After a few bad months, the crypto market seemed to be moving in the right, green direction again. Some coins even recorded very spicy returns. For example, Zilliqa even multiplied more than 4 times since the low in November.
A reversal in the crypto market
Unfortunately, the whole market seems to have turned around again. Over the past 7 days, Bitcoin dropped by a whopping 11.5%, while Ethereum posted a 13.4% decline. As you may know, the rest of the market often moves just a bit stronger than Bitcoin or Ethereum in these kinds of sell-offs, because these coins have smaller market caps, making them more volatile.
For example, Solana fell nearly 25% over the past week, as did Luna and Avalanche. Fantom and Aave dropped over 30%. The largest decline, within the top 100 market cap coins, was seen last week from Waves, which had their value cut in half. Oh dear.
Opinions are divided about the current state of the market. While some say that we are moving back into full bear mode, others still have hope for a bounce from the next support, which is currently around $40,000. If this support is broken, we could go as low as $35,000, or even $30,000, according to our experts in the VIP group.
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