Cardano, XRP and MATIC Are Down by Double Digits as Bitcoin Falls to New Lows

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Overall sentiment measured by Crypto Fear & Greed Index reversed to ”extreme fear”

As seen on CoinMarketCap, the cryptocurrency market is a sea of red once again, with some of the leading altcoins plunging by more than 10%. Bitcoin dipped to fresh lows of $34,322, the lowest level in a month, while Ethereum plunged nearly 12% and was trading at $2,376 at press time.

In the last 24 hours, Bitcoin-tracked futures saw $143.29 million in liquidations—the most among all cryptocurrencies—followed by Ethereum futures at $120 million. Overall, the crypto markets saw over $457.55 million in liquidations, as per CoinGlass data.

Cardano and Avalanche, two of the top “Ethereum killers,” are among the top laggards at the time of writing, plunging by 14% and 15%, respectively. The total market capitalization has now shrunk to $1.58 trillion amid the declines.

Despite recent positive developments in the Ripple v. SEC case that allowed the XRP cryptocurrency to buck the trend for a short period, the cryptocurrency has also cracked under pressure, tanking by 11.68%. In recent updates shared by defense lawyer James K. Filan, another positive win comes for the XRP lawsuit as, in a one-word order, District Judge Torres has denied the SEC’s motion to file a sur-sur-reply in support of its motion to strike.

Layer 2 scaling network Polygon (MATIC) has careened 15.29% over the last 24 hours, according to data provided by CoinMarketCap. The token is currently trading at $1.30, as seen on CoinMarketCap.

Market sentiment shifts into ”extreme fear”

Crypto Fear & Greed Index
Crypto Fear & Greed Index, Courtesy: Alternative.me

As BTC price action dipped lower, sentiment played catch up as the spot price complemented bearish signals from markets. The overall sentiment measured by the Crypto Fear & Greed Index reversed to ”extreme fear” from neutral levels.

At press time, the index measured just 23/100—characterizing “extreme fear.” The sharp fall contrasts with behavior during the previous week, during which the index shifted into “neutral” territory.

Bitcoin is currently sitting at the $35,385 level on major spot exchanges.

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