After experiencing a brief gain on Monday as most of the cryptocurrency prices surged and moved into the green zone, the crypto market was once more under the influence of a bearish trend.
On Tuesday, 6, 2022, the global crypto market was back in the red zone. The sole reason behind this price decline was the string of rumors of rising inflation in the future. As a result market crypto market has lost the trust of investors.
Started with Bitcoin, despite the fact that on Dec 6, 2022, Bitcoin price experienced a slight downtrend in the price, the world’s biggest and most expensive cryptocurrency has shown resilience as it firmly stood at around the $17,000 mark.
It is important to understand that following the FED’s economic indicators investors are worried about future price hikes.
On the other hand, bears are still backing their long position on the price of Bitcoin.
Bitcoin Cash Price
The fact of the matter is that by the end of Tuesday at press time some of the biggest cryptocurrencies have shown a mixed trend of price rise and fall.
Talking of Bitcoin Cash (BCHUSD) the crypto coin surged by 1.12% in a single day as its price reached touched $110.85.
However, the biggest mover on Tuesday was Cardano (ADAUSD), losing the most ground, falling 1.10% to 32 cents.
Ether (ETH) Price on Tuesday
Apart from Bitcoin (BTC) and Bitcoin Cash (BCHUSD), Bitcoin’s nearest rival and the world’s second most expensive cryptocurrency Ether was also sluggish.
Despite going inflationary on Monday, the cryptocurrency somehow managed to stay above the $1,250 mark.
A Look at the Litecoin
Except for Litecoin, Shina Inu, and Tron, all other top crypto tokens were trading marginally lower on Tuesday evening.
The price of Litecoin rose by 4%, on other hand talking about Polkadot, the coin’s market price declined by 3%. Moreover, BNB, DOGE, and polygon coins have fallen by 2% in terms of their market value.
On Tuesday evening the cryptocurrency marketplace was the perfect blend of bear and bull run, it was the first time that majority of the cryptocurrencies have shown a mixed price indicator.
But the bearish trend was more prominent except for Bitcoin, Bitcoin Cash, and Litecoin.
Talking of other cryptocurrencies, Ripple (XRPUSD) experienced a fall of 0.39% to 39 cents, in its price.
Moreover, Uniswap (UNIUSD) has shown strong market progress as its market share rose by 2.52%. The crypto coin‘s price rose by 0.34% as it touched the $6.18 mark.
The Global Cryptocurrency Market Cap
Given the fact that on Monday, 5 December the stock markets across the U.S. plunged. It was expected that this will have strong implications for the cryptocurrency market as well.
But the crypto market showed strong resistance and against all odds, the market cap of the global cryptocurrency expanded.
The market capitalization of the cryptocurrency market has just surpassed the $866 billion mark. This shows a slight increase of 2% within the 24 hours’ time-space. The overall volume of trade rose steadily by about 9% to $33.10 billion.
Expert’s Take on the Current Development
Crypto analyst and the CEO of Mudrex said that it is an encouraging sign that crypto has surpassed the level of resistance above $17k and strongly holding its ground above $16k for almost the third day in a row.
For the coming few days Bitcoin will strongly remain the range bound. If Bitcoin somehow managed to remain at around the $17k mark following the rumors of all the economic woes, it will soon be crossing the $20k mark.
He also added that despite the fact that the cryptocurrency market on Tuesday was in the read range, Bitcoin holding its ground is a major sign of improvement for the market.
That’s why some of the other cryptocurrencies have shown steady price declines. Otherwise, these declines could be massive and more hurting.