Crypto hogweed markets plunge, Bitcoin price drops below $ 30,000, analysts still bullish
Bitcoin price fell to a new low in 2021, hitting $ 28,600 per unit on Tuesday morning (EST). BTC has lost more than 10% in value in the past 24 hours and its market cap is now less than $ 600 billion.
Bitcoin price drops below $ 29,000
The cryptocurrency markets have seen better days as the total market cap of all 9,000+ crypto assets has dropped 12% to just over $ 1.2 trillion. Bitcoin (BTC) has lost 26.31% in the last seven days and 42% in the last 90 days.
At the time of writing, BTC is just below the $ 30,000 handle in the $ 29,000 region. The value had fallen to $ 28,600 per unit on Tuesday morning.
Statistics show that Bitcoin’s top trading pair on Tuesday is Tether (USDT), which comprises 48% of all BTC trades. This is followed by the USD (17.28%), the BUSD (7.87%), the EUR (5.05%) and the JPY (4.80%).
Bitcoin (BTC) dominance among all 9,000+ coins is around 46.9%, while Ethereum (ETH) accounts for 17.4% of the total crypto market valuation of $ 1.2 trillion.
Ethereum fell 13% on Tuesday and is currently trading at $ 1,742 per unit. ETH has lost a whopping 29.40% in the past seven days.
One of the only seven-day winners this week is Mir Coin (MIR), which is up 16.2% over the past week.
In a note on Tuesday’s Bitcoin.com News, Subsocial founder Alex Siman said, “At this rate of fall, it is difficult to predict at what level the price will base an imminent recovery as large investors face the potential for price reversal choose to watch from the sidelines. Even if we can still see positive momentum by the end of this year, even steeper drops to US $ 20,000 will not come as a surprise to me. “
Stephen Kelso, Head of Markets, ITI Capital also commented, “Bitcoin is currently trading about a third below its long-term exponential trendline, a phenomenon it has only shown about 20% of the time. Given the market forces and the demand for scarce assets to protect assets, ITI believes this is an attractive buying opportunity for investors. “
Delta Exchange CEO Pankaj Balani also posted a message on Bitcoin.com News this week. “We believe there are no major drawbacks to BTC in the short term as we are trading near the lower end of the $ 30,000 to $ 42,000 range. In the short term, the macro environment does not look weak as broader markets continue to recover and US technology stocks make weekly all-time highs.
“We expect BTC to bounce back from here and challenge the $ 40,000 mark again in the coming weeks. $ 30,000 is the single most important value traders should watch – should we admit 30,000; sentiment will suffer a massive slump, ”added Balani. “A conclusive breakdown below $ 30,000 could be linked to strong sales activity in BTC and the overall crypto market.”
What do you think of the latest crypto pricing action this week? Let us know what you think on this matter in the comments below.
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source https://bidsfor.me/crypto-hogweed-markets-plunge-bitcoin-price-drops-below-30000-analysts-still-bullish/
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