Crypto Markets About to Close Worst Week Since June’s Crash (Market Watch)
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The cryptocurrency market has not seen such a negative trading week since the mid-June crash.
Bitcoin’s situation took another turn for the worse in the past 24 hours as the asset slipped to $20,750.
Most altcoins are in a similar position this week, making it the worst performing trading one since the massive crash in mid-June.
A lot can change in the cryptocurrency markets within a week. Bitcoin, for instance, was riding high last weekend when it jumped above $25,000 on two separate occasions to mark new multi-month peaks.
While the bulls expected to remain in control and perhaps keep pushing the asset north, the landscape changed rather immediately, and BTC plummeted by over $1,000 in hours.
But that was just the start. Bitcoin attempted a brief recovery but was stopped at $24,400 and dumped by another grand in the following hours. More pain came a few days later when BTC slumped to $21,500 (on August 19).
Yesterday saw another price dump that drove the asset to $20,800 – a three-week low. BTC tried to recover some ground but dipped to that level in the following hours as well.
As of now, it stands around $21,000. This means that it’s roughly 15% down on the week, and its market cap is close to breaking below $400 billion.
As it typically happens when there’s extreme volatility with bitcoin, the alternative coins tend to go a step further.
Ethereum was among the best performers until last weekend. Perhaps fueled by hype regarding the upcoming Merge, ETH had skyrocketed to over $2,050, which became a 74-day high.
Now, though, the second-largest crypto struggles at $1,550 following several consecutive daily price drops. This means that ETH has lost $500 in a week.
On a daily scale, Ripple, Cardano, Solana, Dogecoin, Polkadot, Shiba Inu, Avalanche, and Tron are also in the red from the larger-cap alts.
The lower- and mid-cap altcoins are in similar positions. As such, the overall crypto market cap is down by another $30 billion in a day and is close to breaking below the coveted $1 trillion mark. Just for reference, the metric stood at $1.2 trillion a week ago.
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