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

The crypto economy has slid in value 2.9% during the last 24 hours and bitcoin slipped under the $46K price zone 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.

The price of bitcoin (BTC) is down 3.7% today and trading for $45,738 per unit at the time of writing. While year-to-date, bitcoin is up more than 90% in value, during the last 30 days BTC shed 21.8%. Currently, BTC has a market valuation of around $864 billion which represents 38.6% of the $2.24 trillion crypto economy.



The second-largest crypto asset in terms of market valuation is ethereum (ETH) and it has slid 4.4% during the last 24 hours and 8.7% during the last day. At the time of writing, ether is exchanging hands for $3,787 per unit. Ethereum’s dominance today among the rest of the coins in the $2.24 trillion crypto economy is 20%. On Monday, ETH has an overall market valuation of $448.8 billion.



Four tokens managed to gather gains during the last 24 hours which include yearn finance (YFI) up 6.5%, olympus (OHM) up 3%, okb (OKB) up 2.8%, and leo token (LEO) up 2.1%. The biggest losers on Monday include curve dao token (CRV) down 10%, 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.

Speaking with Du Jun, co-founder of Huobi Group, Jun says that bitcoin began to fall again after jumping above the $48K region this past 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. It is likely to further break through the 45,500 pressure level. From 4h K-lines, the price is still in a stable downward channel. DIF crossed DEA and formed 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 further added:

[Ethereum] declined steadily during daytime, falling from a high of 3980 to a low of 3760, and is now near 3780. Judging from the 4h k-line, the k-line fluctuated greatly today, which changed the stability of the past days. However, it is not difficult to see from the daily line that the drop is to pull the k-line back into the downward channel, indicating that the downward force is still relatively strong. In short term, pay attention to extent of the price drop.

What do you think about the recent price drops across the crypto economy and Huobi Group’s bitcoin and ethereum outlook? Let us know what you think about this subject in the comments section below.