Cryptocurrency Market Drains $50B As Bitcoin Touches Weekly Lows
August 18 2022 - 12:00PM
NEWSBTC
Bitcoin price is falling again after it started making a positive
turn at the beginning of July. The entrance into the second half of
2022 seemed to revive most cryptocurrencies. There was a sudden
rise in value for several tokens, with the world’s largest crypto
asset almost taking the lead. Bitcoin hit the $25,000 level within
the past few weeks, but such performance is not sustainable. On
consecutive days this week, BTC lost hundreds of dollars in value
as the price crawls back to around $23,000. The broader market is
struggling through the downward path as many altcoins are dipping.
The cumulative market cap lost up to $50 billion through the price
drop from digital assets. Related Reading: Dogecoin Jumps 15% In 24
Hours As DOGE Overcomes Critical Level During last week, BTC dipped
to the $22,000 mark. Then, it suddenly regained the momentum to
cross the $25,000 level. Finally, Bitcoin even traded above
$25,200, which stood as its highest price for over two months.
While the price couldn’t make a further upward move, it stalled on
the level for several trading hours. But it later dipped to $24,000
after losing $1,000. After that, the BTC price swiveled around
within the level and later gained slightly to move to $24.400. It’s
at this point that the bears take over. BTC gradually dropped till
it lost $1,000 again to hit its weekly low of $23,000. At the time
of writing, Bitcoin has lost some value in its market cap, which is
now $450 billion. Also, the token is trading slightly above the
$23,000 mark. Altcoins Also Dropped Following Bitcoin Bitcoin is
not the only cryptocurrency in deep. Some major altcoins have
plunged as well. Though the weekend was a bit of an impressive
price rallying for some of the altcoins, they are already in red as
the week rolls by. The second largest cryptocurrency, Ethereum,
lost about $200 after reaching as high as $2,050. The previous
multi-month high was due to positive sentiment surrounding its
upcoming upgrade, the Merge. ETH is trading at around $1,850 after
dipping by more than 2% in the last 24 hours. Other coins such as
Ripple, Binance Coin, Polkadot, Dogecoin, Polygon, and Cardano have
their share of losses. However, data for the more prominent capped
altcoins indicates that Solana, Avalanche, and Shiba Inu are on the
top as losers. Within 24 hours, they lost about 6% or more in their
prices. Related Reading: Polygon Seen Breaching $1 This Week – Can
MATIC Start An Uptrend? The trend is not different for the mid-cap
and lower-cap altcoins as they also had huge losses. The overall
effect has pushed the crypto market cap to lose up to $50 billion.
The data is currently standing at $1.1 trillion as the cumulative
value. Featured image from Pixabay, Chart from TradingView.com
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