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Bitcoin, Ethereum, Dogecoin Price Analysis as Market Continues the Fall

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After the last FOMC meeting, crypto markets have clearly made a reverse dive for whence Bitcoin showed to be holding the area between $37,500 and $40,500. 

Since the last touchdown at all-time highs in November, Bitcoin currently sits at $33,000 at the time of writing, erasing multiple weekly gains and falling to multi-week lows similar to July 2021. 

Moreover, the fall back to $33,000 has also been recorded as the lowest daily close since summer last year. With the Bitcoin Dominance at 42% and the total crypto market at $1.494T, thereby incurring a total loss of $300 billion from crypto markets altogether with Bitcoin market cap at $635 Billion.

Altcoins Keep hitting the lower Numbers

Akin to the Bitcoin, altcoins have been on a freefalling spree for the past 4 days with many of them recording multi-month lows. 

Ethereum registered a loss of nearly 33% since the March rally and 5.2% on 24H time intervals; the asset is currently sitting at $2,400. Also, the crash’s impact on ETH’s gas price has been positive, with average GWEI falling from two-yearly highs on May 1 at 474 to a mere 29.48 GWEI at the present date. 

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Binance Coin, which is down by 7.5% in a day, is now trading at $329 after standing above $400 less than a week ago. Dogecoin and Terra also have declined in similar ratios.

Solana, Ripple, Cardano, Polkadot, Avalance, and Shiba Inu have lost even heavier chunks of value.

WAVES and NEAR Protocol are among the few exceptions, with a notable price increase of 9% and 5% respectively.  Consequently, Waves & NEAR trades above $14 and $11.

 

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Jatin Sewani is crypto markets writer/reporter based in India. He is skilled in onchain as well as technical analysis. He's currently pursuing actuarial science which lets him look at things from a risk-based perspective.

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