Crypto Economy Loses 3% Overnight, Bitcoin Slides Below $46K, Analyst Says ‘Downward Force Still Strong’ – Bitcoin News

In the past 24 hours, the crypto economy’s value has dropped by 2.9% and bitcoin fell below the $46K price range on Monday. Furthermore, the top ten digital currencies have lost anywhere between 3% to 7% in value during the last day following bitcoin’s price slide.

Crypto Economy Drops to Close To 3% In 24 Hours: Top Ten Crypto Coins Experience More Losses

Bitcoin (BTC), which is currently trading at $45,738 a unit, has a 3.7% drop in price. Although bitcoin’s value has increased more than 90% year-to-date over the past 30 days, it lost 21.8% in the last 30 trading days. BTC is currently valued at $864 million, 38.6% of its $2.24 Trillion crypto economy.

BTC/USD via Bitstamp on December 20, 2021.

Ethereum (ETH), which is second in crypto assets market capitalization, has dropped 4.4% and 8.7% over the past 24-hours. As of the writing time, ether can be exchanged for $3,787 per unit. Ethereum’s dominance today among the rest of the coins in the $2.24 trillion crypto economy is 20%. ETH’s market value was $448.8 Billion on Monday.

ETH/USD via Deribit on December 20, 2021.

The gains of four tokens in the past 24 hours include yearn finance, up 6.5%; olympus, up 3%; okb, up 2.8% and leo token, up 2.1%. On Monday, the largest losers were curve dao token, CRV, compound, (COMP), down 10.5% and waves, (WAVES), down 10.2%. Out of the 11,836 crypto coins today traded on 533 exchanges worldwide, there’s $102.8 billion in global trade volume.

Huobi Group Exec: ‘Downward Force Is Still Relatively Strong — Pay Attention to the Downward Momentum’

Jun, cofounder of Huobi Group and Jun said bitcoin fell again following a jump above the $48K mark this weekend. “According to data from Huobi Global, BTC began to fall after reaching a high of 48,300 on weekends,” Jun told our newsdesk. “It is now around 46,000 and the downward trend is relatively stable. This price is most likely to break the 45,000.500 pressure point. The price has been in a steady downward channel since 4h K lines. DIF crossed DEA to form a downward signal.

“The K-line ran near the lower rail of the Bollinger Bands, and the trading volume was relatively sluggish,” the Huobi Group executive said. “At the daily level, price fluctuations have gradually slowed down in recent days, and price fluctuations were temporarily controllable. In short term, pay attention to the downward momentum and the breakthrough of the 45500 position below.”

Jun additional:

[Ethereum]Daytime saw a steady decline in the k-line, dropping from 3980 to 3760 at its highest, then falling back towards 3780. The 4h k line shows that the kline fluctuated significantly today which affected the stability over the previous days. The daily line clearly shows that the drop was to bring the kline back in the downward channel. It’s clear that this indicates that there is still a strong downward force. Pay attention to the extent of price drops in the short-term.

In this story, tags
Bitcoin, Bitcoin (BTC), digital currencies, crypto assets, du Jun, ETH (ETH), Huobi Group Market Caps Market Outlook, Market Prices Market Update, Markets Price Drops and Prices

What do you think about the recent price drops across the crypto economy and Huobi Group’s bitcoin and ethereum outlook? Please comment below to let us know your thoughts on this topic.

Jamie Redman

Jamie Redman is the News Lead for News. He also lives in Florida and works as a journalist covering financial technology. Redman is an active participant in the cryptocurrency community from 2011. Redman is passionate about Bitcoin and open-source codes. Redman has contributed more than 4900 articles to News since September 2015. These articles are about today’s disruptive protocols.

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