Recently bought bitcoin fell below $70 000 on Wednesday after rising to over $72 000. This is due to uncertainty before this year’s US Presidential Election.” The total crypto market value declined to $2.29 trillion during today’s session, with a 5.66% fall for the last 24 hours. This downturn was not limited to Bitcoin alone but also to altcoins like Ethereum, dogecoin, Solana, ripple, and Litecoin, to mention a few, all of which recorded a decline in price across the board.
The collected data from CoinMarketCap reveals that at that time, the average Market Fear & Greed Index was at 59 (Greed). The price of Bitcoin dropped down to $ 69404.62, decreasing by 3.71% in the last 24 hours. Another major cryptocurrency, Ethereum, which is the second largest digital currency by market capitalization, was also down at $2,508.36 – down 0.81 percent in the last 24 hours. The meme-inspired digital currency that went viral, Dogecoin, suffered a larger depreciation of 7.04 percent and was changing hands at $0.1591.
Main other cryptocurrencies also experienced the adverse effects of the same market situation. Litecoin fell by 2.36 percent to $68.83 and Ripple XRP was down by 1.06 percent and selling for $0.5154. Solana which started receiving attention in the recent months was not left behind as its price fell to $167.03 and within 24H it experienced a decline of 4.69%.
However, there were exceptions to this bearish trend observed in most cryptocurrencies. ENEA or Ethena was the biggest gainer in the last 24 hours with a rise of more than 5 percent. On the same note, Immutable (IMX) lost the most with a 24-hour loss surpassing 13 percent. Other virtual currency gainer of the day was KAIA, TIA, MKR and FET for Artificial Superintelligence Alliance.
The crypto market instability makes investors to remember about the risks of investing in digital assets. In the run up to the US Presidential election, investors are perhaps going to be cautious and the cryptocurrency market might experience more volatility. Traders have been encouraged to exercise prudence and undertake their research properly due to market conditions in the current status.
Analysts have attributed the latest decline to factors such as profit-taking after the cryptocurrency surged in the past few days, as well as other factors related to the global economic situation. The forthcoming US Presidential election promises [to affect] financial markets, including cryptocurrencies. As for political events, political events’ potential impacts the regulatory policies concerning the crypto business, and investors pay much attention.
In this time-space, many are now waiting on long-term trends and the fundamentals in the crypto market as it moves in this direction. Get used to calling it security, as the recent approval of Bitcoin ETFs has been considered a step toward more adoption, with hopes that institutional investors will participate in the market. Nevertheless, short-term fluctuations that used to be typical for hourly, daily, or weekly changes still pose a problem for traders and investors.
