Bitcoin: Price Continues to Crash Dragging the Whole Crypto Market Along
Bitcoin (BTC) continues its downtrend, with the price losing the $28,000 level after seeing high volatility in the past few days.
The price of BTC dropped by more than 3.5% in the past 24 hours and is currently trading at $27,950 on Coinbase. On the weekly chart, Bitcoin lost around 9.8%.
This comes just one day after the crypto king managed to reclaim the $30,000 level.
Currently, the whole market is being submerged, with most altcoins registering significant losses.
Ethereum (ETH) lost 2.3% on the day and at the time of writing, is priced at $1,920. L2 scaling solution Arbitrum (ARB) erased recent gains and dived down to $1.432 after an 6.6% drop.
The total market cap of the cryptocurrency market declined by 3.2% and is currently worth $1.18 trillion.
A continuation of this correction is still in the cards, as some analysts suggest that the current fair value of BTC is around $25,000. Others have even more bearish opinions, predicting a drop below $20,000.
READ MORE: EU Approves MiCA Regulation: What It Means for Crypto Companies and Consumers
Just two days ago, the Fear and Greed index peaked at 58, reaching a 17-month high. The market has become greedy, and perhaps the downtrend was inevitable.
Not everything is dark and gloomy, however.
As Mike Novogratz, Galaxy Digital’s CEO, said recently, it would be better to have steady growth and sustainably rather than experience a sudden surge that could be detrimental to the industry.
Mark Yusko, Morgan Creek Digital’s CEO, believes that the cryptocurrency market is on the brink of a bull market, which can be attributed to the massive increase in global liquidity.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
