Bitcoin is down 15% weekly. Much can change in cryptocurrency markets within a week. For example, bitcoin was rising last weekend when it jumped above $25,000 on two separate occasions to celebrate new peaks for several months.
While bulls were expected to remain in control and may continue to push assets north, the landscape immediately changed, and BTC fell by more than $1,000 in hours.
But this was just the beginning. Bitcoin tried to recover briefly but was stopped at $ 24400 and dumped another $1,000 in the following hours. More pain came a few days later when BTC dropped to $21,500 (on August 19).
Yesterday saw another price offload pushing the asset to $20,800 – a three-week low. BTC tried to recover some ground but dropped to this level in the following hours too.
So far, it’s about $21,000. This means that it has fallen nearly 15% during the week, and its market value is about to collapse below $400 billion.
Altcoins in pain
As usually happens when there is extreme volatility in bitcoin, alternative currencies tend to move forward.
Ethereum was among the best performers until the end of last week. Perhaps driven by hype regarding the upcoming merger, ETH has risen to more than $2050, which has become a 74-day high.
Now, though, the second-largest cryptocurrency is struggling at $1,550 after several consecutive drops in daily prices. This means that ETH has lost $500 a week.
On a daily scale, Ripple, Cardano, Solana, Dogecoin, Polkadot, Shiba Inu, Avalanche and Tron are also in the red zone of larger-cap alternatives.
Low and medium cover currencies in similar positions. As such, the total market value of cryptocurrencies has fallen by another $30 billion a day and is nearing collapse below the desired $1 trillion mark. Just to indicate, the scale was $1.2 trillion a week ago.