Cryptocurrency Market Retreats $300 Billion as Bitcoin and Ethereum Decline. Over the past week, the cryptocurrency has consistently been volatile in the $300 billion region, moving up and down within the range of $280 billion and $350 billion. The market has operated within this boundary throughout March.
What else would you expect during a bear market?
Yes, the market cap for all crypto is now below $300 billion. But really most of it is still led by bitcoin's crash. So I think analysing bitcoin's price is much more helpful than analysing all of crypto's market cap, which can fluctuate due to new coins entering the space.
We're currently seeing some support at $7k, in the most optimistic scenario we will see this dump slowly come to an end and the $6k bottom will hold up. But just as likely it could go in the opposite direction and continue its downward spiral. And of course if the $6k support doesn't hold up either that is going to be a huge blow to traders that will probably panic even more and dump further.
Anyways, we're not going to see any major bullish activity any time soon. There may be a small recovery, but that's not enough to reverse this bear market.