Pi Coin, one of the reliable altcoins of late, has been facing a major strike in the last 12 hours. When the market, gripped with fear, started to react, the effect on its price was visible.
The average price of the coin dropped by 16% under 12 hours. The current price point is $0.5589, marking a sharp 10% drop within 24 hours.
More Shocking Events Follow Suit
The market cap of Pi Coin came down to $3.82 billion. The same has happened with the day trading volume of the coin. It is down more than 57% to reach a point of $468.5 million.
Reasons Tracked
The downfall of the wider market is one of the main reasons why the coin dropped so steeply. BTC is down to $77,000, too. Unbelievable! But true. ETH’s fall is even steeper. The coin dropped by 17% to reach a value of $1500.
The Black Monday Says It All
Traders called it a “Black Monday.” The charts are all red today. The market is grasped by fear. The overall market cap is 9% down, standing at $2.4 trillion only. Meanwhile, the Fear and Greed index is at a staggering 17, signalling extreme fear spread to the remotest corners of the market.
Pi’s Revolution!
As the market was taking one hit after another, Pi Coin did something extraordinary. Its value jumped 70% in the last 5 hours only. Finally, the trend settled, and Pi registered a day gain of 45%.
The move keeps traders in hope. But the momentum has been reversed again. Fear is still rife in the market as prominent as concrete!
If you are willing to invest a lump sum in digital assets, it may not be the best of times. The repulsive market makes it difficult. My suggestion is- waiting till the first quarter subsides, would be the best thing to do, for now!
