Crypto Market Update: Bitcoin Falls Below $35,000 And Ethereum Gets Closer To $2,500 |
Cryptocurrency markets have been volatile over the last week, and prices are continuing to fluctuate as of this writing. The price for Bitcoin has fallen below $3500 a coin, whereas Ethereum’s value is approaching $2,500.
The “why crypto market is down today 2022” is a question that has been asked many times in the past few days. There are many different reasons as to why the cryptocurrency market is down, but one of the main reasons is because Bitcoin fell below $35,000 and Ethereum got closer to $2,500.
Last night, the bitcoin market was struck. In the previous 24 hours, Bitcoin (BTC) has lost 3.8 percent of its value, while Ethereum (ETH) has dropped 4.9 percent. The crypto market seems to be in a bear market, as seen by the prices of most crypto assets.
Bitcoin and Ethereum Prices Drop
Bitcoin has gone below $35,000, according to CoinGecko statistics, while Ethereum is approaching $2,500. This indicates that the cryptocurrency market is continuing to decline and that the crypto sector is under increasing selling pressure.
It’s also worth noting that there have been other virtual currencies that have plummeted in value in recent hours. BLUNA is down 12%, LUNA is down 11.3 percent, FXS is down 8.8 percent, and TFUEL is down 8.7 percent in the past 24 hours.
Some virtual currencies saw rises in addition to stablecoins including Tether (USDT), Binance USD (BUSD), and USD Coin (USDC). Tron (TRX), Tezos (XTZ), Algorand (ALGO), and GMT are among these digital currencies. In the previous 24 hours, they’ve all gained at least 1%.
LUNA was the poorest performance among the top 10, losing 11.3 percent, followed by Ethereum (ETH), which fell over 5%. It’s worth noting that Bitcoin has already retraced 50% of its way down from its all-time high at $69,000. That suggests there has been a significant adjustment since November 2021.
When the market begins to fall, money begins to migrate from altcoins to Bitcoin and other long-established virtual currencies that are deemed low-risk. Instead, as the market rises, money flows from BTC and other secure and stable assets to stablecoins.
Despite the current market downturn, Bitcoin’s market dominance in the cryptocurrency industry has not increased. Since early 2021, Bitcoin has had a market share of about 41.20 percent. What will happen if Bitcoin continues to plummet and the market enters a deeper bear trend? As a result, various crypto ventures may exit the market, leaving only those who concentrate on genuine goods and services rather than hype to thrive.
Another factor to consider is Bitcoin’s recent drop near $30,000 in value. This is a critical price level for Bitcoin, as a break below it might send the cryptocurrency considerably down. As a result, bulls should do all possible to keep Bitcoin’s price over $30,000. Otherwise, the bear market may extend and BTC may fall further.
The “crypto market news” is a cryptocurrency market update. The crypto market has been in a downward trend for the past few days and Bitcoin has fallen below $35,000. Ethereum has also gotten closer to $2,500 as of October 17th.