Crypto Markets About to Close Worst Week Since June’s Crash (Market Watch)

Bitcoin’s position has taken a turn for worse in the last 24 hours, as it fell to $20.750.

Many altcoins are in the same position this week. This makes it the worst-performing trading platform since the huge crash in June.

Bitcoin down 15% weekly

In a matter of weeks, cryptocurrency markets can go through a lot. Bitcoin was high last weekend, jumping above $25,000 twice on separate occasions. This marked new multi-month peaks.

The bulls had hoped to retain control of the asset and push it north, but the landscape quickly changed and BTC plunged by more than $1,000 within hours.

That was only the beginning. Bitcoin tried to recover briefly, but it was stopped at $24,400. Another grand then dumped it in the hours that followed. BTC plummeted to $21,500 on August 19, just a few days after that.

Yesterday’s price drop drove BTC to $20,800. This was a three-week high. BTC attempted to recover some ground, but it retreated to the same level within hours.

It currently stands at $21,000. It is currently around $21,000. This represents a 15% drop in weekly trading volume and a close call to surpassing $400 billion.

BTCUSD. Source: TradingView
Pain ltcoins

It happens most often when bitcoin is at its lowest volatility. The alternative coins tend go one step further.

Ethereum was one of the top performers up to last weekend. ETH’s rise to $2,050 was likely due to hype about the upcoming Merge. This became a 74 day high.

After several daily price drops, $1,550 is now the second-largest cryptocurrency. This means that ETH lost $500 in a single week.

Daily, Ripple and Solana, Cardano, Solanas, Dogecoins, Polkadots, Shiba Inus, Avalanche and Tron are all in the red, as well as the larger-cap alts.

Similar positions are found in the lower- and middle-cap altcoins. The overall crypto market cap has fallen by $30 billion per day, and is on track to surpass the $1 trillion mark. For reference, the metric was $1.2 trillion one week ago.

Cryptocurrency Market Overview. Source: Quantify Crypto

Crypto Markets Closed for the Worst Week since June’s Crash (MarketWatch) appeared first on CryptoPotato.

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