Bitcoin (BTC)Crypto Analytics

Crypto Economy Loses 3% Overnight, Bitcoin Slips Below $ 46,000, Analyst Says ‘Downward Force Still Strong’ –

The crypto economy has lost 2.9% in value in the past 24 hours and Bitcoin slipped below the $ 46,000 price zone on Monday. In addition, the top ten digital currencies lost between 3% and 7% in value on the last day after Bitcoin’s price fell.

Top Ten Crypto Coins See More Losses, Crypto Economy Slips Nearly 3% In 24 Hours

The Bitcoin Price (BTC) is down 3.7% today and is trading at $ 45,738 per unit at the time of writing. So far this year, the value of Bitcoin has risen by more than 90% in the last 30 days BTC 21.8% lost. For now, BTC has a market valuation of around $ 864 billion, which is 38.6% of the crypto economy of $ 2.24 trillion.

BTC/ USD via Bitstamp on December 20, 2021.

The second largest crypto asset in terms of market valuation is Ethereum (ETH) and is down 4.4% in the last 24 hours and 8.7% on the last day. At the time of writing, Ether is trading hands for $ 3,787 per unit. Ethereum’s dominance of the rest of the coins in the $ 2.24 trillion crypto economy is 20% today. On Monday, ETH has an overall market valuation of $ 448.8 billion.

Crypto Economy Loses 3% Overnight, Bitcoin Slips Below $ 46,000, Analyst Says ‘Downward Force Still Strong’ –, Crypto Trading News
ETH/ USD via Deribit on December 20, 2021.

Four tokens have managed to generate profits in the past 24 hours, including Longing Financing (YFI) by 6.5%, Olympus (OHM) by 3%, Okb (OKB) by 2.8% and Leo Token (LEO) by 2.1%. The biggest losers on Monday include Curve Dao Token (CRV) by 10%, Compound (COMP) by 10.5% and Waves (WAVES) by 10.2%. Of the 11,836 crypto-coins that are traded on 533 exchanges around the world today, there is a global trading volume of 102.8 billion US dollars.

Huobi Group Exec: “Downward force is still relatively strong – watch out for the downward momentum”

Speaking to Du Jun, co-founder of the Huobi Group, Jun says that Bitcoin started falling again after jumping over the $ 48K region last weekend. “According to data from Huobi Global, BTC started falling after hitting a high of 48,300 over the weekend, ”Jun told our news desk. “Now there are around 46,000 and the downward trend is relatively stable. It should break through the pressure mark of 45,500 further. From 4h K-Lines the price is still in a stable downward channel. DIF crossed DEA and formed a downward signal.

“The K-Line was near the bottom rail of the Bollinger Bands, and the volume of trade was relatively sluggish,” said the Huobi Group’s general manager. “At the daily level, price fluctuations have gradually slowed down over the past few days, and price fluctuations were temporarily controllable. In the short term, watch out for the downside momentum and the breakout of the 45500 position below. “

June added:

[Ethereum] fell steadily during the day, fell from a high of 3980 to a low of 3760 and is now close to 3780. Measured against the 4-hour K-Line, the K-Line fluctuated strongly today, which changed the stability of the last few days. However, it’s not hard to see from the daily line that the drop is supposed to pull the K-Line back into the downward channel, suggesting that the downward force is still relatively strong. In the short term, watch out for the extent of the drop in prices.

What do you think of the recent price declines in the crypto economy and the outlook for Bitcoin and Ethereum from the Huobi Group? Let us know what you think on this matter in the comments below.

Crypto Economy Loses 3% Overnight, Bitcoin Slips Below $ 46,000, Analyst Says ‘Downward Force Still Strong’ –, Crypto Trading News

Jamie Redman

Jamie Redman is the News Lead at News and a Florida-based financial tech journalist. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for bitcoin, open source code and decentralized applications. As of September 2015, Redman has written more than 4,900 articles for News on the disruptive protocols emerging today.

Photo credits: Shutterstock, Pixabay, Wiki Commons

Source: Crypto News Austria

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