The bears have taken control of the crypto market as major cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Ethena (ENA), Avalanche (AVAX), and Internet Computer (ICP) have seen significant negative performance over the past week and 24 hours.
This decline in the performance of major crypto assets has led to a nearly 1% decrease in the overall crypto market capitalization. An outflow of nearly $100 million has contributed to this current decline.
Bitcoin (BTC), being the leader and largest cryptocurrency by market capitalization, has had a mixed performance over the past 24 hours, trading above and below $61,000. It is currently trading at a price of $60,905, following a 0.2% increase in the past day. The asset has rejected from a notable demand zone on the 8-hour chart, and while it has been unable to break through the major resistance on the daily chart, there is likely to be a temporary surge from the current demand level before the continuation of the downtrend. BTC is down nearly 6% in the past week and 17.4% from its all-time high in March.
Ethereum (ETH) is currently trading at a price of $3,382, following a slight increase of 0.2% in the past day. The trading volume for ETH has decreased significantly, suggesting a decrease in market activity and interest. There is no notable demand zone in ETH’s chart, but it is reacting from a notable breaker lock on the 8-hour chart. ETH is still down 3.5% in the past week and roughly 30.7% from its all-time high of $4,878 in 2021.
Ethena (ENA) is currently ranked 95th among the largest crypto by market cap, and it has recorded a 1.7% loss in its value over the past day. ENA currently trades at a price of $0.5112, which is a 15.6% plunge over the past week. It has been on a freefall, falling 66.3% from its all-time high of $1.52 seen in April 2024. ENA is likely to see a short-term surge to the premium zone of the latest swing to take out liquidity to fuel the continuous downtrend.
Avalanche (AVAX) has seen a 1% decline in the past day, only a slight shedded gain from its uptick of nearly 7% in the past week. It is in a downtrend and now appears to be oversold, seeing a reversal to the premium zone to gather liquidity that will fuel its continuous journey to the downside.
Internet Computer (ICP) is ranked 25th among the largest cryptocurrency by market capitalization. The asset currently trades at a price of $7.95, down by 1.5% in the past day. This decline in the past 24 hours is an extension of its week-long plunge of nearly 5%. ICP has been on a freefall and its chart on the higher time frame is currently not showing where it is headed to or where it’s currently reacting from. On the slightly lower time frame, the chart shows that the asset has recently grabbed liquidity at a notable supply zone, which means ICP is likely to continue its plunge to the major swing low seen at the $7.5 region.
