Bitcoin and most ultcoin pulled back this week, while crypto fear and greed index slipped into the fear area.
Ethereum (Eth) fell at a low of $ 2,100, less than 47% from its highest level this year. Similarly, the price of DOGECOIN (DOGE) slipped to $ 0.2060, the lowest level since 4 November, while Ripple (XRP) fell to $ 1.8010, below 47% from year to year.
Other altcoins in the form of gold, polekdot and channel also lost double digits on Monday. However, most of them returned some losses and are now getting closer to their weekly opening levels.
The total cryptocurrency market cap, which was tracked by coinmarketcap, fell to $ 3 trillion on Monday before on Friday to $ 3.3 trillion until Friday.
The wider crypto market retreated this week amid growing concerns over a possible trade war among the United States and its leading trading partners, including China, Mexico and Canada. Former US President Donald Trump announced 25% tariffs on goods imported from Mexico and Canada and 10% tariff on sugar imports.
He then stopped tariffs for pending talks on Canadian and Mexican goods for 30 days, while tariffs on sugar imports remain in place. A long-term trade war between these countries and European countries can trigger a risk-feeling, which can weigh risked property such as cryptocurrency.
Bitcoin and atherium ETF were weak demand
Bitcoin and these altcoins were pulled back as the demand for institutional investors was weak. Spot bitcoin and atherium had a pure outflow this week, while the microstrate stopped the purchase of bitcoin Last week. The company acquired bitcoins for twelve direct weeks, causing its total holding 471,000 coins.
Altcoins, including Ethereum, DOGE, XRP and SOL, were also dropped as the investor’s spirit weakened. Finely seen fear and greed index collapsed 35Its lowest level since October last year. Historically, cryptocurrency declines when fear dominates the market.
These disadvantages occurred as the Altcoin season index continued to decline, while bitcoin remained stable. The index fell to 33, which was below its year-to-year high of 47, indicating a strong demand for bitcoin compared to ultcoin.
The formation of a hammer candlestick pattern on a potentially rapid catalytic weekly chart for altcoins. This pattern is characterized by a long low shade and a small body, a famous rapidly reversed signal.
Additionally, bitcoin has formed a rapid flag pattern on the weekly chart, indicating a possible rebound.
