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Bitcoin prices hit their lowest level this year at $34,000 per unit just after 5 a.m. EST on Saturday. Bitcoin is now down more than 48% from its all-time high (ATH) reached two months ago on November 10, 2021 — when it crossed the $69,000 mark. In the last week alone, Bitcoin has lost 17% in value, leaving plenty of traders and investors wondering when the carnage will end.
Digital Currency Market Carnage Continues, Crypto Economy Falls to $1.75 Trillion
This week has been a bloodbath in the cryptocurrency world, just like Bitcoin’s (bitcoin) price drags down every coin. Today, the entire crypto-economy lost 11% in the past 24 hours. bitcoin The crypto asset’s ATH has been on a downtrend since December 27, 2021 bitcoin Trading at $52,000, Bitcoin lost more than 32% of its value against the U.S. dollar.
Just after 5 a.m. EST on Saturday, bitcoinIts value has fallen to its lowest point this year so far, at $34,000 per unit.The leading crypto asset has a 24-hour range between $39,177 and $34,000 bitcoin. although bitcoin In the past 48 hours, the value has dropped significantly, from $43,400 to $35.5K to $36K/unit now, bitcoin The advantage is significantly enhanced.
As of this writing, bitcoinThe market dominance of 39.5% is 5.33% higher than on January 6, 2022. On the other hand, Ethereum’s dominance has dropped to 17%, and countless other cryptoassets have also lost a lot of their dominance. Among the top ten crypto assets, Polkadot (DOT) saw the biggest drop this week, down 32.1%.
Also, solana (SOL) is down 30.5% in 7 days, while Ethereum (SOL)Ethereum) fell 24.6% since last week. BNB down 23.9% and xrp (Ripple) and terra (LUNA) both fell 21.2% over the past seven days. bitcoin and have Least % loss this week have fell 12.4% and bitcoin Down 16.8%.
The crypto economy has lost a lot of value in the past week, and a lot of people are talking about the debacle on social media. Vertical trends on Twitter indicate that hashtags such as #cryptocrash and #bitcoin crash Keep pace with trends discuss About Michael Saylor and Microstrategy’s Bitcoin stash.People have been wondering if Saylor and Microstrategy will sell their bitcoin Shareholdings and people questioning whether Tesla is holding on to its Bitcoin for the long haul.
Meanwhile, most cryptocurrency supporters on Reddit forums and social media channels like Twitter have no idea when the carnage will end.While many cryptocurrency advocates believe the bearish market is almost over and a new ATH is on the horizon, others believe bitcoin Can further decline, below the $20,000 region.
Youtuber Colin Talks Crypto tweeted that he doesn’t think the bull market is over yet. “The price of Bitcoin has fallen significantly,” wrote the Crypto Youtuber. “A lot of people are scared and panicked. It’s understandable. Zoom out. We’re still up from the July 2021 dip to $29,000. For me, unless Bitcoin goes below $29,000 (and not just a short break below it), otherwise the bull market is not over.”
What do you think of the recent Bitcoin price crash and how it has dragged down the entire crypto economy? Are you expecting more bearish cryptocurrency prices, or do you think the bull market isn’t quite over yet? Let us know what you think about this topic in the comments section below.
Image Source: Shutterstock, Pixabay, Wiki Commons
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