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BTC, SOL, ADA, SHIB: Market in Sea of Red

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Fri, 03/04/2022 - 07:00
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Alex Dovbnya
The cryptocurrency market has taken a bearish turn after buyers got caught in what appears to be a bull trap
BTC, SOL, ADA, SHIB: Market in Sea of Red
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The cryptocurrency market is under severe selling pressure as of now after failing to sustain its bullish momentum.  

The total market capitalization has shrunk by $65 billion over the last day, slipping below $1.8 trillion. It is now down 40% from the Nov. 10 peak of roughly $3 trillion.       

Solana (SOL), Avalanche (AVAX) and Ethereum (ETH) have taken the biggest losses, plunging by more than 6%.

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Solana (SOL) Stumbles as Market Action Remains Anemic

Bitcoin, the world’s leading cryptocurrency, slipped to $41,077, the lowest level on Feb. 28.

The cryptocurrency is now down almost 10% in less than three days, putting bears back in the driver’s seat.

Bitcoin tanked to $34,324 on Feb. 24, hitting a one-month low. However, it then managed to stage impressive price recovery and ended up reclaiming the $45,000 level for the first time.

Meme coins, such as Shiba Inu and Dogecoin, are also down more than 3%.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.