Today, the crypto market is gradually sinking to the bears again after Bitcoin dunked by up to 8 percent. The leading digital currency has gone below the $33k level and the indicators are pointing towards more layoffs. Altcoins haven’t also been at their best as a couple of them have dragged down to the bears.
Ethereum went down by a whopping 20 percent and is currently trading below the $2000 mark. Cardano also went down in double digits as the market plummeted, the asset is currently trading at $1.2. Other assets reported similar woes. DOGE is trading at $0.19, Polkadot at $13, and XRP at $0.6.
The porting from conventional digital assets to stablecoins was quite obvious on Wednesday as the selloff volume was recorded higher. The global market cap has decreased by 3.55 percent at $1.33 trillion. However, despite the declining market, Bitcoin’s dominance has swelled by 0.64 percent to 46 percent over altcoins.
The selling pressure is perceived to be linked with the speculations of incoming inflation in the United States. Crypto analysts also believe that the Greyscale unlocking would encourage wealthy investors and whales to scoop the dip.
Ethereum’s London Hard Fork Upgrade Fails to Uphold Value
The second leading digital currency would be unveiling the much anticipated London hard fork on August 4 between 13:00 UTC (9 a.m. ET) and 17:00 UTC. The roadmap would lead to the release of the ETH2.0 as well which would see the network migrate to a proof-of-stake consensus.
Despite the expected upgrade, the value of Ethereum has remained at the mercy of the turbulent crypto market, even plummeting further as seen today. Analysts are predicting further corrections in Ethereum’s value as it has gone below the $2000 resistance level.