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- The condition of Bitcoin got worse in the last 24 hours as the value fell to $20.750.
- Similar to this, various altcoins are also in this situation, which makes it the worst operating trading one since the enormous crash in mid-June.
Bitcoin low 15% weekly
Many changes can be observed in the cryptocurrency markets in the past seven days. Bitcoin, for example, was floating high the last weekend when it went over $25,000 on two different instances to set new multi-month peaks.
At the same time, the bulls awaited to stay in control and possibly keep forcing the asset north, the landscape transformed quite quickly, and bitcoin plunged by more than $1,000 in hours.
However, that was just the beginning. Bitcoin tried a quick recuperation but eventually stood at $24,000 and was thrown away by another major in the coming hours. More discomfort came after some days when bitcoin fell to $21,500 on August 19.
Yesterday, another bitcoin got another shockwave when the price declined to $20,800- a low of about three weeks. Bitcoin attempted to recover some ground but plunged to that level in some hours also.
Currently, it is at about $21,000. This clearly portrays it is 15% low on the week and the market capitalization is very near to breaking lower than $400 billion.
The altcoin is also suffering
As it mostly happens when there are utmost ups and downs with bitcoin, the alternative coins incline to go a step more.
Ethereum was one of the best performers till last weekend. It May be powered by hype related to the most recent upgrade ‘The Merge,’ Ethereum had escalated above $2,050, which eventually became a 74-day-high.
Currently, as the second largest cryptocurrency is standing and struggling at $1,550 following many successive daily price drops. This clearly represents that Ethereum had lost $500 in just seven days.
Talking about Ripple, Cardano, Solana, Dogecoin, Polkadot, Shiba Inu, Avalanche, and Tron are also in the red from the larger-capitalization alternative coins on a daily basis.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
