Cryptocurrency markets endure -3.6% decline, signaling bearish sentiment.
Bitcoin struggles, down 6% in a week, hovering near $60,000.
The cryptocurrency market has sustained a downward trajectory over the past week. The overall market has seen a decline of 3.6%, coupled with a significant 27% decrease in trading volume compared to the previous week. Despite this gloomy backdrop, hope flickers among traders, largely fueled by the resilience of select cryptocurrencies.
TON, KAS, RUNE, and AKT have emerged as beacons of optimism, managing to buoy traders’ spirits amidst the prevailing downturn.
Meanwhile, Bitcoin has stumbled, registering a 1% dip in the past 24 hours and a notable 6% slump over the past week, driving its price down to the $60,800 range. Similarly, Ethereum has faltered, witnessing a 2% drop in the past 24 hours and a significant 10% decrease over the week, with its price hovering around $2,931.
Other major cryptocurrencies such as Solana, XRP, DOGE, Cardano, AVAX, DOT, and MATIC have also experienced declines ranging from 3% to 6%. Noteworthy on-chain activity includes a substantial deposit and withdrawal history of Ethereum by an early holder, with transactions totaling millions of dollars.
Cryptocurrency Price Chart, Source: Santiment
Analysts weigh in on Bitcoin’s precarious position, noting a slowdown in on-chain activity, potentially indicating crowd fear and indecision. While the cryptocurrency struggled to maintain a recovery this week, analysts project a bullish trajectory in the post-halving cycle, forecasting Bitcoin’s price to soar anywhere between $175,000 to $350,000 within the next nine months. However, cautionary tones are sounded, warning of a potential end to the current bull market by January 2025.
Despite sporadic glimmers of hope, the overarching sentiment in the cryptocurrency markets remains one of uncertainty and apprehension, with traders closely monitoring developments for signs of a sustained turnaround.