Bitcoin, the world’s most important cryptocurrency, crashed to its 7-day low despite having experienced a boom week. Other altcoins were also rallying and fell, including Ethereum (which fell more than 5%), XRP (which fell by 4%), and ADA (6%) respectively.
Bitcoin’s positive momentum has been evident over the past nine days. The leading cryptocurrency, Bitcoin, has seen a 26% increase in its value since July 12, from $19,230 at the low to $24,280 high.
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Nonetheless, BTC’s most recent rise failed to surpass the biggest barrier standing in the way of Bitcoin reaching the $30K price level. After failing to stabilise above $23,000, bitcoin’s price began a downward trend.
BTC lost its gains, falling below $22,000. The current price of BTC is $21,917.87. This is a decrease of more than 3 percent from the day prior, but an increase 5.2% over the week before. Current market capitalization stands at $418.68 billion with a 24 hour low of 2.62%.
BTC and the other cryptocurrency Ethereum also lost ground, as they could not keep the $1600 level that it reached earlier in week. CoinMarketCap data show that its price fell to $1,547.89 over the last day, a decrease of 2.5%.
Ethereum, ADA and XRP Experience a Declination
ETH has performed well over the past 14-days. From the low of $1,008 on July 12 to the month’s high of $1,664 on July 23, it rose gradually. Additionally, the increase in July’s price was accompanied by a steady rise since the Merge’s announcement date, ETH has increased by over 15.0% during the past seven days, and over the preceding 14 days, the currency has seen a notable increase of 32.3%.
According to CoinMarketcap data, Ripple, eighth largest cryptocurrency (XRP), fell 4.9% over the past day and reached $0.346754. It also saw a drop in market value of around $16.735 million, with an average of 4.70% per 24 hours.
The last weekend saw the cryptocurrency markets remain above their respective support levels. The bullish rise in XRP’s price from July 18 gave the illusion that the cryptocurrency market would conquer all obstacles. However, XRP suffered a dramatic decline in the first trading week. The price of XRP was not affected by the market’s current movements, which did not allow it to reach $0.4 levels.
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On the other side, Cardano’s price had dramatically increased to reach $0.55 and had long since overtaken XRP. Both assets were pulled by the bears quickly, which demonstrated their superiority over the bulls.
However, ADA couldn’t maintain its position at over $0.55. It currently trades at $0.4939433, a 6.4% loss, but it continues to trend downward.
Featured Image from Flickr. Chart from Tradingview.com
