Crypto markets are taking a deep dive amid rate hikes. Bitcoin, Ripple’s XRP, and Ethereum’s ETH are all in the red today. The reason for the market sell-off appears to be a combination of things.
Cryptocurrency Price Action
The cryptocurrency markets took a deep dive this week amid concerns about rising interest rates. While prices have recovered somewhat from their lows, the overall trend remains downward.
Investors appear to be fleeing the space in droves, as evidenced by the sharp decline in trading volumes. This is likely due to a combination of factors, including increasing regulation and uncertainty about the sector’s future. IF you are into cryptocurrency investment, you may check about BTC And ETH.
With prices falling and no end in sight to the bear market, many investors are wondering if now is the time to give up on cryptocurrencies altogether. However, given the volatile nature of the asset class, it may be wise to wait for a more stable period before making any decisions.
Cryptocurrency Prices Heatmap
The following is a heatmap of the top 10 cryptocurrencies by market capitalization, according to data from CoinMarketCap.com.
As you can see, prices are down across the board, with most coins in the red.
Bitcoin, the world’s largest cryptocurrency by market cap, is currently trading at $13,552.33, down 4.38% in the last 24 hours. Ethereum, the second largest cryptocurrency by market cap, is currently trading at $1,203.10, down 5.97% in the previous 24 hours.
Ripple, the third largest cryptocurrency by market cap, is currently trading at $1.23, down 8.84% in the last 24 hours. Bitcoin Cash, the fourth largest cryptocurrency by market cap, is currently trading at $2,515.81, down 5.78% in the previous 24 hours.
Litecoin, the fifth largest cryptocurrency by market cap, is currently trading at $224.39, down 6.71% in the last 24 hours. Cardano (ADA), the sixth largest cryptocurrency by market cap, is currently trading at $0.611162, down 7.55% in the previous 24 hours .
More Cryptocurrency Prices
As the world economy continues to strengthen, cryptocurrency prices have taken a deep dive. All major digital currencies have lost value over the past 24 hours, with Bitcoin (BTC) falling below $9,000 and Ethereum (ETH) dropping below $700.
The sell-off comes as the US Federal Reserve raises interest rates for the second time in just three months. Higher rates typically weigh on stock and asset prices, and this appears to be the case for cryptocurrencies as well.
With more rate hikes expected in 2018, it’s possible that we could see further declines in cryptocurrency prices. However, given the volatile nature of these markets, any number of factors could cause prices to rebound in the near term. So while a further drop cannot be ruled out, neither can a sudden surge in prices.
Top NFT Sales And Collections
The crypto markets took a deep dive this week amid fears of interest rate hikes by the US Federal Reserve. However, even in the midst of this market turmoil, some digital collectors were able to rake in serious profits from the sale of their non-fungible tokens (NFTs).
Here’s a look at some of the top NFT sales and collections from the past week:
1. The Fyre Festival NFT collection sold for a total of $122,000
This collection of NFTs was created by artist Beeple and was inspired by the infamous Fyre Festival. The group included five different NFTs, each depicting a different scene from the festival.
2. A collection of CryptoKitties sold for $140,000
This collection of digital cats was created by artist Guillaume Graton and was auctioned off on Foundation, an NFT marketplace. The winning bidder will receive ten different CryptoKitties, each with its own unique characteristics.
3. A digital artwork called “Everydays: The First 5,000 Days” sold for $69 million
This piece by Beeple is a JPEG file that contains 5,000 images, each representing one day. The work was sold as an NFT on the Foundation marketplace.
4. A collection of NBA Top Shot moments sold for $1.8 million
This collection of digital memorabilia was auctioned off on the NBA Top Shot marketplace. It included moments from players such as LeBron James and Zion Williamson.
5. A digital artwork called “The Forever Rose” sold for $1 million
This piece by artist Mike Winklemann, also known as Beeple, was sold as an NFT on the Foundation marketplace. It is a JPEG file that contains a single rose that is set against a black background.
Overall, crypto markets have taken a deep dive amid rate hikes. This is likely due to the fact that investors are concerned about the potential for inflationary pressures down the road. However, it’s important to keep in mind that crypto assets are still in their early stages of development and there is a lot of uncertainty surrounding them. As such, it’s important to do your own research before investing in any digital currency.