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.
#BTC had a 5 wave impulse down from the ATH, then an ABC correction, followed by a second 5 wave impulse down, which may be completing itself here on the 50% retrace of the entire bull market. A hold of the 50% retrace could bring an ABC, then another 5 waves down towards 30k. pic.twitter.com/eDwZhOVs9Z
— MAGIC (@MagicPoopCannon) January 22, 2022
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). »
Tea #bitcoin price has crashed enormously. Many are fearful and panicking. This is understandable!
WE’RE STILL UP from the July 2021 drop to $29k.
For me, the bull run isn’t over unless the bitcoin price is below $29,000 (and not just a momentary dip below it) pic.twitter.com/CgJYmCS7CX
— Colin Talks Crypto – CBBI.info (@ColinTCrypto) January 22, 2022