The top ten cryptocurrencies started from the lower side of market value in 2022. The trend has also decreased altcoins.
While some say the price correction was long overdue, others call it normal as part of market fluctuation. Good news comes from the developers at Polygon and Shiba Inu, suggesting that 2022 may not be as bad as it started.
Where do Bitcoin and Ethereum stand?
Bitcoin and Ethereum are the faces of the cryptocurrency market. Bitcoin rules it with Ethereum, which is expected to outperform Bitcoin in the near future.
Both are currently on a trend that is not good for investors. Bitcoin has fallen 1% to its market value of around $ 47,000. It has been falling for seven days.
According to the data available, Bitcoin’s market valuation has fallen nearly 7% over the past week.
Bitcoin was trading at one of its highest levels of $ 52,050 for Christmas. Many investors expected Bitcoin to end positively in 2021 and hopefully start on the higher side in 2022.
What still makes investors happy is the comparison with early 2021. Bitcoin had a market valuation of $ 32,780 at the time.
Ethereum is expected to cross Bitcoin one day, but right now it is following a trend similar to that of its competitor.
Ethereum’s market valuation failed to break the $ 4,120 mark as it fell around 7% in the past seven days.
However, in contrast to Bitcoin’s decline, Ethereum saw a slight increase in value. The percentage increase is around 1.71% at the beginning of 2022.
What about altcoins?
Anything that can be used as an alternative to Bitcoin and Ethereum falls into the altcoins category.
Like the two major cryptocurrencies, altcoins went through the same sluggish trend in early 2022.
Solana and Polygon saw the same percentage of decreases of more than 10%, while Terra, DGE and SHIB saw decreases of 9%, 9% and 13%, respectively.
According to experts, for a long time the price correction was due to the adjustment of the prices of cryptocurrencies. If anything, the decline has given interested inventors a chance to get their hands on their favorite cryptocurrency.
Good news comes from Polygon and Shiba Inu. Polygon developers fixed the network while Shiba Inu developers announced the creation of DoggyDAO.
A start to the year at the lower end does not indicate that the rest of the year would be similar. Cryptocurrencies are recognized worldwide. The higher the acceptance, the better the chances that the market value will stabilize at a relatively high level.
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