Crypto market shows some weakness
Total market cap fell to $ 363 billion from $ 383 billion as $ 20 billion left the crypto market. Since then, the market has recovered somewhat and is hovering around the USD 369 billion mark. Almost every cryptocurrency was in the red . Among the top 10 cryptocurrencies by market cap, Bitcoin (BTC) held up the best, losing 3.3 percent despite failing to hold the $ 12,000. Ethereum recorded a loss of 3. percent and is thus just behind. Meanwhile, most of the other top 10 had a 24-hour loss of more than 5 percent, with XRP, Bitcoin Cash, and Bitcoin SV performing the worst at 6 to 7 percent.
Declining, but still OK?
Despite the decline, the Crypto Fear & Greed is still at 80, indicating that the market is still extremely greedy. Likewise, much of the market is still strongly in the green over a 7-day and 30-day period, which suggests that the bull market is not over yet.The medium to large cryptocurrencies seem to have suffered the most. According to Coingecko’s list of DeFi cryptocurrencies, 8 of the 20 largest DeFi coins are still in the green on the last day, compared to just one in 20 when looking at the top 20 cryptocurrencies by market capitalization. DeFi still has his moment.