Daily Crypto: Sales pressure and a red day in trading
A red trend and broad weakness were recorded today among the leading digital currencies, as Bitcoin and Ethereum lose ground and only stablecoins manage to provide a relative anchor for investors.
The crypto market is going through a day of declines today, Wednesday, as most of the leading digital currencies are trading lower both in the daily range and in the weekly summary. The general picture in the market points to moderate sales pressure, while stablecoins continue to show relatively calm trading.
Bitcoin, the largest and most well-known currency in the market, is trading at a price of $76,782.7 and its market cap stands at about $1.54 trillion. During the last 24 hours, Bitcoin fell by 1.62%, and in the summary of the last seven days, it is losing 1.93%.
Ethereum is also on the red side of trading today, but its decline is sharper. The currency is trading around $2,383.47, after losing 2.44% in the last day and 3.06% in the week. Ethereum's market cap now stands at about $290.93 billion.
Those absorbing the sharpest decline among the major currencies is XRP. The currency was cut by 3.76% during the last day and completes a decline of 6.17% for the week. Its price stands at $1.3234, while its market cap totals about $83.13 billion.
BNB is also trading lower, but shows relative stability compared to the other major currencies. It is down 0.39% in the last day to a price of $684.20, and in the last week it lost 2.62%. Its market cap stands at about $91.04 billion.
And what is happening with stablecoins? Here the picture is much calmer. Tether (USDT) is trading around one dollar, at a price of $0.9999, with no significant daily change and with a minimal weekly decline of 0.04%. Its market cap stands at about $183.28 billion.
USDC also maintains almost complete stability, with a price of $1.0004 and a tiny increase of 0.01% in the last day. On a weekly level, it is almost unchanged, and its market cap stands at about $73.74 billion.
Bottom line, the crypto market is showing broad weakness. Bitcoin and the major currencies are in decline, with XRP standing out particularly in the intensity of the weekly pullback. Conversely, stablecoins continue to provide a relative anchor within a volatile trading day.
