The recent market crash has not only compromised the position of the cryptocurrencies in general but the overall market cap for the crypto market is also being targeted. The market seems to be in the lowest lows, but some rebounding has occurred in the past few days. The reason behind such a crash seems to be the recent news from China regarding the crackdown of the crypto miners and traders that has severely reduced the overall hash rate of Bitcoin, thus commencing a shortage of mining in general.
Not only this, but Elon Musk has something to do with this whole scenario, too, as he has reportedly accused the current Bitcoin mining procedure as a strain on the environment, and the need to refine it has been put forth as well.
All of this pushed the crypto market into a crash, prices have declined so far, and the market seems to be losing its influence and market cap over time. The altcoins are still suffering the consequences of the recent market crash, while Bitcoin seems to have improved more than 5% in a day and is now trading at $36k, which is decent given it was plummeting below $30k in the past few weeks or so.
The Crypto Market doesn’t Seem to be Rebounding the Way it is Supposed to
The dominance of the primary cryptocurrency has also increased very well and is now showing a positive sign overall. It has surely increased way above 45%. It seems that altcoins have suffered more in this crash than the primary cryptocurrency has.
Ethereum is among the altcoins that have taken a very bad jolt in all this shove and push, and its price has not been able to recover all this time. On the other hand, Bitcoin was able to recover a little, and despite all this rebounding, neither Bitcoin nor the crypto market has been able to recover their loss in its entirety, but the positive trends have started to hit the shelves. Ethereum has been trying all this time to float above the $2k even after hitting the $4k in the form of an all-time high. One can only hope that things would start looking up for the crypto market and Bitcoin in general in time things.