Bearish Outlook as Bitcoin’s Seven-Day Average Sinks 25%, ADA Shines During the Storm
Digital currency markets have been bearish in recent days as prices have continued to sink lower. The entire market capitalization of all the crypto assets in existence is down over 8% on Sunday at $1.25 trillion. Bitcoin has plummeted from its all-time high (ATH) of $58,350 last Sunday to today’s low of $43,189 per unit.
- BTC is down over 7% today but is still up 28% during the last 30 days and 122% for the last three months.
- Bitstamp BTC/USD 3-minute interval chart on February 28, 2021. At the time of publication, ETH prices have dipped over 10% today and lost 31% during the last week.
- Cardano (ADA) currently commands the third-largest market cap, and each ADA has been a coin that has notably outperformed other crypto assets during the last two days while most markets have been down. ADA) is expected to binance coin (BNB) trading for $197 per coin. The Binance-created token is down 11% on Sunday and 31% for the last week. Behind polkadot (DOT) trading for a touch over $30 per DOT.
- XRP has been pushed down to the seventh position and is down 10% today. Each XRP is trading for $0.39 per unit. Litecoin (LTC) is swapping for $155 a coin and is down a touch over 9% this weekend.
- The stablecoin USDC that’s managed by the crypto firm Circle has made it into the top ten crypto market cap positions. Currently, USDC is the eighth largest market valuation with $8.97 billion worth in circulation.
- Lastly, stellar (XLM) holds the tenth top position amongst the 8,000+ crypto tokens in existence. A single XLM is currently trading for $0.39 per unit and interestingly, is roughly the same value as XRP, as the Stellar network blockchain was designed in a similar fashion.
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What do you think about all the market action on Sunday, February 28? Let us know what you think about this subject in the comments section below.