Bitcoin Drops to Weekly Low, Ethereum Drops to $1.1K (Market Watch)

After several days of silence, bitcoin took a turn for the worse, dropping to a weekly low below $16,000.

Altcoins are no better off, with ETH dumping below $1,100 for the first time in ten days.

Bitcoin slides further

After the previous week’s volatility caused by the FTX crash, bitcoin calmed down and hovered around $17,000 for several days. Origin even tried to lower this level on a few occasions but to no avail.

After the recent rejection on Friday, BTC stagnated for two full days, trading around $16,600. However, the landscape has changed in the last 24 hours as the bears have taken control of the market once again.

They pushed the primary cryptocurrency south and it fell below $16,000 for the first time in over a week. As of now, the asset is trading around that line again, but its market capitalization is agonizingly close to breaking below $300 billion. The only silver lining is that BTC’s market dominance has increased slightly to 38.7% as most of the altcoins have bled more.

The recent price declines come amid warnings that the cryptocurrency could drop to $9,500 if it were to repeat previous bear market cycles.

BTCUSD. Source: TradingView

Altcoins Bleet Out for

As mentioned earlier, altcoins are in worse shape than Bitcoin today. The negative trend was led by Ethereum, which fell from over $1,200 to around $1,100 so far, after reports that drying up of FTX, which may be the Bahamas-based securities regulator, began moving funds.

Binance Coin is down by 5% over the past 24 hours and is struggling below $260. Ripple, Cardano, Dogecoin, Polygon, Polkadot, and Shiba Inu are also in the red, with losses of up to 9%.

With some altcoins, such as Algorand, CHZ, and NEAR, dropping by double digits, it is no wonder that the cumulative market capitalization of all crypto assets has fallen below $800 billion. This means that the metric has seen more than $40 billion in movement per day.

Overview of the cryptocurrency market.  Source: Quantify Crypto
Overview of the cryptocurrency market. Source: Quantify Crypto

Bitcoin Drops to Weekly Lows, Ethereum Dumps to $1.1K (Market Watch) first published on CryptoPotato.

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