Ethereum and Dogecoin Suffer Major Market Cap Losses Amid Bear Market
The cryptocurrency market continues to decline, with Ethereum and Dogecoin leading the losses among large-cap assets. Bitcoin remains volatile and is now in bear market territory.
Market Cap Losses
- Ethereum's price has dropped to $1,910, leading to a 7.8% decline in market cap.
- Investor caution ahead of economic reports and ongoing bearish sentiment contribute to Ethereum's downturn.
- Ethereum's trading volume increased by 80%, but liquidations are high as traders exit positions.
- Dogecoin has seen a 6.6% drop in market cap, despite a 30.5% rise in trading volume.
- Dogecoin's current price is $0.16, marking a 16.8% decline over the past week and a 37% drop over the last month.
- The decline in Dogecoin and Ethereum's market cap is significant compared to other top cryptocurrencies, which experienced less than 2% drops.
Bear Market Confirmation
- Analyst Tony Severino suggests Bitcoin has entered bear market territory due to decreasing momentum.
- Severino's analysis aligns with Elliott Wave Theory, indicating that altcoin bear markets began in 2022 alongside Bitcoin's Wave 5.
- Economic tightening from rising interest rates and Quantitative Tightening (QT) has weakened altcoins.
- Severino notes that Bitcoin's Wave 5 lacked the strength typical of bull market tops, indicating waning momentum.
- The altcoin bear market has persisted for over three years due to unfavorable economic conditions.
