The crypto market just lost about $70 billion, as significant selling pressure from crypto sellers pushed the value of cryptocurrencies lower across the market spectrum amid the rising U.S dollar and some profit-taking.

• The global crypto market value is $930.47 billion, a 5.61% decrease over the last day.
• The U.S dollar was fired up as it recorded impressive gains at the Tuesday trading session in London taking into account some investors are fast becoming jittery on rising COVID-19 caseloads globally.
• At press time, the U.S. Dollar Index that tracks the greenback against a basket of major currencies ticked up by 0.20% to 90.555

READ: Currency traders flock to U.S dollars amid COVID-19 drama

At the time of drafting this report, about $70 billion in value was virtually wiped out, taking into account the flagship crypto, Bitcoin, the dominant player in the crypto market, lost as much as $2,000, according to data retrieved from Coin360.

• The total crypto market volume over the last 24 hours is $131.42 billion, which amounts to a 2.07% increase.
• The total volume in DeFi is currently $15.68 billion, 11.93% of the total crypto market 24-hour volume.
• The volume of all stable coins is now $105.17 Billion, which is 80.03% of the total crypto market 24-hour volume.
  Bitcoin’s price is currently $31,398.04.
• Bitcoin’s dominance is currently 62.74%, a decrease of 0.01% over the day.

READ: Why intelligent investors are secretly buying Bitcoin

Other leading crypto assets including Ethereum, Cardano, Litcoin, Chainlink, Polkadot, and Stellar lost more than 8% in value.

Crypto experts interviewed by Nairametrics are saying that a market correction was long overdue after the overextended bullish move.

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The bearish trend prevailing at the bitcoin market is largely attributed to a significant amount of profit-taking in play, coupled with the strong rebound in the U.S dollar

The most powerful British monetary policymaker, Andrew Bailey, is not of the bias that the current generation of digital assets has the structure needed to ensure long-term regulatory survival.

Speaking during the World Economic Forum yesterday on “Resetting Digital Currencies” the Bank of England governor reacted to a question on whether crypto is here to stay for the long term with skepticism:

“Are cryptocurrencies here to stay? Digital innovation in payments – yes. Have we landed on what I would call the design, governance, and arrangements for a lasting digital currency? No, I don’t think we’re there yet […] I don’t think cryptocurrencies as originally formulated are it.”

In a report credited to This is Money, a British-based financial newspaper, Andrew Bailey said that crypto-currencies in their current state were not likely to be the final settling point, as consumers, businesses, and regulators would look for digital currencies that are stable, safe, and well-designed before fully shifting away from traditional currencies like the pound and dollar.

What you should know: At the time of drafting this report, the crypto market was valued at $955 billion, a 2.23% drop over the last day.

• The total crypto market volume for the day stood at $128 billion, which makes a 2.15% increase.
• The total volume in DeFi is currently $15.65 billion, 12.19% of the total crypto market’s 24-hour volume.
• The volume of all stable coins is now $101.61 billion, which is 79.15% of the total crypto market 24-hour volume.
• Bitcoin’s price is currently $32,164.91.
• Bitcoin’s dominance is currently 62.86%, an increase of 0.65% over the day.

Widely respected crypto trader, Michaël van de Poppe recently unveiled the list of cryptos expected to do very well in 2021 amid the prevailing bullish run in the Crypto verse.

He started by mentioning Polkadot (DOT) and looking at levels where investors can buy on dips.

“We do see these retests at $15. That was one of the levels I discussed. Another one is this $13-level which is lower timeframes and then we’ve got this area around $10.50,” he said.

READ: Crypto experts reveal their favourite Cryptos 

Polkadot protocol connects private and public chains, oracles future technologies, and permission-less networks allowing such independent networks to share information and transactions through the Polkadot relay chain,

Van de Poppe expects the next leg of the bull run to catapult DOT to his targets at $25, $29, and $45.

In addition to Polkadot, the analyst says he’s also bullish on smart contract platform Cardano (ADA), blockchain for enterprise solutions Zilliqa (ZIL), hybrid blockchain platform ICON (ICX), high throughput blockchain Elrond (EGLD), and interoperable blockchain network Cosmos (ATOM).

READ: DeFi crypto market value gains over 1000% from June

Cardano is a type of blockchain that permits people to receive and send funds.

• ADA coin is the name of the cryptocurrency.
• It uses the Cardano blockchain and it also allows people to design smart contracts just like Ethereum.

Elrond is a type of blockchain architecture, created to facilitate a 1000-fold cumulative improvement in the execution of speed.

Its architecture combines a secure Proof of Stake (PoS) algorithm facilitating unlimited scalability.

Zilliqa is a type of cryptocurrency that focuses on making blockchains more scalable and much faster; It uses sharding technology to simplify the consensus process so that blockchains like Ethereum can provide fast transaction processing successfully.

READ: Ethereum miners earning more than their Bitcoin rivals

Another solid crypto on the crypto expert’s radar is Celer Network (CELR). He says the layer-two scaling platform can potentially rise to $0.035, representing a potential return of 400% from its present value of $0.007.

Last but not least is chainlink on the bias it has more room for upsides as its still upcoming crypto and has a solid fundamental;

“Chainlink itself has a very big market share of the oracle niche. Other oracles are just starting up their first,” Poppe said.

READ: ChainLink, now most valuable DeFi Crypto by market value

Chainlink is a blockchain that is designed to bridge the space between blockchain technology-based smart contracts (created by ETH), and other user programs.