The top ten cryptocurrencies have started 2022 from the lower side of the market value. The trend has taken down altcoins as well.
While some say that price correction was long overdue, others call it normal as a part of market fluctuation. Good news comes from developers of Polygon and Shiba Inu, indicating that the year 2022 may not be as bad as it has started.
Where Do Bitcoin And Ethereum Stand?
Bitcoin and Ethereum are the faces of the cryptocurrency market. Bitcoin rules it with Ethereum expected to surpass bitcoin in the near future.
Both currently stand on a trend that is not good for investors. Bitcoin is down by 1% to the market value of around $47,000. It has been on the decline for the past seven days.
According to the data available, the market valuation of Bitcoin has fallen by almost 7% in the past week.
Bitcoin was being traded at one of its highest values of $52,050 during Christmas. Many investors expected Bitcoin to close 2021 on a positive note and hopefully start 2022 on the higher side.
What’s still keeping investors happy is the comparison with the beginning of 2021. At the time, Bitcoin had a market valuation of $32,780.
Ethereum is expected to cross Bitcoin one day, but for now, it is following a trend, similar to that of its competitor.
The market valuation of Ethereum failed to cross the mark of $4,120 as it declined at the rate of around 7% during the past seven days.
However, in contrast to the fall in Bitcoin, Ethereum witnessed a slight increase in its value. The increase, when put in terms of percentage, comes to approximately around 1.71% at the beginning of 2022.
What About Altcoins?
Anything that can be used as an alternative to Bitcoin and Ethereum comes under the category of Altcoins.
Like the two major cryptocurrencies, altcoins went through the same sluggish trend at the beginning of 2022.
Solana and Polygon registered the same percentage of the decline of more than 10%, while Terra, DGE, and SHIB registered a decline of 9%, 9%, and 13%, respectively.
According to experts, price correction was long due to the adjusting prices of cryptocurrencies. If anything, the decline has created an opportunity for interested inventors to get their hands on their favorite Cryptocurrency.
Good news comes from Polygon and Shiba Inu. Polygon developers have fixed the network, while Shiba Inu developers announced the creation of DoggyDAO.
Beginning the year at the lower end does not signal that the rest of the year would be similar. Cryptocurrencies are starting to be recognized across the globe. The higher the acceptance, the better chances of the market value stabilizing at a fairly high rate.