A majority of cryptocurrencies oscillated sideways as crypto market winds continued to remain choppy on Wednesday, August 27. Bitcoin, that has been receding in its price since last week, has now fallen to test the $111,000 level. Reflecting a loss of over one percent over the last day, the most expensive crypto asset is presently trading at $111,416, showed CoinMarketCap.
“The crypto market is attempting a bounce back with Bitcoin holding above $111,000. A trend reversal can be seen as Bitcoin ETFs recorded $219 million in net inflows after six days of outflows,” Edul Patel, the co-founder and CEO of Mudrex told CoinHeadlines.
While BTC has seen repeated failure to clock any profits so far this week, Ether managed to outperform the most expensive crypto asset. Over the last day, ETH price rose by over four percent — getting the asset to rebound to $4,60 — precisely to $4,620.
“ETH saw about 208,000 ETH withdrawn from exchanges, suggesting investors are moving assets into cold storage, reducing sell-side pressure. A daily close above $4700 could make way for ETH’s rally towards the $5000 mark, with a strong support at $4,400,” Patel added.
A majority of crypto tokens reflected losses on Wednesday. These include Ripple, Binance Coin, Solana, Dogecoin, Tron, and Cardano alongside Stellar, Chainlink, Avalanche, and Uniswap. Meanwhile, tokens like Monero, Near Protocol, Ondo, and Algorand did manage to lock minor gains, CoinMarketCap showed.
Amid the ongoing market volatility, the overall crypto market cap rose by 2.14 percent in the last 24 hours. At present, the sector’s valuation stands at $3.88 trillion.
The dominance of BTC and ETH over the market currently stands at 57.2 percent and 14.4 percent respectively. The fear and greed index at 47 indicates at a neutral market sentiment on Tuesday.
Market analysts have asked the traders to remain cautious in their financial decisions.