Bitcoin Struggles as Altcoins Lose Earlier Gains

The cryptocurrency market is bearish today as Bitcoin hit a minimum of $55,000Similarly, altcoins like Ethereum, Solana, and XRP are in the red as Global cryptocurrency market capitalization drops to $2.18 trillion.

Bitcoin is trading at $57,126, with a slight price change over the last 24 hours.

Bitcoin (BTC) to Break Downward Trend

Bitcoin has remained below $60,000 for weeks as the Sellers continue to dominate and increase its price.

In particular, bearish events such as the FUD from Mt. Gox Settlements they capped the price of BTC. However, Metaplanet of Japan The accumulation of more BTC tokens fueled hopes of a recovery, helping BTC surpass $57,000.

Ethereum Price Outlook

Ethereum showed a bearish outlook today but improved slightly to trade above $3,000. The anticipation of Spot Ethereum ETFs launch helped Ethereum price despite the downtrend. Furthermore, ETH Scarcity has increased and will likely increase in value in the coming weeks.

XRP Price Action

XRP also mirrors the overall bearish trend, trading at $0.43 price level with a 9.7% price drop in the last week. XRP’s 24-hour low was $0.40 and its peak was $0.44 as it struggled to reclaim the $0.50 price level.

According to cryptocurrency analyst Dark DefenderXRP has reached the last Fibonacci support of $0.3917. He believes that XRP is already oversold and a recovery rally is imminent. Hence, his possible XRP targets are $1.88, $5.85, and $18.22.

Dogecoin and Shiba Inu Price Action

Dogecoin has lost 12.7% of its gains this week and is trading at $0.1098 today at 5:36 EST. Although Dogecoin faces price uncertainty, its strong community will likely force a recovery soon.

In reverse, Shiba Inu Dog has seen a 2.5% increase in the last 24 hours and is currently trading at $0.00001679.

Second Shiba Inu DevelopersThere is so much FUD in the market, which signals that new retail traders are active. Therefore, they urged the SHIBArmy to remain calm and focused despite the bearish sentiments.

Other Crypto Assets Show Mixed Investor Sentiments

DISGUST has gained 4.4% in the last 24 hours, settling at $0.00002323. PEPPER fell 2.6% in the same time frame, trading at $0.000009008. PEPE has shed 22.6% of its gains in the past week, as sellers have dominated.

FLOKI shows a similar decline of 14.5% this week to trade at $0.0001451 today. Additionally, Jupiter (JUPITER) dropped 4% today and is trading at $0.7344. Wife is among the biggest losers today, shedding 7% of its gains to trade at $1.74 and losing 23.9% of its value in the past week.

Thus, the decline of Bitcoin has led to a bearish outlook for most meme coins and altcoins. Based on negative investor sentiment, Bitcoin is still trading below the $60,000 price level.

However, Ethereum and other assets like Shiba Inu are deviating from the bearish trend based on developments in their ecosystem.

Disclaimer: The views expressed in this article do not constitute financial advice. We encourage readers to conduct their own research and determine their own risk tolerance before making any financial decisions. Cryptocurrency is a highly volatile and high-risk asset class.

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