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The Crypto Market Suffered Another Tumble Today, But There Are Signs of An Uptrend

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The cryptocurrency market appeared to have locked a great start earlier today before the majority of the assets lost ground. Save for stable coins, the rest of the market turned pretty much red. The total cryptocurrency market capital fell below $1.79 trillion as per CoinMarketCap data.

Ethereum, Cardano, and Avalanche, which were all enjoying decent gains on Monday morning, tumbled and formed red candles. Even Solana’s native token, which seemed to be holding steady onto its ascent, came under threat. However, in the last hour, positive sentiment has crept into the market and cryptocurrencies are back in the green.

Ethereum (ETH) is down 6% over the last 7-days

Ethereum’s native token took a beating but has emerged strongly over the last few hours. It is currently swinging at $2,712.32, eyeing a break above $2,750. While Bitcoin has gained 1.6% in the last 24 hours, Ether has seen a 3.1% rise. However, both have shed more than 6% in the last seven days. The latter is down 6.3%, while the flagship crypto has posted a slightly more significant tumble of 8% during the same period.

To learn more about this token visit our Investing in Ethereum guide.

Cardano (ADA), Avalanche (AVAX) and Polygon (MATIC) up more than 3.5% in the last hour

The native tokens of Cardano, Avalanche and Polygon have seen a positive 1-hr price change of 3.7%, 4.3% and 4.6%, respectively.

ADA has gained 1.8% on the day and is grappling to stay above $0.945. The coin already lost support at $1.00 – a level that has historically proved crucial. Some market analysts have cautioned that the psychological support could become a resistance level for ADA traders if the token sees more losses.

The situation is almost similar for AVAX/USD, which has again fallen below $80. The pair surged to an intraday high of $82.58 but has shed most of its accrued gains. The token is currently hovering around $78.50 –up 0.8% in the last 24 hours.

MATIC/USD shot up to a $1.61 high earlier today but has largely been on a decline until a few hours ago. The token crashed below $1.50 but has recovered to $1.54 – up 2.05% in the last 24 hours. Market data accentuates the market recession as MATIC is trading almost 7% lower than it was exactly a week ago.

To learn more about these tokens check out our Cardano, Avalanche, and Polygon guides.

Terra (LUNA) survived Monday’s tumble

While other major coins saw modest losses earlier today, Terra’s LUNA token has remained steadfast. The coin has maintained green arrows in both 1-hr and 24-hr timeframes since the start of the day. LUNA rallied to a $52.26 peak today before backtracking towards $50.

The token is currently trading at $52.20 against the dollar – up 6.80% in the last 24 hours. Despite being the only major token with a green candle for the better part of the day, LUNA is still roughly 50% off its all-time high.

Solana’s SOL appeared to weather the storm alongside LUNA earlier but got overwhelmed as the bearish pressure intensified. Worth noting, Solana is eighth-ranked in market capital – one position ahead of Terra and two ahead of Avalanche. Avalanche, sitting in tenth place, has a market capital of $19.24 billion, while Terra has an equivalent figure of $20.13 billion.

To learn more about this token visit our Investing in Terra guide.

Algorand (ALGO) sets a multi-week low

Lesser-known altcoins like Algorand are also suffering the wrath of the bear market. The price of Algorand’s token ALGO has been descending path since Saturday. ALGO fell below $0.88 on Saturday before crashing lower to $0.8357 on Sunday. The token surged to $0.878 today before sharply falling to a 30-day low of $0.82, according to CoinMarketCap data.

To learn more about this token visit our Investing in Algorand guide.

Sam is a financial content specialist with a keen interest in the blockchain space. He has worked with several firms and media outlets in the Finance and Cybersecurity fields.