Market Sees Broad Price Slump as Bulls Refuse to Hold the Forte
Bitcoin, Ethereum and the majority of altcoins are shedding off their price gains in the past couple of days
The cryptocurrency industry opened the new week to a broad price reversal, as Bitcoin (BTC) and a host of altcoins pared off the gains accrued in the course of the past week. The encroaching price slump is majorly reflective in the global crypto industry market cap, which is down 5.21% to $1.75 trillion.
The broader market and the imminent price slip can be seen as either a healthy retracement to the bullish runs experienced in the past days or a response to the yet-to-be passed Infrastructure bill in the United States and its potential impact on the global crypto industry. Whichever factor is fueling and strengthening the bears' position. Many investors may see this Monday prices as a good discount to take new positions on a broad range of coins.
Bitcoin Leading the Downward Surge
Bitcoin was trading at $43,703.28, down 2.83% in the past 24 hours. Despite the drop in the premier cryptocurrency’s rate of gain, it has maintained a stable growth trend above the $43,000 support zone. Bitcoin bulls are showing strength at this level, and a breach below this point can drive prices down toward $40,000.
The upgrade to EIP 1559 protocol in the Ethereum (ETH) blockchain was experienced last week, and the price growth it ushered in has tapered down. After inching a 30-day price high of $3,184.60 in the past days, Ethereum bears are currently overweighing the market, pushing the price down by 6.28% to $2,945.37 at the time of writing.
Other altcoins, including Binance Coin (BNB), Cardano (ADA), and XRP (XRP), are also slipping off to retest their 7-day lows. In the face of a persistent price drag, altcoins with gains, including XinFin Network with a 23.16% increase to $0.098 and Chiliz (CHZ) with a 5.89% growth to $0.3089, will also fall to the cold hands of the market bears.
With the decision on the US infrastructure bill set to be made this week, exciting new events cannot be ruled out for the crypto ecosystem.
Image source: Shutterstock
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