The cryptocurrency winter started early. TerraUSD crashed and Celsius froze withdrawals. This sent thousands of cryptocurrencies lower.
In the last week, Fantom prices recovered. It peaked at 26 cents between June 12 and June 15. Prices weakened to below 22 cents when Bitcoin traded at $19,002 on June 18, 2022. Buying volumes in that timeframe suggests FTM holders are accumulating more supply of the altcoin.
Although the buy the dip crowd bought millions of dollars worth of FTM, they incurred a network-wide loss of around $38 million. They have no way of predicting when prices may recover. Conversely, the risks are rising that FTM may test new lows in the coming days.
Bitcoin and Ethereum are the two most popular cryptocurrencies. Wall Street technology investors are watching BTC levels breach the all-important $20,000 price. The longer it stays in the teens, the higher the risk of BTC falling to multi-year lows.
Sentiment for Bitcoin leads the crypto market. With a market cap rank in the 70s, FTM is among the cryptos that have above-average risks. Speculators typically favour the bigger names first. They will prefer ETHE and BTC as prices for all cryptos trend lower.
Watch for more crypto lenders like Babel to suspend
