Hair-raising! Crypto Market Dip February 2022 | Major Altcoins Losing Value

1 min read

Major Altcoin Prices Nosedives Amid Global Crypto Bloodbath 
  • The sell-on-rally position is supported by AVAX’s second rejection from the $95 level. 
  • Fantom is down 15.87% in the last 24 hours.

Once again, a correction has taken place in the global crypto market, which has lowered the value of several digital assets. It has cost the industry its threshold in market capitalization because of the recent dip and now stands at 1.66T.

Polygon (MATIC)

Polygon’s solid roots, innovations, and usefulness have helped it grow into an important cryptocurrency. As a result, analysts and customers alike are paying attention to the trend. According to reports, bug bounty site Immunefi has discovered a “high severity” flaw in Polygon’s Proof of Stake system that may have placed billions of dollars in danger. Despite several efforts, the bears have the upper hand and drive the price lower.

MATIC/USDT: Source: TradingView

According to CoinMarketCap, the Polygon price today is $1.38 USD with a 24-hour trading volume of $1,760,045,161 USD. Polygon is down 13.32% in the last 24 hours.

Avalanche (AVAX):

This sell-on-rally position is supported by AVAX’s second rejection from the $95 level. The price of AVAX, which was the last trading at $69.5, has dropped by 16.5% in the previous four days. Furthermore, the descent from the $78 shows that the double bottom pattern has been completed, which supports further selling.

AVAX/USDT: Source: TradingView

In other words, the sellers are actively defending this barrier, as seen by the AVAX price dropping from $95 on February 17th. A double bottom pattern can be seen in the daily time frame chart due to the subsequent decline. According to CoinMarketCap, the Avalanche price today is $68.89 USD with a 24-hour trading volume of $1,709,965,183 USD. Avalanche has been down 15.74% in the last 24 hours.

Fantom (FTM): 

For Dapps and digital assets, Fantom was developed as an open-source, decentralized smart contract platform to replace Ethereum. In the face of a worldwide market massacre, FTM prices slammed into a wall, despite the bulls’ efforts.

FTM/USDT: Source: TradingView

According to CoinMarketCap, the Fantom price today is $1.51 USD with a 24-hour trading volume of $1,181,533,322 USD. Fantom is down 15.87% in the last 24 hours.

 

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