The cryptocurrency market went through yet another day in red, losing around $12 billion of its total capitalization. This comes as Bitcoin is struggling to maintain its price above $19,000, whereas major altcoins tumble.
The overall sentiment is also very bleak, with indicators flashing signs of extreme fear for a few days in a row.
Bitcoin Price Struggles at $19,000
The BTC price is currently found trading just around the $19,000 mark, and it’s struggling to maintain above it.
Source: Binance via TradingView
The cryptocurrency is down 0.6% in the past 24 hours but a much steeper 5.8% in the past seven days, highlighting the uncertain state of the entire market.
BTC failed to produce any type of significant movement over the last day, and this particular stagnation that tends to lean towards the downside is a very specific sign of the bear market. However, Bitcoin’s dominance – the metric that tracks its share relative to that of the entire market – is up 0.5% in the past day, which is a notable change.
This means that, over this period, altcoins have been losing ground.
Cardano (ADA) Tumbles 9%
Cardano is down slightly less than 9% at the time of this writing. Most of the altcoins are painted in red, with XRP also charting a significant loss of around 7%.
Source: Quantify Crypto
Other major cryptocurrencies, such as Solana, Dogecoin, Polkadot, and so forth, are down about 5%. The worst performer of the day is Klaytn’s KLAY token, down 14%, followed by LDO, down 10.6%.
On the other hand, the cryptocurrency that gained the most is Huobi Token (HT), up over 9% in the past 24 hours.
The broader market sentiment remains overly negative and in a state of “extreme fear.”
This prevailing fearful sentiment continues for a few days in a roll, and even though it hasn’t gotten worse, the fact that it’s not getting better is also a clear sign of the ongoing crypto winter.
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Cryptocurrency charts by TradingView.