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Cardano, XRP and MATIC Are Down by Double Digits as Bitcoin Falls to New Lows

Thu, 02/24/2022 - 09:51
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Tomiwabold Olajide
Overall sentiment measured by Crypto Fear & Greed Index reversed to ''extreme fear''
Cardano, XRP and MATIC Are Down by Double Digits as Bitcoin Falls to New Lows
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As seen on CoinMarketCap, the cryptocurrency market is a sea of red once again, with some of the leading altcoins plunging by more than 10%. Bitcoin dipped to fresh lows of $34,322, the lowest level in a month, while Ethereum plunged nearly 12% and was trading at $2,376 at press time.

In the last 24 hours, Bitcoin-tracked futures saw $143.29 million in liquidations—the most among all cryptocurrencies—followed by Ethereum futures at $120 million. Overall, the crypto markets saw over $457.55 million in liquidations, as per CoinGlass data.

Cardano and Avalanche, two of the top "Ethereum killers," are among the top laggards at the time of writing, plunging by 14% and 15%, respectively. The total market capitalization has now shrunk to $1.58 trillion amid the declines.

Despite recent positive developments in the Ripple v. SEC case that allowed the XRP cryptocurrency to buck the trend for a short period, the cryptocurrency has also cracked under pressure, tanking by 11.68%. In recent updates shared by defense lawyer James K. Filan, another positive win comes for the XRP lawsuit as, in a one-word order, District Judge Torres has denied the SEC's motion to file a sur-sur-reply in support of its motion to strike.

Layer 2 scaling network Polygon (MATIC) has careened 15.29% over the last 24 hours, according to data provided by CoinMarketCap. The token is currently trading at $1.30, as seen on CoinMarketCap.

Market sentiment shifts into ''extreme fear''

Crypto Fear & Greed Index
Crypto Fear & Greed Index, Courtesy:

As BTC price action dipped lower, sentiment played catch up as the spot price complemented bearish signals from markets. The overall sentiment measured by the Crypto Fear & Greed Index reversed to ''extreme fear'' from neutral levels.

At press time, the index measured just 23/100—characterizing "extreme fear.'' The sharp fall contrasts with behavior during the previous week, during which the index shifted into "neutral" territory.

Bitcoin is currently sitting at the $35,385 level on major spot exchanges.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.