Crypto Market May Record Worst Week Since June Crash

Since the mid-June crisis, the crypto market has not had such a poor trading week.

Bitcoin’s situation took another turn for the worse in the past 24 hours as the asset slipped to $20,750. Most altcoins are in a similar position this week, making it the worst performing trading one since the massive crash in mid-June. At the time of writing, BTC is trading at $21,374.

Within a week, a lot can happen in the cryptocurrency markets. Bitcoin, for example, was riding high last weekend when it surpassed $25,000 on two different occasions, setting new multi-month highs.

While the bulls expected to maintain control and push the commodity higher, the scenario quickly changed, and BTC dropped by over $1,000 in hours.

But that was only the beginning. Bitcoin made a brief comeback, but was stopped at around $24,400 and dropped by another grand in the hours that followed. BTC fell below $21,500 a few days later, causing much more misery (on August 19).

Another price drop occurred yesterday, sending the asset to a three-week low of $20,800. BTC attempted to regain some ground but fell back to that level in the hours that followed.

It is currently valued at about $21,000. This means it’s down approximately 15% on the week, and its market valuation is on the verge of falling below $400 billion.

When there is severe volatility in Bitcoin, the alternative coins often go a step farther.

Until last weekend, Ethereum was among the strongest performers. ETH had risen to nearly $2,050, a 74-day high, possibly spurred by the enthusiasm surrounding the forthcoming Merge.

However, the second-largest cryptocurrency is now struggling at around $1,550 after four consecutive daily price declines. This translates to ETH losing $500 in a week.

Ripple, Cardano, Solana, Dogecoin, Polkadot, Shiba Inu, Avalanche, and Tron are also in the red on a daily basis among the larger-cap alts.

Lower-cap cryptocurrencies and mid-cap altcoins are in a similar position. As a result, the global crypto market cap has dropped by $30 billion in a single day and is on the verge of falling below the coveted $1 trillion level. For comparison, the figure was $1.2 trillion a week ago.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

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