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.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
Follow CoinCu Youtube Channel | Follow CoinCu Facebook page
Harold
CoinCu News
Author
Market
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.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
Follow CoinCu Youtube Channel | Follow CoinCu Facebook page
Harold
CoinCu News
Other Posts
Related Posts
Latest
Qualified Stoner Cats NFT Investors Will Receive $1 Million In Compensation
Press Release
Three Titans of Crypto in November 2024: Qubetics, Aave, and VeChain Under the Microscope
Ethereum Whales Rotate to PropiChain, Predicting Gains beyond XRP and Cardano in 2025
