The cryptocurrency market lost over $400 billion worth of its capitalization in the past few days alone. The total market cap currently sits below $1.7 trillion.
This came as most of the coins are down tremendously in the past week. Ethereum is down 27.7%, BNB is down 27.8%, ADA is down 17.6, SOL is down 36.2%, and so forth. Bitcoin’s price is currently sitting around $35K and has lost almost 20% in the same time frame.
- From a technical perspective, it’s important to note that the Relative Strength Index (RSI), which is commonly used to gauge the magnitude of recent price changes to evaluate market conditions, is down to the oversold area, as seen in the chart below.
- An interesting thing to consider is the fact that the RSI hasn’t been so oversold since the COVID crash that took place back in March 2020.
- Speaking of market sentiment, it appears that we’re in a state of extreme fear, according to the popular Fear and Greed Index.