The overall crypto price, as well as the price of cryptocurrencies like Bitcoin, have crashed even further- which is quite an expected result after weeks of malaise. The price of Bitcoin went below $30,000 as most of the smaller crypto coins in the market like Ethereum, BNB, XRP, and Cardano have recorded losses in the double digits. This has led to a complete reduction of $200 billion in value in just a single week.
Crypto Price Woes- Tokens Suffering Loses In Double Digits
This sudden crypto price crash coupled with Bitcoin does coincide with a global market sell-off which saw the Dow Jones Industrial Average posting its largest point drop over a single day since last year. This has come at a point where fears have mounted regarding the COVID pandemic and how it could definitely push economic recovery efforts astray.
As it stands now, among the top ten cryptocurrencies in the market, BNB and Cardano have led the market on a further downward trajectory with a sell-off of more than 10%. Ethereum, on its part, has led to a sell-off below 8%. XRP, the token from Ripple which is currently under a legal battle with the SEC, has also gone 10% lower. Elon Musk’s project, DogeCoin, has gone down by 7%. The price of bitcoin went down by 6% which did add to its losses from the previous week.
Alex Kuptsikevich, the senior financial analyst at FxPro, has stated that the swing range of Bitcoin has gone down recently- which does form the foundation for quite a strong exit which would lead to a compressed spring effect. This could very well lead to a fall out of the bitcoin and crypto price crash.
He further states that such a series of increasingly lower highs is quite a significant factor in selling. The main question now is whether bitcoin is going to fall to a resistance level of $23,300- and how would it further affect the crypto price.