- After a week of the positive rally, the market slumps back to red.
- Bitcoin and Ethereum lost 3.3% and 5.7%, respectively in 24 hours.
- A Twitter (NYSE:TWTR) analyst reminds users to take profits this week.
The market gains are gradually starting to wear off after a busy positive week. Following a week of positive rallying, the market is showing signs of slumping back with a single day of digital losses in the last 24 hours.
The market was displaying signs of recovery this week after the prolonged bear market conditions. The gains seem to have worn off, as the market currently dipped back into the red.
A Twitter analyst who goes by the name IncomeSharks wrote on Twitter that the crypto market is cooling off after a huge week. The user also added that the only bags they are holding onto are Bitcoin (BTC) and Ethereum (ETH).
#Crypto cooling off after a huge week. Same with #Stocks. Only thing I’m holding through this is spot $BTC and $ETH. Waiting for the wild week next week to play out. https://t.co/t3Pf5caNuK pic.twitter.com/qe7dB0Ibr3— IncomeSharks (@IncomeSharks) July 21, 2022
Ethereum showed the most gains over the last seven days, with over 38.61% gains. ETH fairly outdid BTC in terms of gains. During the last week, Bitcoin only showed a 15.9% increase.
ETH dropped from $1,800 to $1,200 before plummeting to $980 at the beginning of the month. However, after breaking above the $1,500 barrier yesterday, Ethereum has picked up more steam this week.
Additionally, the users who managed to scoop a bag during the dips have also benefited.
The past day’s news about Tesla’s disclosure selling 75% of its bitcoin holdings reportedly surged the price of the coin last night. But, its price again went down tapping at $22,726.31, at the moment, which also affected the entire market.
Moderately, the whole crypto market, except for Monero (XMR), seems to be trading in the red. It is unclear at the moment as to whether the green rally is over or whether the market is diving back into a prolonged bear market.
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CQ. No information in this article should be interpreted as investment advice. CQ encourages all users to do their own research before investing in cryptocurrencies.