Bitcoin price made a new low this year, touching $34,000 per unit just after 5 a.m. EST on Saturday morning. Bitcoin is now over 48% lower than its all-time high (ATH) set two months ago on November 10, 2021 – when it surpassed $69,000. In the last week alone, Bitcoin has lost 17% in value and a large number of traders and investors are eager to see when the carnage will end.
Digital currency market carnage continues, crypto economy falls to $1.75 trillion
It was bloodbath in the cryptocurrency world this week when Bitcoins (Bitcoin) Price pulled every coin down with it. Today, the overall crypto economy has lost 11% in the last 24 hours. Bitcoin has been in a downtrend since the crypto asset ATH and since Dec 27, 2021 Bitcoin trading for $52,000, bitcoin has lost more than 32% against the US dollar.
Just after 5 a.m. (EST) on Saturday morning, BitcoinThe value of fell to its lowest level so far this year, reaching $34,000 per unit. The leading crypto asset’s 24-hour range has been between $39,177 and $34,000 apiece Bitcoin. While Bitcoin has depreciated sharply in the last 48 hours, from $43,400 to the current $35.5,000 to $36,000 per unit, Bitcoin The dominance has increased significantly.
At the time of writing, BitcoinThe market dominance of is 39.5%, which is 5.33% more than on January 6, 2022. Ethereum’s dominance, on the other hand, has dropped to 17%, and countless other crypto assets have also lost many dominance percentages. Out of the top ten crypto assets, Polkadot (DOT) lost the most over the week, shedding 32.1%.
Additionally, Solana (SOL) is down 30.5% in seven days, and Ethereum (ETH) is down 24.6% since last week. BNB is down 23.9% and xrp (XRP) and terra (LUNA) are both down 21.2% over the past seven days. Bitcoin and ADA saw the lowest percentage losses this week ADA 12.4% lost and Bitcoin fell 16.8%.
The crypto economy has taken a pretty beating in the past week, with many people taking to social media to talk about the crash. Vertical trends on Twitter indicate hashtags like #cryptocrash and #bitcoincrash are trending discussions about Michael Saylor and Microstrategy’s Bitcoin stash. People have been wondering whether or not Saylor and Microstrategy will sell theirs Bitcoin Stocks and people have questioned Tesla about holding his bitcoins for the long term.
Meanwhile, most crypto supporters on Reddit forums and social media channels like Twitter have no idea when the carnage will end. While a number of crypto advocates believe the bearish markets are almost over and new ATHs are on the horizon, others believe Bitcoin could fall further, below the $20,000 zone.
Youtuber Colin Talks Crypto tweeted that he believes the bull run isn’t over yet. “The price of bitcoin has plummeted,” wrote the crypto youtuber. “A lot of people are scared and panicking. That is understandable. zoom out. We are still above the July 2021 drop to $29,000. For me, the bull run is not over unless the bitcoin price is below $29,000 (and not just briefly below).”
What are your thoughts on the recent bitcoin price drop and how it dragged the entire crypto economy down? Do you expect more bearish crypto prices or do you think the bull run isn’t quite over yet? Let us know what you think about this topic in the comment section below.
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Source: Crypto News Austria