{"id":132952,"date":"2023-02-09T13:58:10","date_gmt":"2023-02-09T13:58:10","guid":{"rendered":"https:\/\/crypto-economy.com\/?p=132952"},"modified":"2023-02-09T14:46:51","modified_gmt":"2023-02-09T14:46:51","slug":"most-cryptocurrencies-are-in-the-red-what-is-going-on","status":"publish","type":"post","link":"https:\/\/crypto-economy.com\/most-cryptocurrencies-are-in-the-red-what-is-going-on\/","title":{"rendered":"Most cryptocurrencies are in the red. What is going on?"},"content":{"rendered":"

Today, most of the leading cryptocurrencies<\/a><\/strong>, including Bitcoin,<\/a><\/strong> are experiencing a downturn, with losses ranging from 0.03% to 4% in the last 24 hours. Despite this recent dip, Bitcoin’s value has still increased by 40% since the start of the year, rising from $16,000 to its current price of $22,690.<\/span><\/p>\n

This recent surge has led some traders to believe that it could signal the end of a prolonged bear market. Despite this optimistic outlook, the momentum seen in January has largely dissipated in February, with Bitcoin starting the month at around $24,000.<\/span><\/p>\n

The most popular coin started declining with the rest of the market after briefly touching the $24,000 level on the 2nd of February. It remains the leading cryptocurrency, with a market cap of $436 billion<\/strong> and a 24-hour trading volume of $29.6 billion at press time.<\/span><\/p>\n

The second largest coin, Ethereum (ETH)<\/strong>, also followed suit, decreasing by 2.62% in the last 24 hours. ETH currently trades at $1631, with a market cap of $200 billion and a trading volume of $8.68 billion.<\/span><\/p>\n

Other popular altcoins are not exempted from the dive, as BNB, Ripple (XRP), Cardano (ADA), and Dogecoin (DOGE) have also declined by respective percentages of 3.16%, 1.65, 2.93%, and 3.83% in the past 24 hours.<\/span><\/p>\n

\"Most<\/p>\n

On the other hand, MATIC, the crypto that powers the Polygon Layer-2 scaling blockchain network, seems to be the only top-10 crypto in green at the moment. MATIC had an increase of 2.73% in the past day and about 8.20% in the last seven days.<\/span><\/p>\n

What’s going on?<\/h2>\n

The cause of the recent decline in the price of cryptocurrencies remains uncertain<\/strong>, however, some market participants believe that the Federal Reserve’s recent statement indicating a continuation of aggressive interest rate hikes may have played a significant role.<\/span><\/p>\n

Jerome Powell, Federal Reserve Chairman, spoke in favor of accelerated interest rates to combat inflation at the Economic Club of Washington.<\/span><\/p>\n

The comments appeared to support Bitcoin (BTC) as the federal bank was starting to control inflation, however; the market situation has taken a turn in the opposite direction.\u00a0<\/span><\/p>\n

Despite the current dip, some experts are predicting that Bitcoin (BTC) has exited the bear market<\/strong>, while others believe a 25k value is more probable than 20k.<\/span><\/p>\n

\n

#Bitcoin<\/a> <\/p>\n

I really think ~$25.000 is like a magnet for $BTC<\/a>.
But then, it gets really interesting.<\/p>\n

In Bitcoin history, the slow EMA's (grey bands) in the CM Guppy indicator have ALWAYS been the most significant resistance.<\/p>\n

Rejection = Goodbye!
Breakthrough = Incredible FOMO pic.twitter.com\/sLm12HHIid<\/a><\/p>\n

— \ud835\udd44\ud835\udd60\ud835\udd66\ud835\udd64\ud835\udd65\ud835\udd52\ud835\udd54\u24d7\ud835\udd56 \ud83e\uddf2 (@el_crypto_prof) February 9, 2023<\/a><\/p><\/blockquote>\n