Bitcoin, undoubtedly the most popular cryptocurrency token, hasn’t been faring well lately. Ever since the start of the crypto winter earlier this year, Bitcoin has lost more than half of its value. However, the crypto winter was initially believed to last for a few weeks, but that didn’t turn out to be true. The crypto market has been in a state of ruins as a result of a considerable number of factors. The FED is equally responsible due to jacking up interest rates. The FTX collapse made an already dire situation even worse. Investors inevitably faced great losses and lost faith in investing in crypto.
Bitcoin and Altcoins Face a Decline
Based on the current situation, Bitcoin, including other altcoins haven’t been exactly doing well in the crypto market. They have been mentioned as follows.
Bitcoin: Bitcoin managed to cross the $17k mark a while ago, but it didn’t exactly last long. At the time of writing, the token is trading for nearly $16,478 and is down by 0.82% over the last 7 days. Similarly, Bitcoin currently has a total market cap of $317 billion.
Ethereum: After Bitcoin, the next on the list is ETH. ETH has been steadily declining throughout this year. There were instances of the token regaining value, but all was in vain. As of now, ETH is trading for $1190. Keeping that in mind, the token also has a market cap of roughly $145 billion.
Solana: The values of many altcoins rely on the price of Bitcoin, and Solana is no exception either. Since the previous 7 days, Solana has been down by a whopping 22.26% percent and is trading for $9.15. The token has a total market cap of $3.36 billion.
XRP: Next on the list is XRP. At the time of writing, the token is trading for $0.3369 and has lost its value by 1.81% since last week. Crypto currently has a total market capitalization of approximately $16.98 billion.
ADA: The last token on the list is ADA. At the time of writing, the token is trading for $0.2416 and has been down by nearly 3.51% since last week. Similarly, ADA currently has a market cap of approximately $8 billion.
With the new year just around the corner, it is widely believed that these cryptos, including Bitcoin, will soon regain their value. However, it purely depends on certain situations being eased out if investor confidence is restored.