Following several weeks of growth, the cryptocurrency market has given in to bearish pressure. CoinMarketCap reports that the total crypto market capitalization currently stands at $1.14 trillion, representing a mere 0.20% increase from yesterday.
The primary reason for this was the economic uncertainties that impacted the US equity markets. Consequently, investors are advised to avoid cryptocurrencies like Conflux (CFX) and Arbitrum(ARB) as they suffered the most significant losses during the decline of major cryptocurrencies. Investors are now pushing towards more stable and promising altcoins like Sparklo (SPRK) which is currently at the presale stage.
Conflux (CFX) Drops 23% In The Past Week
Like Ethereum, Conflux (CFX) also suffered a substantial drop in value compared to Bitcoin. CoinMarketCap data shows that the token has declined by 23% in the past week, indicating a challenging week for Conflux (CFX) investors.
Meanwhile, investors need to exercise caution as a bearish breakout at $0.2847 could result in a drop in the price of Conflux (CFX) to $0.1471. The likelihood of this bearish scenario becoming a reality is high, as on-chain data suggest a strong bearish presence for Conflux (CFX).
Meanwhile, Conflux (CFX) has rebounded in the past hour to $0.293576 today. However, the token is still 22.51% from its all-time high in the past 7 days.
Arbitrum (ARB) Continues To Plummet
By press time, CoinMarketCap data shows that Arbitrum (ARB) has declined by approximately 21% within the same timeframe. Given that the two largest cryptocurrencies, Bitcoin and Ethereum, are also experiencing declines, Arbitrum (ARB) investors are closely monitoring market sentiment.
As a result, Arbitrum (ARB) is experiencing a more pronounced bearish trend as more sellers enter the market. Investors and traders should exercise caution before investing more funds into Arbitrum (ARB).
As per its current trajectory, Arbitrum (ARB) is likely to head toward $1.1930. In this scenario, more buyers would have to enter the market to defend this critical support level.
Sparklo (SPRK) Offers New Investment Opportunity In Precious Metals
Sparklo (SPRK) is revolutionizing the crypto and NFT investment landscape with a unique approach that will allow investors to purchase silver, platinum, and gold bars through the acquisition of fractionalized NFTs backed by these metals. This strategy has the potential to disrupt the crypto and NFT markets as it offers a novel way to invest in precious metals.
Historically, the high cost of purchasing precious metals has been a significant obstacle for many investors. However, Sparklo has taken an innovative approach to overcome these barriers. As a result, some investors predict that the project will generate a 5,000x return by the end of 2023.
To ensure users' funds' safety, InterFi Network has already audited Sparklo's (SPRK) reserves. The token's first presale phase has begun, offering investors the opportunity to purchase SPRK at a rate of $0.015 per token.
Find out more about the presale:
Disclaimer: This is a sponsored press release and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.