After making positive changes at the start of July, Bitcoin prices are now falling. Most cryptocurrencies seemed to be revived by the entry into 2022’s second half. There was a sudden rise in value for several tokens, with the world’s largest crypto asset almost taking the lead.
Bitcoin’s recent rise to the $25,000 mark was not sustainable. BTC has lost hundreds in value over the past week as its price dipped to about $23,000.
As many altcoins fall, the overall market is in trouble. Through the drop in value of digital assets, the cumulative market cap has fallen to as high as $50 billion.
BTC fell to $22,000 during the week. BTC then suddenly gained the momentum to surpass the $25,000 threshold. Bitcoin finally traded above $25,000. This marked its highest trading price in over two months.
While the price couldn’t make a further upward move, it stalled on the level for several trading hours. It dropped to $24,000 later after it lost $1,000. The BTC price fluctuated within that level, but later increased slightly to reach $24.400. It’s at this point that the bears take over.
BTC slowly fell until it dropped to $1,000 and then hit its weekly lowest of $23,000. Bitcoin’s market capitalization, now at $450 billion, has seen some declines since the writing of this article. The token trades slightly higher than the $23,000 mark.
Altcoins also dropped following Bitcoin
Bitcoin isn’t the only cryptocurrency that has plunged. Other major altcoins are also in deep trouble. Even though the weekend witnessed some impressive price rallies for altcoins they remain in red this week.
After reaching $2,050, Ethereum lost $200. Positive sentiment about the Merge’s imminent upgrade was responsible for Ethereum’s previous multi-month record high. After a drop of more than 2% over the past 24 hours, ETH trades at $1,850.
Ripple Coin, Binance Coin and Polkadot are among the coins that have suffered losses. Data for prominent altcoins capped shows that Solana and Avalanche are the biggest losers. Their prices fell by as much as 6% within 24 hours.
This trend has not been noticed in the lower-cap altcoins, which also suffered huge losses. Overall, the effect caused crypto’s market cap to plummet to around $50 billion. As a cumulative sum, the data currently stands at $1.1 trillion.
Featured Image from Pixabay. Chart by TradingView.com