Bitcoin drops below $36,000, billions exit crypto economy

Bitcoin price touched a new low, hitting $34K on Saturday morning. Bitcoin is now more than 48% below its all-time high (ATH) reached two months ago, on November 10, 2021, when it broke through the $69,000 mark. In the past week alone, bitcoin has lost 17% of its value.

The fall in the digital currency market continues, the cryptocurrency economy falls to 1.75 trillion dollars.

This week has been a bloodbath in the world of cryptocurrencies, the price of bitcoin (BTC) having dragged all coins down with it. Today, the entire crypto-economy is down 11% in the past 24 hours. BTC has been on a downtrend since its ATH, and since December 27, 2021, when BTC was trading at $52K, bitcoin has lost over 32% of its value.

The value of BTC fell to its lowest point of the year so far, touching $34,000. Although the value of BTC has dropped a lot in the past 48 hours from $43,400 to $35.5K to $36K currently, BTC’s dominance has increased significantly.

BTC market dominance is 39.5%, up 5.33% from Jan 6, 2022. Ethereum dominance, on the other hand, has dropped to 17% and a myriad of other crypto assets also lost a lot of dominance percentages. Among the top ten crypto assets, the polkadot (DOT) lost the most value over the week at 32.1%.

Additionally, solana (SOL) has lost 30.5% in seven days, and ethereum (ETH) has fallen 24.6% since last week. BNB is down 23.9% and xrp (XRP) and terra (LUNA) are both down 21.2% in the past seven days. BTC and ADA saw the fewest percentage losses this week, with ADA down 12.4% and BTC down 16.8%.

The crypto-economy lost quite a bit of value in the past week, and a lot of people are talking about this crash on social media. Vertical trends on Twitter indicate that hashtags like #cryptocrash and #bitcoincrash are trending topics.

Meanwhile, most crypto proponents on Reddit forums and social media like Twitter, have no idea when the crash will end. While a number of cryptocurrency advocates think the bear markets are almost over and further bulls are on the horizon, others think BTC could fall even lower, below the 20,000 zone. dollars.

YouTuber Colin Talks Crypto tweeted that he thinks the bull run is not over. “Bitcoin price crashed hugely,” the crypto Youtuber wrote. ” Many are afraid and panicked. It’s understandable. Zoom out. We are still up from the July 2021 drop to $29K. For me, the bull run isn’t over until the price of bitcoin is below $29,000 (and not just a momentary dip below). »