Crypto Market Faces Sharp Dip Once Again After Short-Lived Improvement

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Illustration shows representation of cryptocurrency Dogecoin
Representation of cryptocurrency Dogecoin is seen in this illustration taken November 29, 2021.

Top cryptocurrencies once again faced a sharp plunge in prices Friday, a day after showing signs of improvement. This is in tandem with a dip in stock market prices. 

The global market cap was down 2.76 percent at $908.55billion, as of 4.02 a.m. ET, CoinMarketCap data showed. 

Bitcoin shed 3.02 percent to $21,102. Ethereum, too, dropped 5.77 percent to trade at $1099. 

According to WazirX's daily analysis,  Bitcoin continues to remain in the oversold zone with Investors considering these price levels as an opportunity to accumulate more of the token. 

"The daily trend for the BTC has now formed a descending channel pattern. The daily RSI has dropped below 20 for the first time in over two years(Mar’20)," the Indian exchange said. 

Barring a slight surge in prices of XRP and USD Coin, the rest of the top 10 cryptocurrencies dip. Meme cryptos Shiba Inu and Dogecoin dip too. 

In other news, The U.S. Air Force (USAF) has again partnered with blockchain-as-a-service firm SIMBA Chain to create a system for tracking and monitoring the air force's movement of funds, supply chain and management. This is the seventh time SIMBA Chain is winning a contract with the air service branch, the company said in a statement Thursday.

The crypto market is extremely volatile and experts recommend not making investment decisions based on the sudden shift in prices.

Illustration shows representation of cryptocurrency Dogecoin

Photo: Reuters / DADO RUVIC

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