The cryptocurrency market has firmly fallen under bear control, with major assets such as Bitcoin (BTC), Ethereum (ETH), Ethena (ENA), Avalanche (AVAX), and Internet Computer (ICP) all showing negative performances over the past week, extending into the last 24 hours.
The collective decline of these leading cryptocurrencies has contributed to an overall drop in market capitalization by nearly 1% in the past day, following an outflow of nearly $100 million.
Bitcoin (BTC), as the dominant player by market cap, continues to wield significant influence over the market. Over the past 24 hours, BTC has experienced mixed trading, hovering both above and below $61,000. Presently, it trades at $60,905, marking a slight 0.2% increase. Despite encountering resistance on the daily chart, recent trading suggests potential temporary gains from current levels before resuming its downtrend. BTC remains down nearly 6% for the week and 17.4% from its all-time high in March.
Ethereum (ETH) is trading at $3,382, reflecting a minor 0.2% increase in the last day. However, a stark drop in trading volume, plummeting from $11 billion to below $7 billion, suggests dwindling market activity. ETH shows no distinct demand zone but is reacting from a significant technical level on the 8-hour chart, amidst a continued downtrend. ETH has declined 3.5% over the week and approximately 30.7% from its 2021 peak of $4,878.
Ethena (ENA), ranked 95th by market cap, has seen a 1.7% decrease, trading at $0.5112, against a backdrop of a substantial 15.6% weekly decline. The asset remains oversold, hinting at a potential short-term recovery to liquidate recent gains before resuming its downward trajectory.
Avalanche (AVAX), ranked 13th, recorded a slight 1% decline from its recent week’s uptick of nearly 7%. This correction follows a notable influx of $54 million to exchanges, pushing AVAX below $25. Oversold conditions suggest a temporary rebound to gather liquidity before further downside movement.
Internet Computer (ICP), ranked 25th, trades at $7.95, down 1.5% in the past day, continuing a weekly decline of nearly 5%. Technical indicators point to ongoing bearish momentum, with short-term liquidity grabs indicating potential declines towards the $7.5 support level.
These trends highlight a challenging period for cryptocurrencies, characterized by volatility and downward pressure across major assets.
