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Out of every other financial market, the crypto market is the one that proposes extreme volatility to investors and stakeholders and is known to cause turbulence from time to time. But the month of November has been specifically very disturbing for investors and traders as it has shaken them to their core. There has been a 10% correction for Bitcoin, XRP, and many other cryptocurrencies and, on average, 6% loss sustained on a weekly basis.
This means that the flagship cryptocurrency is not holding very well to the resistance levels and is falling more than building up the momentum to cross the new ones. There has been a change of sentiment among institutional investors and crypto traders as they brace themselves for further downside. Checking in on multiple indexes for the sake of calibrating and understanding the next few moves the crypto market is bound to make, researchers have checked in with the fear and greed index.
The indicator seems to have moved from greed to fear as the flagship cryptocurrency along with the top ten tokens by market cap have retested their critical support levels more than once. Bitcoin was above $60K and doing well, but in the past few days, its price has taken a sharp decline all the way to $55K, with hints of it dropping further. But Ethereum, on the other hand, was able to show a more consistent approach by maintaining its price and value intact. It isn’t like that Ethereum didn’t have any sharp declines, but it managed to bounce back.
As the whole crypto market seems to be in plummet, the US dollar index is showing a positive trend which means that the long-awaited bullish run has managed to find its place with forex and stock markets, for instance, and the crypto market needs to work pretty hard in terms of bringing new investment before cryptocurrencies could see a new all-time high. The approval of exchange-traded funds by the Securities and Exchange Commission did provide the crypto market with the motivation required at the moment to produce positive results, but that is not helping anymore and for the foreseeable future crypto market has to brace itself for a vivid impact.
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