Bitcoin Crashes To 7 Days Low, Ethereum And XRP Also Drop
Despite having a boom week, Bitcoin, the most valuable cryptocurrency, sank to its seven days low. Several other altcoins that had also been rallying dropped, including the second-largest coin, Ethereum, which fell over...
Archive context
Older archive item. Useful for background and entity history, but not a fresh market-moving signal.
Despite having a boom week, Bitcoin, the most valuable cryptocurrency, sank to its seven days low. Several other altcoins that had also been rallying dropped, including the second-largest coin, Ethereum, which fell over 5%, XRP fell by 4%, and ADA took the lead with 6%.
Over the last nine days, Bitcoin has seen positive momentum. From a low of $19,230 to a high of $24,280, the leading cryptocurrency has increased in value by more than 26% since July 12.
Related Reading | TA: Ethereum Stuck In Key Range, Why $1,480 Is The Key
Nonetheless, BTC’s most recent rise failed to surpass the biggest barrier standing in the way of Bitcoin reaching the $30K price level. Instead, the price of bitcoin began a new downward trend after failing to stabilize above the $23,000 level.
BTC reversed its gains and fell below the $22,000 mark. The price is currently at $21,917.87, down more than 3% from the day before but up 5.2% from the previous week. Its current market capitalization is $418.68 billion, with a 24-hour low of 2.62%.
Furthermore, Ethereum lost ground along with BTC and other cryptocurrencies as it could not maintain the $1600 level it had reached earlier in the week. CoinMarketCap data show that its price fell to $1,547.89 over the last day, a decrease of 2.5%.
Bitcoin is currently trading at $21,975 on the daily chart | Source: BTCUSDT From Tradingview With Ethereum, ADA and XRP Also Experience A DeclineDuring the past 14 days, ETH has outperformed. From the low of $1,008 on July 12 to the month’s high of $1,664 on July 23, it rose gradually. In addition, since the Merge’s announcement date, ETH has increased by over 15.0% during the past seven days, and over the preceding 14 days, the currency has seen a notable increase of 32.3%.
Moreover, the eighth-largest cryptocurrency, Ripple (XRP), dropped by 4.9% during the course of the last day, reaching $0.346754, as per data from CoinMarketcap. Additionally, with a drop of 4.70% over the last 24 hours, it also lowers its market worth to around $16.735 billion.
The cryptocurrency markets maintained above their respective support levels throughout the last weekend. So, from July 18, there was a bullish surge in the price of XRP, giving the impression that it would overcome any obstacles. But unfortunately, XRP saw a sharp decline at the start of the new trading week. Since it could not reach $0.4 levels, the current market movement had little effect on the price of XRP.
Related Reading | TA: Bitcoin Price At Clear Risk of Sharp Drop, Indicators Turn Red
On the other side, Cardano’s price had dramatically increased to reach $0.55 and had long since overtaken XRP. However, the bears rapidly pulled both assets, demonstrating their strength over the bulls.
However, ADA couldn’t maintain its position at over $0.55. It is trading at $0.493943 right now with a loss of 6.4%, and still, it is heading downward.
Featured image from Flickr, chart from Tradingview.com
Why this matters
This altcoin story adds another data point to the current market tape and is useful when read alongside nearby source coverage.
Original source
Read on NewsBTCRelated market context
Bitcoin Slides to a Seven-Week Low Near $75,200 as AI Stocks Drag Wall Street Lower
Bitcoin fell about 5.9% in the 24 hours to 3 a.m. ET Friday, sliding from about $80,360 to $75,620 on Binance as a selloff in arti...
Bitcoin Price Holds Near $75,000 After Hot October Jobs Report
Bitcoin Magazine Bitcoin Price Holds Near $75,000 After Hot October Jobs Report U.S. employers added 165,000 jobs in October, near...
CFTC orders DCMs to drop domestic geographic restrictions within 30 days
The CFTC's directive could lead to a more unified national derivatives market, impacting how exchanges and intermediaries manage a...
Europe’s Largest Asset Manager Amundi Brings €22.8B STOXX Europe 600 Fund to Ethereum
Key Takeaways: Amundi began a tokenized STOXX Europe 600 fund share class on Ethereum. The number of assets in the underlying inde...
Bitcoin Price Trades Near $76,000 as Nasdaq Tumbles into Correction
Bitcoin Magazine Bitcoin Price Trades Near $76,000 as Nasdaq Tumbles into Correction Bitcoin price traded near $76,000 on Thursday...
Binance-Controlled Korean Exchange GOPAX Stops Trading, Makes Users Email to Withdraw Crypto
Customers of GOPAX, a Korean exchange whose operator Streami is majority-owned by Binance, can now get crypto out only by emailing...