The cryptocurrency market is currently in the bearish zone, but the total market cap has managed to stay above the $2 trillion mark.

Bitcoin And Others Trading In The Red Zone

The cryptocurrency market is currently littered with red trading charts as the prices of most cryptocurrencies are down by 3% and more in the past 24 hours. The decline in the prices comes after an extended rally last week and over the weekend.

The rally over the weekend saw Bitcoin reach the $50k mark for the first time since May. The leading cryptocurrency traded above the $50k mark for two consecutive days. However, it was unable to build on the momentum, allowing the bears to take control of the market.

BTC/USD chart. Source: FXEMPIRE

BTC/USD chart. Source: FXEMPIRE

Bitcoin is now trading below the $47k level after sustaining losses over the past few hours. At the time of this writing, Bitcoin’s price is down by 0.75% in the past 24 hours and risks dropping lower towards the $45k region if the current bearish momentum in the market is maintained.

Ether is also in the bearish zone after topping the $3,300 mark earlier this week. The second-largest cryptocurrency was unable to cross the $3,500 level over the weekend, and this