Source : coinquora.com
- BTC trades below $32k with a market cap decline of over $200 billion.
- LUNA and UST price nosedive affects BTC price performance.
- ETH, ADA, SOL, and XRP boost growth rate from +2% to +4%.
The crypto industry is in turmoil as its whole market capitalization has dropped to almost 0.2% in the past 24 hours. This carnage is felt across the space that even Bitcoin, the king of crypto assets, was forced to submit to the bears. Currently, BTC trades below $32k with a market cap decline of over $200 billion in the last 30 days.
LUNA and UST are other examples of assets that disturbed the market with their recent drastic plunge. It is said that the breakout of UST contributes to the price sink of Bitcoin that influences the price dive of other cryptos in the market. Furthermore, analysts consider that the LUNA and UST drama is one of the worst things that happened in the industry.
This made Binance CEO CZ react in a tweet post:
1/8 These past weeks have proven to be a watershed moment for the crypto industry. We have witnessed the rapid decline of a major project, which sent ripples across the industry, but also a new found resiliency in the market that did not exist during the last market downswing.
— CZ 🔶 Binance (@cz_binance) May 15, 2022
On the other hand, as the crypto-verse continues to battle the bearish market, other cryptos are seen to raise their positions. The top cryptos such as ETH, ADA, SOL, and XRP are seen to record an estimated growth rate from +2% to +4% in the past 24-hour period. For now, there is no concrete explanation of how these cryptos managed to keep their uptrend position. However, network technology and development can be a factor to consider.
Moreover, this up and down that the crypto space is experiencing is not a new thing for seasoned investors in the space. In fact, there are some traders that take advantage of the highs and lows of the market to strategize their portfolio and maximize their profit potential. So, is the market bloodbath over, or is this just a bull trap? Is it time to buy or not? These are the questions that linger in the crypto community lately.
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.