Bitcoin and Ethereum both tumbled below key technical and psychological levels earlier today.
While the two largest digital assets have since recovered some of their losses, most of the market has been suffering from bearish price action.
Approximately $1 trillion has been slashed from the total cryptocurrency market cap since November.
Share this article
The two most dominant crypto assets have been shedding points for weeks since reaching all-time highs in November. Today, however, they both dipped below key psychological levels.
Almost all of the cryptocurrency market has been weak lately. Few have been spared.
Bitcoin and Ethereum briefly wicked below the $40,000 and $3,000 levels, respectively, today. BTC fell to roughly $39,692 and ETH hit levels as low as $2,922.
The price levels breached today have served as significant areas of both support and resistance over the past year, and major whole numbers like these also can act as important psychological benchmarks.
Nevertheless, each asset bounced back roughly two percentage points since today’s most recent lows, sitting at approximately $41,497 and $3,042 at press time. Bitcoin hit its all-time high price of just over $69,044 exactly two months ago today, meaning that today’s prices represent a near 40% crash for the world’s first cryptocurrency. Ethereum also hit its all-time high on Nov. 10, according to CoinGecko, at a price just north of $4,878, with today’s prices representing a roughly 37% decline.
Coins with lower market capitalizations fell in tandem with BTC and ETH. Solana, the fourth largest cryptocurrency by market cap, got below the $130 level, but has since recovered with BTC and ETH to around $136. It is down roughly 4.5% on the day and 22.5% on the week. Cardano and Polkadot, other prominent Layer 1 Ethereum competitors, are also down roughly 4.5% on the day since recovering from today’s earlier price shock.
The same is true of the two largest meme coins, Dogecoin and Shiba Inu—each also down approximately 4.5% since recovering alongside BTC and ETH.
Neither have Metaverse nor gaming tokens been spared, with Decentraland’s MANA and The Sandbox’s SAND token down approximately 6.4% and 7.2%, respectively. Axie Infinity’s AXS token is down around 4%.
Most of these assets are down double-digit percentages on the week, as well. While there are few exceptions to the price depression seen over the last week, Cosmos’ ATOM and NEAR are among them, up about 2.4% and 8.4% today, respectively.
Overall, cryptocurrency markets have suffered for the last two months. In fact, the total cryptocurrency market capitalization has fallen by roughly a third since its all-time highs of over $3 trillion in November.
Disclosure: At the time of writing, the author of this piece owned BTC, ETH, DOT, ADA, and several other cryptocurrencies.
Share this article
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
See full terms and conditions.
Crypto Suffers Another Hit Amid Market Uncertainty
Bearish sentiment prevails in the cryptocurrency space. Crypto Market Hit By Another Downturn The cryptocurrency market is in volatile mode. Bitcoin took another big hit this weekend as it tumbled...
Our Crypto Predictions for 2022
Regulatory intervention, Ethereum’s merge to Proof-of-Stake, the growth of DAOs, and—yes—the Metaverse look set to have a big impact on crypto next year. Reflections on 2021 in Crypto and the...
Kevin O’Leary Discusses Crypto’s Path to Institutional Ado...
Crypto Briefing sits down with Kevin O’Leary to discuss crypto as software, DeFi, NFTs, and institutional adoption of the asset class. How O’Leary Sees Crypto as Software Kevin O’Leary is...
What is a Crypto Airdrop: Why Projects Airdrop Crypto
Crypto airdrops occur when new tokens are freely distributed to different wallets in order to drive initial growth and build a community. They represent a popular marketing tactic that new projects use to spread...