The bitcoin price fell below the $40k mark for the first times since September 21st, 2021. During Friday’s early morning trading sessions, bitcoin plunged to a low of $38,250 per coin. The market capitalization for the whole crypto-economy fell 7.5% to $1.94 Trillion, and is now below the $2 trillion mark.
Bitcoin Sheds 8% Over the Last 24 Hours, Down 40% From November’s All-Time High
Bitcoin (BTC), the price, fell below $40K for the first-time in 122 days. BTC fell by approximately 8.8% over the last 24hrs and has fallen 21% in the last one month against the U.S. dollars.
Bitcoin’s 24-hour price range has been between $43,508 and $38,250 per unit. BTC’s market value is estimated at $735.8 million as of the writing of this article. Bitcoin’s market valuation is around 38% of the $1.94 trillion crypto-economy today, while ethereum’s (ETH) market cap is 17.7%.
With 51.86% in trades, tether (USDT), is the most traded pair using BTC Friday. With 21.75% Tether follows the U.S. dollars and BUSD (with 7.71%). BUSD is closely followed by EUR (4.86%), JPY (4.25%) and KRW (3.05%).
Ethereum (ETH) is the second most popular crypto asset. It has fallen 9.1% and 29.1% respectively over the last 24-hours. ETH’s 24-hour price range has been between $3,271 and $2,809 per unit.
While ETH’s dominance is 17.7% it represents $340.9 billion out of the $1.94 trillion crypto economy. On Friday, the most popular trading pairs for ETH were USDT (48.13%), USD (22.75%), BUSD (9.34%) and BTC (6.0%), EUR (4.38%), EUR (3.2%), and USDT (58.07%).
Five coins out of 12,000+ available crypto-assets have seen weekly gains. Theta Fuel, Bittorrent Old, Osmosis and ecomi all have single-digit increases in price over seven days compared to other crypto currencies.
This week’s biggest losers include loop ring, pocket network, kadena, harmony, and near. These coins have lost between 25% and 33% of value over the week.
Delta Exchange CEO Says ‘Overall Outlook Remains Bearish,’ Globalblock Analyst Suggests Bitcoin May Be Undervalued
On Friday morning, Pankaj Balani, CEO of Delta Exchange, shared his analysis of bitcoin’s current market price with Bitcoin.com News. Balani says that the current outlook continues to remain in the bear’s favor.
“BTC slipped below the psychological support of 40K amid continued sell-off in risky assets. With this fall Bitcoin has corrected ~40% since hitting ATH in November last year,” Balani said. “We expect BTC to find a bid around the 35K mark, close to 50% from the top. In the short term, we can bounce to challenge the 45K-50K zone but the overall outlook remains bearish as liquidity remains tight.”
Marcus Sotiriou is an analyst with Globalblock in the U.K., and suggests that BTC might be currently undervalued.
“It is important to note that the crypto fear and greed index remains in extreme levels of fear – this usually represents a buying opportunity,” Sotiriou explained. “Also, on-chain metrics continue to be bullish, as net Unrealized Profit/Loss (NUPL), which shows the magnitude of Bitcoin holder unrealized profit and loss, as a proportion of the Market Cap, is currently trading at 0.43, the lowest level of network profitability since July 2021.” The Globalblock analyst added:
These numbers highlight the current fear in the market, with many people losing their lives. This suggests that Bitcoin’s current price level is not high enough due to the events of previous extreme fear episodes.
What do you think about today’s bitcoin price action and the rest of the crypto market moves? Please comment below to let us know your thoughts on this topic.
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