Cryptos fall and Bitcoin loses $30,000; Ripple's momentum fizzles out

Moderate falls in the cryptocurrency market. Bitcoin (BTC) drops 0.7% in the last 24 hours and falls below $29,800, while Ethereum (ETH) is at $1,890 after losing 1% in the last day.

Analysts continue to stress that the reigning cryptocurrency and the market as a whole are still showing some weakness and could experience further declines following the boost received from Ripple's victory before the Securities and Exchange Commission (SEC). In the last week, Bitcoin and Ethereum have deflated after hitting yearly highs and experts believe that only the arrival of good news on exchange-traded funds (ETFs) from BlackRock and other traditional finance giants can bring their momemtum back.

However, most market observers also agree that it will be difficult for such news to come in the next few weeks given the pace at which the SEC usually works. Others, moreover, predict that the impact of these products could be more limited than many crypto investors think.

Craig Erlam, senior market analyst at OANDA, remarked that BTC "looks vulnerable to another dip below." "Broadly speaking, the cryptocurrency has been range-bound over the last month but it has drifted toward the lower end of this and the move below $30,000 may have made some nervous," he explained.

"If we do see a significant break lower, the next key area of support may be found around $28,000," Erlam added.

The Fear and Greed Index points in this direction, as it highlights that investor sentiment towards the reigning cryptocurrency has cooled. After recently reaching 60 points, its highest level since April in anticipation of a price correction, the indicator now sits in neutral territory at 55 points.

Extreme fear often coincides with buying opportunities, as investors are likely to act too cautiously. Extreme greed can coincide with an overheated market. The latter reading indicates that investors are unclear where prices may be headed and therefore seem to anticipate that the cryptocurrency will resume trading for some time in the $29,000 to $31,000 price range.

In other market news, Ripple (XRP) is moderately deflating after recent rises, as well as Cardano (ADA). Solana (SOL), leads the declines among the large altcoins, while Dogecoin (DOGE) has risen 4%.