topping the $3,300 mark earlier this week. The second-largest cryptocurrency was unable to cross the $3,500 level over the weekend, and this resulted in its price dropping towards $3,100. Unless the market recovers, Ether could drop lower soon, and this could see the bulls struggle to defend the $3,000 support level.
One of the best performers in recent months is Cardano. The cryptocurrency has grabbed the attention of millions of investors globally, thanks to the ongoing developments of smart contract features on the blockchain. ADA’s rally saw it overtake Binance Coin (BNB) to become the third-largest cryptocurrency by market cap.
Binance Coin, on its part, is also struggling to recover from recent losses. Binance has come under scrutiny in recent weeks, and this affected BNB’s performance.
Total Market Cap Stays Above $2 Trillion
Despite the losses recorded over the past few days, the cryptocurrency market’s total market cap remains above $2 trillion. The total market cap rose past the $2 trillion mark again last week after an extensive rally from the likes of Bitcoin and Ether.
If the bullish cycle resumes and prices target new all-time highs, the total cryptocurrency market cap could be targeting the $3 trillion mark for the first time. The fact that the total market cap remains above $2 trillion is an indication of the level of confidence investors have in cryptocurrencies.
This article was originally posted on FX Empire