• Bitcoin, Ether continue to fall
  • Top coins stand in the red
  • Experts still hopeful of gains early next year

A majority of the top cryptocurrencies were trading in the red as Bitcoin and Ethereum continued to plunge. Amid the growing bearish sentiment, experts seem hopeful of a hike in prices early next year.

The global crypto market was down by 5% in the last 24 hours and was standing at $2.14 trillion as of 2.26 a.m. ET, CoinMarketCap data showed.

The world's largest cryptocurrency, Bitcoin, fell 4.86% in the last 24 hours to trade at $46,836. Rival Ethereum too faced a bit of a sell-off to trade at $3756. This has led to most of the top cryptos bleed.

While Binance Coin dipped 6% in the last 24 hours, Solana slid by 8.79%. Cardano and Polkadot were also trading in the red.

However, experts have shown hopes and said that investors should not fear as the fall could just be attributed to the extremely volatile nature of the crypto market.

"As always Crypto is highly volatile in nature. Current downers are more like a Kangaroo Market. I wouldn't say the dip is signalling bear market currently," Dileep Seinberg, Founder and CEO of a blockchain and crypto consulting firm Thinkchain, told International Business Times.

Seinberg further said that he was hopeful that Bitcoin and Ethereum would reach their all-time high points again, "going up by 30-40%" by end of January or mid-February 2022. His comments resonated with the forecast made by industry majors.

Michael Saylor, CEO of MicroStrategy, which is one of the biggest holders of Bitcoin, had said earlier this year that BTC will reach the $100 trillion market cap soon. Similarly, pseudonymous investor PlanB is also hopeful that BTC will touch the $100K mark in the next year.

Besides Bitcoin and Ether, Seinberg sees a "good scope" in Ripple (XRP) and Dogecoin, but both of these were also trading in the red.

Among other coins, meme cryptos Dogecoin and Shiba Inu dipped over 4%. Terra LUNA, which was on a surge in the past few weeks, also dipped 7.55% in the last 24 hours, still maintaining the 10th position in the top cryptos chart. Experts have called Luna "the latest shiny thing in the crypto space."

The crypto market is extremely volatile and experts recommend investors not make decisions based on the sudden shift in prices.

Major financial institutes are viewing Bitcoin as a new asset class.
Major financial institutes are viewing Bitcoin as a new asset class. Pexels