Bitcoin drops to weekly lows and the overall value of the crypto market plummets
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Answer Bitcoin drops to weekly lows and the overall value of the crypto market plummets
After days of bitcoin going sideways, bitcoin then dropped several hundred dollars to trade at a weekly low of just over $23,000.
Most altcoins are also in the red today.
Among the most notable decliners in the last 24 hours are the Solana, the Sheba Inu and the Avalanche.
Bitcoin hits new weekly low:
After the bitcoin price dropped last week to $22,000, bitcoin went into a revolutionary rally and added a few thousand dollars.
Bitcoin peaked at $25,200 over the weekend, becoming the coin’s highest price in more than two months.
After that, Bitcoin failed to continue rising or even to maintain the level achieved.Read:US Department of Justice Seizes Over 50,000 Bitcoins Linked to “Silk Road” Store
In the following hours, the price of Bitcoin dropped more than $1,000 to around $24,000.
Then the bitcoin traded sideways and remained trading at the levels of 24 thousand dollars.
Bears have resumed control of the market and pushed Bitcoin south again.
This was followed by another $1,000 drop, as Bitcoin drew a weekly low at $23,200 (on Bitstamp).
Bitcoin is now trading north of this level, but its market capitalization has fallen to $450 billion.
Altcoins are colored red:
Altcoins charted several gains over the weekend as well but started the week slowly and are in the red now.
Ethereum hit a multi-month high of over $2,050.
Then Ethereum was stopped there and has fallen about $200 since then.
As a result, Ethereum is now struggling to stay above the $1850 level after another slight daily drop.
Similar price drops come from:
Binance Coin, Ripple, Cardano, Dogecoin, Polkadot and MATIC.
With most of the low and mid-cap cryptocurrencies in a similar position, the cryptocurrency market cap has seen the disappearance of $50 billion in a single day.Read:Bithumb enters the US market via a security token platform
The total value of the crypto market has fallen to just over $1.13 trillion.
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