Bitcoin is testing the $20,000 level and the crypto market is losing $120 billion in the last 48 hours
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Answer Bitcoin is testing the $20,000 level and the crypto market is losing $120 billion in the last 48 hours
Bitcoin’s decline continued in the past 24 hours, and the price fell to a new three-week low at levels below $21,000.
Ethereum is in a similar position, having fallen by more than $100 in the last hours.
Bitcoin records a new low:
Five days ago, the cryptocurrency market was looking bright, as the price of Bitcoin soared above $25,000, a two-month high.
But the bitcoin was not able to stay long above the level of 25 thousand dollars, as it retreated and fell by more than 1000 dollars soon after the mentioned peak was recorded.
Read:Rich Dad Poor Dad author outlines 7 reasons to buy Bitcoin
Although the bitcoin price calmed down and stayed at that level for a day or two, the bears came back and pushed the price south.
The situation worsened yesterday when the bitcoin price dropped to $22,000.
The past 24 hours brought more pain to the bulls as Bitcoin found itself dropping below $21,000 to mark its lowest price position in three weeks.
At the time of the article’s publication, Bitcoin is trading at just over $21,000, and its market capitalization has managed to stay above $400 billion.
Ethereum continues to decline:
Most altcoins have followed the performance of bitcoin.
Ethereum continued to record further declines in value.
Another daily drop of almost 5% has taken the price of Ethereum to below $1,650.
It is worth noting that the price of Ethereum previously exceeded its highest level in 74 days above $2,050 at the end of last week, which means that the price of Ethereum lost $400 during this time frame.
The Cardano coin is also down during the day, seeing a daily drop of 3%, and as a result ADA is still struggling under $0.5.
Read:Bitcoin struggles to stay above $20,000 as Bitcoin balance on exchanges plunges to a very low level
The decline in the prices of large and medium-cap cryptocurrencies has brought the total value of the crypto market down to just over $1 trillion.
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