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What Is Going On with Crypto Today: Is the Crypto Bull Run Over?
The crypto industry is facing a tumultuous day as the global cryptocurrency market cap plunges 8.71% in the past 24 hours, currently standing at $3.22 trillion. Amidst this volatility, Bitcoin dominance has increased to 57.79%, highlighting a shift towards more established cryptocurrencies amid broader corrections.
Bitcoin’s price dropped by 7.89% and is currently trading at $93,937.54. Despite this sharp decline, the trading volumes have surged by 24.14% to reach $118.97 billion. However, the Fear & Greed Index has plummeted to a “Greed” score of 62, warning investors about the potential for further losses.
The price action today highlights that Bitcoin’s dominance, though increasing, should not be seen as a reason to rejoice. The market may still continue to see significant corrections before the year-end, and traders must remain cautious when making investment decisions.
As Ethereum, Solana, and XRP struggle with double-digit losses, the crypto community is left wondering whether the bull run has indeed come to an end. Notable movers include MOVE, which surged 10.93% in a day, followed by HBAR and MNT, which saw gains of unknown magnitude.
In conclusion, it appears that the crypto market’s recent upward momentum may be losing steam, with Bitcoin’s dominance rising as investors flock towards established cryptocurrencies. This could potentially be a signal for further market corrections before year-end.
As always, we encourage our readers to stay informed and make educated decisions in these uncertain times.
Source: coinpedia.org
