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The cryptocurrency market faces an apparently endless decline, with Ethereum (ETH) and Dogecoin (DOGE) leading Losses between digital assets with large capitalization. This correction comes like the Broader feeling of the market becomes a lower and careful lower while Bitcoin (BTC) experiences persistent volatility and moves to the territory of the bear market.
The market capitalization of Ethereum and Dogecoin takes a hit
Ethereum, the second largest cryptocurrency by market capitalization, recorded a significant drop in its market capitalization in the last 24 hours. While the The price of Ethereum refused At $ 1,910, its market capitalization also fell by around 7.8%.
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A combination of factors contributed to this unfortunate decline in evaluation, including the prudence of investors before the main economic relationships and Current feelings in progress. While the volume of trading of Ethereum seems to be the only metric in green, jumping by 80%, Liquidations persist While traders leave their positions before new losses.
On a similar note, Dogecoin, the number of number one, has undergone steep losses both in its value and market capitalization. Despite its 30.5% increase in the volume of trade, Cap fell 6.6%. This drop follows a recent overvoltage of cryptocurrencies based on memes Earlier this year, which seems to lose momentum.
During the editorial staff, the Dogecoin price is negotiated at $ 0.16, reflecting a deep correction Out of 16.8% in the last seven days and a massive accident of 37% in the last month.
In particular, the drop in market capitalization of Dogecoin and Ethereum is the highest of the last 24 hours, with parts in the top 10 benefiting from a drop of less than 2%. This massive decrease in the two cryptocurrencies occurs while analysts confirm that Bitcoin has entered the territory of the bear market.
Bitcoin and Altcoins enter the bear market
According to Crypto analyst Tony Severino, Bitcoin may have between Bear market territory as faced with the pioneer cryptocurrency decrease. Severino’s analysis applies the theory of Elliott waves, which claims that the lowering market of Altcoins began in 2022, coinciding with the Bitcoin wave 5.
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During this period, the market experienced an increase in interest rates and Quantitative tightening (QT)where central banks have reduced liquidity in the financial markets. Since altcoins thrive in the event of excess liquidity, economic tightening has led to low performance for these digital currencies.
Severino maintains that Bitcoin’s Wave 5 The usual strength of a real upper market was missing. Based on Elliott waves theoryThe fifth wave has always been lower than the third in terms of price speed, volume and width.
The analyst also referred to a manual which explains that the wave 5 tends to be laterally and weak, often preceding the bear market because it indicates a decreasing momentum. The overall conclusion of Severino’s analysis is that the Altcoin bear market, which started over three years ago, never really ended since the economic conditions did not come back to what they were before 2022.
Felash star image, tradingView.com graphic
