The cryptocurrencies like Bitcoin, Ethereum, Solana, Cardano, etc., continue to dip as the week unfolds. Bitcoin fell more on Wednesday, taking its price to $59,475.14, down by 2.35% for the day. Other cryptocurrencies also continued the dip falling by nursing declines of at least 10% over the past seven days.
Ethereum, the second-ranked cryptocurrency on Coin Market Cap, also went down by 3.51% for the day, while for the past seven days, the currency’s price has dipped by 14.27%.
Reason for the dipping cryptocurrency prices
Though exact reasons are mere predictions, it is anticipated that the cryptocurrency prices have fallen because of the concerns about U.S. taxation and China’s continued crackdown. Another reason could be creating greater opportunities and attracting more investors into the crypto market to buy the dip.
The dip could, in that case, be a signal of a better push in the weeks to come.
So, when is the crypto market going to get a breather?
The predictions of the crypto market getting a breather soon are making the rounds. As stated, the cryptocurrencies dipping could be the pull-back before shooting the prices very high. However, with a volatile crypto market, nothing can be sure.
While most of the cryptocurrencies kept dipping, some surprise packages surged. ARC Governance (ARCX) became the top gainer going up by 210037.06%, currently priced at $740.98, while its trading volume increased by 5535.09%.
Among other cryptos, Tether (USDT), USD Coin (USDC), Avalanche (AVAX), and Crypto.com coin (CRO) gained significantly.
Shiba Inu dipped overall, but the new trend shows it surging, even if it’s by a little.
Another cryptocurrency launched under the name of Sandbox (SAND) also surged and is currently priced at $3.21. It gained some buzz on Twitter, and the coin remained a buzzword for the day. The company essentially aims to bring blockchain technology into gaming.