Bitcoin drops below $22,000 and Ethereum drops to $1,700
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Answer Bitcoin drops below $22,000 and Ethereum drops to $1,700
The bitcoin price drop yesterday was followed by another drop today, as market action has become more volatile.
Currently, Bitcoin is trading at its lowest level in three weeks at less than $22,000.
Most altcoins are also trading in the red too, with many cryptocurrencies dropping in double-digit percentages.
On the other hand, Ethereum declined and is now trading at the $1700 level.
Bitcoin is trading at its lowest level in 3 weeks:
Just a few days ago, the base cryptocurrency was rising, as traders hoped that it would surpass $25,000 levels, but it was not able to continue and its upward move was rejected.
Recently, the same scenario was repeated, and the price of Bitcoin stopped rising, as the price of Bitcoin fell by over $1,000 in hours.Read:Find out which “safe haven” investments have performed better than Bitcoin
Bitcoin calmed down before experiencing another bullish move, which was once again rejected at $24,400.
This brought more pain to the bulls, as Bitcoin found itself dropping by another significant amount yesterday.
The situation worsened earlier in the day as the cryptocurrency plunged more than $2,000 in hours and fell to a three-week low of $21,400 (on the Bitstamp trading platform), liquidating more than $400 million on a daily scale.
So far, Bitcoin has regained some breath, but it is still trading well below the $22,000 level, and its market capitalization has dropped to $415 billion.
Altcoins as usual follow the path of Bitcoin:
Similar to Bitcoin, altcoins fell yesterday and are in bad shape today.
Ethereum has been among the best performing cryptocurrencies recently, having hit a 74-day high above $2,050 over the weekend.
But it has since continued its free fall, and is now struggling to stay above $1,700, which means it has lost more than $300 in less than a week.
Most of the alternative digital currencies with large and medium capitals declined by rates ranging between 5% and 15%.Read:The number of Ethereum holders reaches an all-time high
This led to a decline in the cryptocurrency market capitalization by $80 billion per day.
The total value of the crypto market has seen the disappearance of more than $120 billion in the past two days, reaching $1,050 trillion.
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