For the last 24 hours, Bitcoin has been bouncing between $9,800 and $10,300 as the cryptocurrency struggles to gain a solid foothold. Currently, Bitcoin is sitting at just over $10,100, though its volatility could see it periodically dip beneath $10,000 again while the market stabilizes.
Currently, it is going through a price correction after having risen from $4,000 to $13,000 between March and July this year. Since its peak, it has come back down by 20 percent–and in the last week alone, it lost 15 percent of its value.
Other major cryptocurrencies including Ethereum, Litecoin, and EOS have witnessed greater losses in recent months. In particular, XRP has fallen to its lowest point since September 2018, going back to pre-bull run levels.
Consequently, Bitcoin has seen its market dominance swell to over 68.6 percent—levels not seen since March 2017. People are worried.
According to alternative.me’s Crypto Fear & Greed Index, the crypto market is currently in a state of moderate fear, with a ranking of 31 (where 100 is excruciatingly bullish, and zero is panic on the streets). While this is up from a low of 13 yesterday morning, showing that traders are somewhat less pessimistic, it doesn’t pose well for the road ahead in the short term.