Crypto Markets About to Close Worst Week Since June’s Crash (Market Watch)
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 since the massive crash in mid-June.
Bitcoin down 15% weekly
A lot can change in the cryptocurrency markets within a week. Bitcoin, for example, was surging last weekend when it jumped above $ 25,000 on two separate occasions to mark new multi-month highs.
While the bulls were expecting to maintain control and perhaps continue to push the asset north, the landscape changed rather immediately and BTC plummeted over $ 1,000 within hours.
But that was just the beginning. Bitcoin attempted a brief recovery, but was stopped at $ 24,400 and dumped by another million over the next few hours. More pain came a few days later when BTC plummeted to $ 21,500 (Aug.19).
Yesterday saw another price drop that took the asset to $ 20,800, a three-week low. BTC tried to catch up but dropped to that level over the next few hours as well.
As of now, it’s around $ 21,000. This means it is down about 15% from the week and its market cap is close to exceeding $ 400 billion.
Altcoin in pain
As is typically the case when there is extreme volatility with bitcoin, alternative currencies tend to take a step forward.
Ethereum was among the top performers until last weekend. Perhaps fueled by the hype about the upcoming merger, ETH skyrocketed to over $ 2,050, which became a 74-day high.
Now, however, the second largest cryptocurrency is struggling at $ 1,550 following several consecutive daily price drops. This means that ETH lost $ 500 in one week.
On a daily scale, Ripple, Cardano, Solana, Dogecoin, Polkadot, Shiba Inu, Avalanche and Tron are also in the red compared to the higher capitalization halts.
Small and mid cap altcoins are in similar positions. As such, the overall market cap of cryptocurrencies dropped another $ 30 billion in one day and is close to falling below the coveted $ 1 trillion mark. For reference only, the metric stood at $ 1.2 trillion a week ago.
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