It seems we are seeing another bear revival this morning as the leading cryptocurrency is showing signs of depreciating again. The crypto market issued a collective sigh of anger as the first three cryptocurrencies were Bitcoin, Ethereum and Binance Coin. They are all showing signs of escaping from the small explosion we saw yesterday. Will another bear run begin? Will the best cryptocurrencies lose their working positions in the last 24 hours, or will things look like this again?
Cryptocurrency market cap has not suffered too much, but it is reasonable to expect further price declines when we face another drop. At the time of writing, the cryptocurrency market cap is $2,266,239,348,344, roughly a billion less than yesterday. It’s still not a big deal to worry about, but forecasters predict it will only go down from now on if we take into account the bearish slopes of the past. The new opportunity for another bear run raises the question in investors’ minds, when will cryptocurrencies bounce back?
Can Bitcoin reach $50,000 before the end of the month?
There is always a risk that the crypto market will continue to suffer over a long period of time as trading volume and market value fluctuate up and down. This year is no different, it is unknown when and how long the weak trend will continue, but sometimes not enough to crush investors’ expectations. Those who study cryptocurrencies on a regular basis know that this is unstoppable, but it begs the question, can Bitcoin get back up to $50,000 in the remaining ten days of 2021?
Right now, $50,000 seems so close but so far away as Bitcoin drops to $48,530. Bitcoin came close to hitting $49,450 as the downward trend continued. Now that Bitcoin has lost nearly a thousand dollars in value, Bitcoin is showing a 0.76% loss in market value, which in turn affects its market cap at $918,465,796,745. Trading volume suffered 18.973% more than yesterday, reaching $24,482,018,443.
Ethereum and Binance pull the short end of the stick
Like Bitcoin, Ethereum is losing more than ever, losing nearly 1.41% in value per minute. Ethereum is trading at $3,965 at the time of writing, despite losing nearly $75 in value. The market cap is lowest at $471,442,720,540 while trading volume shows a heavy 29.73% loss to $14,071,822,525.
Binance did not suffer as much as Ether, but in the tug-of-war with the crypto market, it lost as much as it won. NBB hit $537 just two hours earlier but is now trading at $532.41. The market cap is currently $88,813,552,820 while trading volume has seen a downward trend from $1,354,056,069.
Near Protocol and Iota show an increasing trend.
This is not the first time Near Protocol has dominated the winners list. It survives thanks to a single-level blockchain service for managing the computer platform. He was often on the losing list, but not that often. Today led a bullish run with a 22.34% gain and lifted the price to $10.37. Market cap and trading volume increased to $6,434,990,581 and $709,876,018, respectively.
On the other hand, Iota is following Near Protocol’s steps exactly on the winner’s ladder. Iota is a distributed registry, but not a blockchain, which makes it different from others. Its uniqueness in the market has helped the MIOTA token grow exponentially and is now number two on the list of winners with a price tag of $1.29
As usual, that thought crossed the minds of investors; When will it end? The bear moves last for so long that it is boring for the crypto market. People usually use cryptocurrencies to make money and to rejuvenate. However, in a bear market that shows no signs of retreating, there isn’t much that can be done to get comfortable with your cryptocurrency. We look forward to the crypto market ending the year in nine days.