Cluster Analysis of the market trends is possible whereby the price movements of the major coins influence the smaller ones. The crypto trends show a mixture of both positive market growth and recession, which is typical of the volatile nature of Cryptocurrencies. The condition of the crypto market is thus analyzed by looking at the characteristics of Bitcoin and stronger altcoins such as Ethereum. Negative Influences on the Crypto Market in 2022 Initial projections predicted that Bitcoin would hit price highs of up to 100,000 USD in 2022. However, it is experiencing a bear market condition, with its value at 40,000 USD falling by more than 25% from its peak value of 68,000 USD. The strong positive association between Bitcoin and other Altcoin means that the weaker coins are experiencing a similar fate which puts the market in a recession. The current crypto market cap of 1.87 T USD is a massive decline from its 2T USD value a year ago and 3T USD six months ago. The following are reasons for the slump: Cryptocurrencies are Affected by the Stock Markets The crypto market is experiencing continued suffering with the increasing interest rates around the world to keep up with high inflation. The suffering global stock markets are weakening BTC, ETH, and other altcoins that sustain the crypto market. Additionally, the negative correlation of the crypto market to the USD is hurting Cryptocurrencies. The strengthening of the dollar d...
$30 Million Worth XRP Traded in 30 Minutes
