Quiet Crypto Market Heads into Further Decline

The crypto marketplace fell dramatically on Thursday last week, with Bitcoin (BTC) falling to its lowest level in weeks. Bitcoin dropped 3% on Thursday, but other coins declined even further, including Solana (SOL) and Ethereum (ETH).

This panicked slide did not appear to have any instigating factor. Analysts are putting it down to an unstable market that is fearful of where the economy is headed and the future of the crypto marketplace.

The market softened on Friday, leading to a small increase across much of the crypto market and less dramatic movement overall. By Sunday, the majority of the market had regained much of its losses.

Ethereum dropped from $2,673 (ETH/USD) to $2,540 on Thursday but then managed to climb back up to $2,675 by Sunday. The story plays similarly across the crypto market, with many of the tokens returning back to approximately where they were before the decline.

The Monday Drop

On Monday, the crypto market fell again, led by Bitcoin’s 2.86% decline. We are seeing a drop today that is on par with what happened on Thursday, and it has investors worried.

Ethereum is also down today, falling by 3.20%, echoing Bitcoin’s movements with a similar decline. Dogecoin (DOGE) is down 3.85% as well, marking one of its sharpest drops in a while. Cardano (ADA) and Avalanche (AVAX) have fallen 2.5% and 2.49% respectively.

Not all of the crypto market is down today, though. XRP (XRP) climbed 0.79% Monday morning, bucking the wider market trend. The very resilient Toncoin (TON) is up 1.67%, perhaps off the recent news that there would be more ways to earn and use Toncoin in the rapidly growing Telegram network starting soon.

Tron (TRON) is up as well, gaining 3.53% over the last 24 hours, which could be due to new reports of its massive liquidity pool. The coin is backed by $60 million in USDT.

The overall trend for the crypto market is bearish, but there are a few bright spots. Even though the majority of the crypto market is unstable and fragile, a few coins are holding their own and keeping up the consumer sentiment for the market.