Most of the top 10 cryptocurrencies including Bitcoin and Ethereum dipped Friday. However, XRP and Solana gained. Crypto experts are optimistic that crypto and Web3 adoption will see a surge in the second half of the year.
The global market cap was down 0.60 percent at $1.24trillion, as of 3.40 a.m. ET, CoinMarketCap data showed.
Bitcoin dipped 0.80 percent to $30,109.51. Ethereum, too, plunged 0.55 percent to $1790. Barring XRP and Solana, top coins too traded lower.
According to WazirX, the weekly RSI is close to the 30 mark. “Historically, whenever the weekly RSI has approached 30, BTC has made a turnaround and an upward rally has followed as buyers have made a comeback,” the Indian exchange told International Business Times.
Meme cryptos Shiba Inu and Dogecoin too dipped.
Experts are however hopeful that the crypto market will take a U-turn soon.
Indian exchange CoinDCX said, “With a significant amount of institutional capital continuing to pour into the crypto space, this can potentially be viewed as a reversal of the negative sentiment ever once so prevalent.”
“Going into the second half of 2022, we continue to be optimistic on crypto and web3 adoption as the technology continuously evolves to address existing challenges in the financial sector,” the exchange added.
In other news, Bitcoin mining operations in Chelan County, Washington, are about to be charged more for their electricity. County Public Utility District (PUD) commissioners approved the move this week, which will increase energy costs for Bitcoin mining by about 29 percent.
The crypto market is extremely volatile and experts recommend investors not make decisions based on the sudden shift in prices.