11 C
October 8, 2022
Image default
Guide & Analysis

Markets in Red: Bitcoin drops to $48,000 as Ethereum approaches $4,000

The cryptocurrency market is not yet out of the woods as Bitcoin, Ethereum and most other Altcoins continue to gradually lose value.

After a few unsuccessful $50,000 recovery attempts, Bitcoin has repeated itself and even dropped to $48,000. Altcoins are also in the red, with Ethereum close to dropping below $4,000 and other substantial losses from Solana, Cardano, Polkadot, Terra and many more.

Bitcoin failed at $50,000 again

Primary cryptocurrency has seen better days. It traded at $58,000 last week when it plummeted $16,000 in hours Saturday morning. Despite his initial success in reclaiming some ground, as he approached $50,000 a day later, he has struggled a lot since then.

The bull’s most notable rise resulted in $52,000 on Tuesday, but the bears would not allow further increases.

Instead, they pushed cryptocurrency south by a few thousand dollars, and Bitcoin stayed below $50,000. In the last 24 hours, Bitcoin has challenged the same coveted price line once again, but to no avail.

The subsequent rejection led to just over $47,000 hours ago. As of now, Bitcoin has regained some ground and is above $48,000, but its market value has dropped to around $900 billion.

BTCUSD. Source: TradingView

Altcoins in Red

Ethereum has also gone through a roller coaster in recent days. It traded at nearly $4,700 last Friday, when the crypto-wide market crash lowered it to $3,500. It recovered very well and even surpassed $4,400 days later, but negative sentiment in the markets returned and pushed Ethereum to about $4,000 hours ago. As of now, ETH is above that line, trading at $4,106

The rest of the larger companies are in a similar position. Binance Coin (-2.28%) and Ripple (-6.31%) appear to be taking the latest pullback relatively well.

In contrast, Solana (-5.99%), Cardano (-3.74%), Polkadot (-5.63%), Terra (-3.03%), Dogecoin (-5.47%), Avalanche ( -3.31%), Shiba Inu (-5.22%), CRO (-4.78%) and MATIC (-6.61%) lost more value in one day.

Yesterday’s biggest winner – WAX – was the one that declined the most today. A 16.5% drop took the WAXP to $0.5. More losses come from Tezos (-12%), AXS (-7.88%), EGLD (-8.65%), ATOM (-5.02%), Decentraland (-10.65%) and others.

Thus, the cryptocurrency’s market capitalization has dropped $150 billion from yesterday’s peak to $2,250 trillion.

Overview of the cryptocurrency market. Source: Quantify Crypto

Source: Crypto Potato

Related posts

Short-term price analysis for Bitcoin

Shahrukh Ahmed

Crypto market capitalization reaches $ 600 billion as Bitcoin surpasses its historic high

Shahrukh Ahmed

Token burning and the battle for the crypto trade in China

Shahrukh Ahmed

Leave a Comment