Cryptocurrency market loses $50 billion as Bitcoin hits weekly lows
Bitcoin price is falling again after it started to make a positive turn in early July. The entry into the second half of 2022 seemed to revive most cryptocurrencies. There was a sudden surge in value for several tokens, with the world’s largest crypto asset almost taking the lead.
Bitcoin has reached the $25,000 level in recent weeks, but such performance is not sustainable. On consecutive days this week, BTC lost hundreds of dollars in value as the price creeps back to around $23,000.
The broader market is struggling through the downward trajectory as many altcoins fall. The cumulative market cap lost up to $50 billion due to the price drop from digital assets.
Over the past week, BTC fell to the $22,000 mark. Then it suddenly gained momentum again to cross the $25,000 level. Finally, Bitcoin even traded above $25,200, which was the highest price in over two months.
Although the price could not move further upwards, it stalled at the level for several trading hours. But it later fell to $24,000 after losing $1,000. After that, the BTC price hovered around within the level and later rose slightly to move to $24,400. It is at this point that the bears take over.
BTC gradually fell to the lost $1,000 again to reach its weekly low of $23,000. At the time of writing, Bitcoin has lost some value in its market cap, which is now at $450 billion. The token is also trading slightly above the $23,000 mark.
Altcoins also fell behind Bitcoin
Bitcoin is not the only cryptocurrency in the deep. Some major altcoins have also plunged. Although the weekend was quite an impressive price increase for some of the altcoins, they are already in the red as the week progresses.
The second largest cryptocurrency, Ethereum, lost around $200 after reaching as high as $2050. The previous multi-month high was due to positive sentiment around the upcoming upgrade, Merge. ETH is trading at around $1,850 after a decline of more than 2% in the last 24 hours.
Other coins like Ripple, Binance Coin, Polkadot, Dogecoin, Polygon and Cardano have their share of losses. However, data for the more prominent capped altcoins indicates that Solana, Avalanche and Shiba Inu are at the top as losers. Within 24 hours they lost about 6% or more in prices.
The trend is no different for mid-cap and low-cap altcoins, as they also had heavy losses. The combined effect has pushed the crypto market cap to lose up to $50 billion. The data currently stands at $1.1 trillion as the cumulative value.
Featured image from Pixabay, Chart from TradingView.com
