Crypto carnage! Which crypto is the RISKEST?
The crypto market reverted to its bearish price action as soon as the consolidation ended. The crypto market consolidated before the Ethereum merger, but began to crash soon after the switch. In a previous article, we emphasized the importance of not buying Ethereum or any other crypto before the merger. The reason for this rationale was that the market was still showing bearish signals. Today, the market retreated by an average of more than 7% as Bitcoin fell below the $18,500 support. Which crypto is the riskiest in this bear market?
Why is the Bitcoin price falling today?
If we zoom out and look at Bitcoin’s price action since the beginning of the year, we can see that prices have been in a continuous downward trend. The $20,000 Bitcoin price acted as a strong support, hence the current price consolidation around that area. BTC at times managed to rally towards $22,500 only to decline towards the strong support price of $18,500. This is exactly what happened recently, when prices topped the consolidation area and simply went lower as the hype of the Ethereum merger faded .
Which crypto is the RISKEST?
In the last 24 hours, the crypto market has lost more than 7% in its market capitalization, reaching $903 billion. This not only breached the $1 trillion valuation, but also signals more bloodshed over cryptos. Usually, after such sudden price drops in the crypto market, we can see a small retracement higher. That is why we will start to see some cryptos increase a bit after reaching their support areas. Short sellers must be careful where they place their stop loss areas.
Let’s see which cryptos have lost the most in the last 24 hours.
#1 Ethereum Classic (ETC)
Everyone was wondering about buying ETC. This was in anticipation of miners moving to another PoW mechanism. However, prices did not seem to fare well after the merger. ETC prices started to fall as soon as the merger was over. It seems that large market speculators bought ETC way before the merger hype and predicted this price rise. When ETC reached its resistance price of $40, the prices started to slide and reached the current $29, losing about 14% in the last 24 hours.
#2 Kusama (KSM)
Kusama barely profited from the surge in crypto prices before the merger. KSM price barely rose from $45 to $55, but then continued on the downtrend. In the past week, Kusama lost more than 28% in prices, reaching a current low of $39. This break of the psychological price of $40 is risky, as prices could move to lower lows.
#3 EOS (EOS)
EOS was not spared from the crypto crash, as prices fell by more than 12% in the last 24 hours. Looking back at the entire week, it was not a good one either as prices fell by more than 25%. EOS did quite well and had a nice uptrend since the beginning of July 2022. However, the recent merger crash took a heavy toll. EOS fell from a high of $1.8 to reach today’s price of $1.2, losing more than 30% in the last 10 days. If prices continue lower, EOS risks reaching 1$.
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