Bitcoin and Ethereum Officially Lose Momentum as Crypto Market Cap Slips Closer to $2 Trillion

The crypto market has been disappointing the investors lately. The global market cap has slipped closer to $2 trillion after plunging by 8.14, and the FGI has shifted to 38 points under Fear.

The crypto market has slipped into the red zone once again, with the global market cap dropping by 8.14%. The fear and greed index has shifted to 38 points under Fear.

Bitcoin and Ethereum both lost momentum after a brief rally last week. BTC is now trading at $55,141.73, down by 6.62%. ETH slipped to $2,909.41, down by 10.29%.

Meme coins also took a hit, with the global market cap of meme coins plummeting by 18.13%. DOGE and SHIB both lost around 18% in a day.

Here’s a closer look at the market performance over the last 24 hours.

Crypto market loses steam

The crypto market has taken a downturn after a brief period of recovery last week. The global market cap has slipped closer to the crucial support of $2 trillion, currently sitting at $2.006 trillion. This marks a decrease of 8.14% and points toward a bearish market.

However, the fear and greed index has shifted to 38 points under Fear, indicating that the market may be overreacting to the recent downturn. This could present an opportunity for a factor to come into play and propel the market back up.

Bitcoin, Ethereum lose momentum officially

Bitcoin (BTC) has slipped below the crucial support level of $60,000 once again. After briefly trading above this level on Monday, BTC began to lose steam and dropped to a press time price of $55,141.73.

This marks a decrease of 6.62% and comes after BTC dropped to as low as $53,000 earlier this week. Near-term predictions for BTC remain bullish, but that is likely to change given the circumstances.

Ethereum (ETH) also lost momentum and dropped below the support level of $3,000. After briefly trading above this level on Monday, ETH began to lose steam and slipped to a press time price of $2,909.41.

This marks a decrease of 10.29% and adds to the losses incurred by ETH over the past week. Despite the recent bullish speculation about the approval of Spot Ether ETF by the US SEC, Ether has lost more than BTC.

All eyes on meme coins, but they’re also shrinking

Meme coins, which are typically driven by community support and online trends, might still perform better. But the segment has chosen to go with the flow and is, therefore, on a shrinking spree.

The global market cap of meme coins has plummeted by a staggering 18.13%, highlighting the severity of the sell-off. Furthermore, the top two tokens in the category have experienced the most significant losses.

DOGE and SHIB are down by 18.53% and 18.49%, applicable in the same order, in the last 24 hours. These losses are a continuation of a trend that began last week and show no signs of abating.

Dogecoin has something more to worry about – its market cap is now hovering around $13.6 billion. This is down from the highs of over $17 billion and acts as a major hit to its reputation as the meme coin with the highest market cap.

PEPE was last seen listed at $0.000007909, reflecting a drop of 19.04% during the same timeframe.

Other gainers and losers

It is hard to believe but gainers in the crypto market have gone scarce when the article is being drafted. LEO is slightly up by 0.86%. It falls short of instilling a sense of hope among traders and investors.

DAI has gained 0.02% with no positive effect whatsoever. DADDY has made a significant gain of 2.78% in the last 24 hours; however, it has fallen by 0.57% in the last hour. PEIPEI has positively fetched 1.28% in a day and notably 239.93% in the last 7 days.

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