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Crypto Market – Quick Recap BTC, ETH, SOL, LUNA

The crypto market showed a sign of a bounce-back since the beginning of the year 2022. Bitcoin and many altcoins managed to increase in prices in the past 7 days. Not only did the crypto market increase, but there are also signs of a potential upcoming bullrun. From a fundamental view, the United States Dollar became famous for being overvalued. Markets across the world are starting to notice the importance of dumping the Dollar before its value sinks any further. In this article, we’re going to take a quick look at the cryptocurrency market, and go into specifics such as Bitcoin price, Ethereum price, Solana price, and LUNA price as of March 19th, 2022.

What Happened to Cryptos in 2022?

The start of the year 2022 was a bad one for the cryptocurrency market. In fact, the bearish trend started back on November 10th when the total crypto market cap reached a whooping USD 3 Trillion in valuation. Ever since, the crypto market started to adjust back and reached by January 25th, 2022 a low valuation of USD 1.6 Trillion. This made cryptocurrencies lose on average around -47%.

Crypto market up: Total Crypto Cap in USD 1-day chart showing the trend in 2022
Total Crypto Cap in USD 1-day chart showing the trend in 2022 – TradingView

After this big fall, the crypto market simply started a sideways trend. Every time the valuation of cryptos reached USD 1.6 Trillion, prices surged back again. Only now, we were in a new downward triangle formation. Crypto prices would either break the USD 1.6 Trillion support line lower, or…higher. Today, the latter happened, and a crypto market up trend might occur, reassuring the crypto market.

Crypto market up: Total Crypto Cap in USD 1-day chart showing the break in the downward triangle
 Total Crypto Cap in USD 1-day chart showing the break in the downward triangle – TradingView

Bitcoin Price: What Happened to Bitcoin?

Since Bitcoin still has a market dominance of around 42%, it is natural to see the Bitcoin price chart correlate to the Crypto market cap in figure 1. Bitcoin also reached its all-time high price of around USD 68,800 before retracing all the way towards a low of USD 33,000. The current sideways trend of BTC delimited by the strong support area of USD 36,000 also looks like its aiming to break USD 40,000 price.

BTC/USD 1-day chart showing the similar trend of BTC and the entire Crypto market
BTC/USD 1-day chart showing the similar trend of BTC and the entire Crypto market – TradingView

Ethereum Price: What happened to Ethereum?

Ethereum prices have also taken a heavy toll since November 2021. However, it seems like prices reverted their bearish trend and are also looking for a bullrun. At a current price of almost USD 3,000 (psychological price area), we will need to see prices continue on their uptrend to reach the medium-term target of USD 4,000.

ETH/USD 1-day chart showing the break of the downtrend of ETH
ETH/USD 1-day chart showing the break of the downtrend of ETH – TradingView

Solana Price: What Happened to Solana?

Solana had an astronomical rise back in 2021. It is currently sitting at a price of around USD 90. On the other hand, Solana can still go lower towards the strong support price of USD 80. It might be advisable to wait and make sure that the correction is over. This can be done by observing the entire cryptocurrency market’s trend. If cryptos are generally up, Solana should also follow. But if the general sentiment was mixed with sideway trends, It is better to wait for better Solana prices, specifically for short-term positions.

SOL/USD 1-day chart showing the important levels of SOL
SOL/USD 1-day chart showing the important levels of SOL – TradingView

LUNA Price: What happened to LUNA?

Unlike other altcoins, LUNA looks like it is still on an uptrend. The latest reach of the all-time high price of around USD 105 did take a toll on LUNA prices, as a current consolidation is happening. This might lead to an adjustment lower towards USD 70-80 or a further consolidation around USD 90-100 in the short/medium term. This is definitely an interesting crypto project, but prices need to take a breather before continuing on their bullish momentum.

LUNA/USD 1-day chart showing the uptrend of LUNA
LUNA/USD 1-day chart showing the uptrend of LUNA – TradingView

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