The price of Bitcoin hit a new low, hitting $ 34K on Saturday morning. Bitcoin is now more than 48% below the full-time high (ATH) level it reached two months ago, on November 10, 2021, when it exceeded the $ 69,000 mark. In the last week alone, bitcoin has lost 17% of its value.
The digital currency market continues to fall, the cryptocurrency economy drops to $ 1.75 trillion.
This week has a blood in the world of cryptocurrencies, the price of bitcoin (BTC) has dragged down all the coins with it. Today, the total crypto-economy is down 11% in the last 24 hours. BTC is declining from its ATH, and since December 27, 2021, when BTC was trading at $ 52K, bitcoin has lost more than 32% of its value.
The value of BTC has fallen to its lowest point in the year to date, reaching $ 34,000. While the value of BTC has fallen sharply over the past 48 hours from $ 43,400 to $ 35.5K to $ 36K currently, BTC’s dominance has increased significantly.
BTC’s market dominance is 39.5%, up 5.33% from January 6, 2022. On the other hand, Ethereum’s dominance dropped to 17% and numerous other crypto assets also lost many percentages of dominance. Among the top ten crypto assets, the polkadot (DOT) lost the most value during the week at 32.1%.
In addition, solana (SOL) has lost 30.5% in seven days, while ethereum (ETH) has fallen 24.6% from last week. BNB is down 23.9% and both xrp (XRP) and terra (LUNA) are down 21.2% over the last seven days. BTC and ADA saw the lowest percentage losses this week, with ADA down 12.4% and BTC down 16.8%.
The crypto-economy has lost a lot of value in the last week, and many people are talking about this crash on social media. Vertical trends on Twitter indicate the likes of hashtags #cryptocrash and #bitcoincrash they are trending topics.
Meanwhile, most crypto advocates on Reddit forums and social media like Twitter have no idea when the crash will end. While some cryptocurrency critics think bear markets are almost over and more bulls are on the horizon, others think BTC could fall even lower, below the $ 20,000 zone.
#BTC There was a 5 wave impulse down from the ATH, then an ABC correction, and a second 5 wave impulse down, which could end here back 50% of the total bull market. ABC could be given due to 50% withholding, and then another 5 waves are reduced towards 30k. pic.twitter.com/eDwZhOVs9Z
– MAGIC (@MagicPoopCannon) January 22, 2022
YouTuber Colin Talks Crypto tweeted that he thinks the bull run is not over. “The price of Bitcoin has dropped sharply,” the crypto Youtuber wrote. ” Many are afraid and panic. This is understandable. Zoom out. We are still up from the July 2021 drop to $ 29K. For me, the bull run is not over until the price of bitcoin is below $ 29,000 (and not just a minute drop below). »
Tae #bitcoin Crash price is high. Many of them experience fear and panic. This is understandable!
WE WILL STILL Rise from July 2021 to $ 29k.
For me, the bull run is not over unless the bitcoin price is below $ 29,000 (and not just a minute drop below it) pic.twitter.com/CgJYmCS7CX
– Colin Talks Crypto – CBBI.info (@ColinTCrypto) January 22, 2022