The Crisis Continues: Bitcoin and Ethereum Plunge Below Key Psychological Thresholds


The two biggest cryptocurrencies have lost points in weeks since they hit full-time highs in November. Today, however, both of them have fallen below the main levels of psychology.

Psychological resistance

Almost the entire cryptocurrency market has been in the red recently. Few of them were spared.

Bitcoin and Ethereum briefly went below the $ 40,000 and $ 3,000 levels, respectively. BTC fell to around $ 39,692 and ETH hit levels as low as $ 2,922.

Price levels exceeded today have been important areas of support and resistance over the past year, as can large integers. serve as important psychological clues.

However, all assets are back about two percentage points from today’s lows, standing at around $ 41,497 and $ 3,042. Bitcoin hit an all-time high of just over $ 69,044 just two months ago today, which means today’s prices this equates to a fall of almost 40% for the world’s first cryptocurrency. Ethereum also hit an all-time high on November 10, priced at just over $ 4,878, with today’s prices down about 37%.

Small cap currencies fell in conjunction with BTC and ETH

Solana, the fourth largest cryptocurrency by market capitalization, fell below the $ 130 level but has come up with BTC and ETH to about $ 136 since then. It’s down about 4.5% on the day and 22.5% during the week. Cardano and Polkadot, other strong rivals of Ethereum tier 1, are also down about 4.5% on the day from recovering from today’s price shock.

The same goes for the two biggest meme currencies, Dogecoin and Shiba Inu, both down about 4.5% since they merged with BTC and ETH.

Metaverse and gaming signs were not saved either, while MANA Decentraland and Sandbox Sand decreased by about 6.4% and 7.2%, respectively. Axie Infinity’s AXS signal is down about 4%.

Most of these assets also saw double-digit declines during the week. While there are some exceptions to the price depression seen in the past week, Cosmos’ ATOM and NEAR are among them, up about 2.4% and 8.4% today, respectively.

Overall, cryptocurrency markets have suffered over the past two months. The total capitalization of the cryptocurrency market fell by about one-third from its all-weather highs of over $ 3 trillion in November.

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