- Bitcoin crashed 6.64% in the past week while ETH is down 10.35%.
- Blue chip tokens ADA and SOL crashed 15% and 12%, respectively in the last seven days.
- Meme coins also crashed with DOGE plummeting 11.13% in the past week.
The crypto market faced increased downward pressure as leading cryptocurrencies dropped with the start of a new month – October, a month commonly known as “Uptober” in the digital asset space. Many cryptocurrencies lost the gains they saw last month after tensions between Iran and Israel escalated.
According to CoinMarketCap data, the total valuation of the crypto market is $2.12 trillion, down almost 1% in the past 24 hours. The total volume in crypto trading is above $81 billion, while Bitcoin (BTC), the market leader, holds a 56.9% dominance. Ether (ETH) dominance is at 13.5%.
Read also: Bitcoin vs. Gold: BTC Loses Ground as Central Banks Drive Gold to Record Highs
In the past seven days, Bitcoin fell 6.64% while ETH crashed 10.35%, and at the time of publication, they are trading at $61,012 and $2,373, respectively. The Bitcoin market cap is $1.2 trillion while ETH is valued at $285 billion, and their respective trading volumes are $34.9 billion and $18 billion.
The crypto market Fear and Greed Index sits at 41, which indicates fear is prevalent in the digital asset space, according to data from alternative.me. Last week, the sentiment was greedy, with the Index at 61. This shift suggests that sellers are taking profits from the gains made this year.
Altcoins Nosedives
Leading altcoins in the crypto market also fell, including blue chip tokens Cardano (ADA), Solana (SOL), BNB, and XRP. ADA dropped 15% in the past seven days, while SOL and BNB fell 12.06% and 9.22% over the same period. XRP dropped 10.51% in the past week.
Meme coins also saw significant losses, with Dogecoin (DOGE) falling 11.13%, Shiba Inu (SHIB) dropping 12.59%, and Pepe (PEPE) losing 9.05% in the last seven days.
Read also: Ethereum Dominates DePIN Sector, Powers 57.5% of All Projects
It appears that the increasing geopolitical tensions in the Middle East have negatively affected the sector. While Bitcoin has absorbed all the FUD so far, the leading cryptocurrency hasn’t been able to break above $70,000.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
