CryptocurrencyPrice Analysis

The Crypto Market Today – SOL, DOT, DOGE Lose Up To 9%

The overall cryptocurrency market capitalization lost 4% over the past day but still maintains the $2 trillion level. On the other side, the crypto volume surged more than 1% to stand at $116.49 billion.

Digital assets trade in the red today, Wednesday. That comes after most investors book their profits following the recent bullish moves. The top ten coins traded lower early on Wednesday. The downtrends saw XRP, Solana, and Dogecoin dropping between 7 and 9%.

Meanwhile, the global market capitalization maintains around $2 trillion, following a 4% loss over the previous 24 hours. Nevertheless, the overall crypto volume increased by more than 1%, standing at $116.49 billion.

As much as the past day had most assets falling, the crypto market saw upside trends over the week. The lucrative price actions saw BTC and ETH trading in green. Cardano managed to claim the 3rd spot as far as market capitalization is concerned.

Central American nations are now interested in El Salvador’s crypto movements. Keep in mind that the country legalized Bitcoin a few months ago. The LATAM countries want to see whether BTC as a legal tender will reduce remittances costs.

On the other part, Citigroup Inc. plans to offer BTC futures trading for specific institutional customers. That is according to the development bank spokesman. Such moves come as the cryptocurrency witnesses increased demand.

The crypto space saw profit booking over the last 24 hours. Edu Pate, Mudrex CEO, said that Bitcoin saw the marginal impact while most altcoins experienced massive corrections.

Patel explained that the corrections are usual and have a higher probability of happening when assets attain psychological resistance. Mudrex founder believes that Bitcoin will head to $50,000 soon if the crypto claims support at its current price zones.

Indians are investing in crypto in large numbers for now. That came as coins like BTC attained the critical levels at $50K on Sunday. Foreign and Indian crypto exchanges have witnessed increased trading values and volumes. In another suggestion towards the government, crypto players recommend IFSCA to regulate cryptocurrency transactions.

What do you think about the current situation in the crypto space? Share your views below.

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