Crypto markets overview; what to expect in the near future?

Cryptocurrency markets have tumbled down over the previous 24 hours. According to CoinMarketCap data, the global market cap has dropped 4.87 percent in the last 24 hours and is now $1.21 trillion as of 8:00 a.m. IST.

Bitcoin has lost 4.84 per cent of its value and is now trading at $29,380. Ethereum has also shown a big slump and is now trading at $ 1,731 following a 6.83 per cent drop.

In the previous 24 hours, the USDT Tether has lost 0.01 per cent of its value. The USDC stablecoins, on the other hand, experienced a 0.05 per cent rise and maintained their $1 peg.

The BNB token has lost 7.44 per cent of its value in the last 24 hours. Solana lost 4.39 per cent of its value. Ripple XRP is also down. In the last 24 hours, it has dropped 4.14 per cent.

The decrease in the ADA token was 2.54 per cent. Dogecoin’s value plummeted by 4.60 per cent.

Overall, the big top tokens have lost a significant amount of ground in the recent 24 hours, and this is what experts have to say about this.

 Shivam Thakral, CEO of BuyUcoin told Business Today, “ The upward momentum for Bitcoin was slightly restricted due to the broader sell-off in the Asian and the US markets.”

Speaking about what might be the overview of the crypto markets in the near future, he said, “ The much-needed relief in the crypto market will come from the inflation cooling off and the Fed relaxing the monetary policy and interest rates.”

He also added, “ It is important to note that the U.S. will release a consumer price index will be released on coming Friday which will be a litmus test for Fed’s strategy to tame inflation.”

When asked about cryptocurrencies apart from Bitcoin, Thakral said, “Altcoins like Solana, Cardano, and Matic witnessed double-digit gains during the day trade which contributed to the large inflow of funds into the crypto ecosystem.”

The CoinDCX Research Team told Business Today, “Crypto endured a choppy session, with bitcoin climbing to highs of $31,700 before shedding 7.2% to lows of $29,400. The ‘buy the dip’ sentiment continues to be strong, where addresses with a balance of more than 1 BTC climbed to an all-time high of 849,000 amidst a relatively flat price action.”

When asked about what this might indicate, he said, “ These can potentially imply that there are more people HODLing and looking to accumulate crypto, likely using BTC as a store of value and inflation hedge for the long-term, as opposed to short term speculation.”

Finally, speaking about their expectations from the markets, they said, “Despite the general weakness in the markets, we remain optimistic on a resumption of the bull market, provided the macroeconomic picture improves significantly for the better.”

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