Bitcoin Sinks Below $ 33K, Analyst Says BTC “Dangerously Low” While ETH Rests At “Comfortable Levels” – Market Updates Bitcoin News
Bitcoin and a number of popular digital assets have depreciated in the past 24 hours as Bitcoin fell below the $ 33,000 mark. The total market capitalization of all 10,000+ existing crypto assets has lost billions during overnight trading sessions, and the crypto economy is currently at $ 1.38 trillion, down more than 6% since yesterday.
Crypto market capitalization drops 6%, ether dominance rises higher
Traders are focused on what will happen next in the land of crypto markets as prices have started to fall after a long period of consolidation. At 7:00 a.m. EDT, the price of Bitcoin (BTC) slid to a low of $ 32,100 per unit, but has made up some of the losses. 24-hour statistics show that BTC has lost 6.4% in the last 24 hours and 2.87% in the last seven days.
BTC is 49.64% below the all-time high it hit three months ago. Meanwhile, the dominance of Bitcoin has dropped to 44.3% and the dominance of Ethereum (ETH) has risen higher (18.3%) lately. BTC is currently trading at $ 32,518 per unit at the time of writing.
Ethereum holds the second largest position in terms of market cap on Thursday at $ 251 billion. ETH is down over 9% today, but last week ETH is up just over 2%. At press time, ether trades for $ 2,155 per unit and has a global trading volume of nearly $ 8 billion.
Of the entire top ten list of crypto coins, Cardano (ADA) has managed to contain losses. ADA is down 5% today, but the crypto asset is up over 3% in the past seven days. Thursday’s biggest winner is Hyperion (HYN) which is up over 73% and the biggest loser is tokenstars Token TEAM which is down 53% in the past 24 hours.
Alex Kuptsikevich: “Bitcoin is dangerously low while Ether is comfortably dormant”
In a market update note posted on Bitcoin.com News, Alex Kuptsikevich, Fxpro’s chief financial analyst, stated that “Bitcoin is at dangerously low levels.” Kuptsikevich said there has been a summer lull in crypto markets lately, but it could just be “the calm before the storm”.
“In the past 24 hours, Bitcoin has lost 7% and is trading around $ 32.3,000,” said Kuptsikevich. “The price dynamics of the first cryptocurrency with a sharply reduced trading volume is considered a worrying sign. If the market is affected by a small number of open positions, any small storm could turn into a large-scale sell-off, disrupting an avalanche of stop orders. The current levels near the local lows of the past two months make us breathlessly watch out for further movement. ”Kuptsikevich continued:
The drop in the first cryptocurrency below $ 30,000 is likely to trigger a new wave of liquidations. What is most worrying for crypto enthusiasts, however, is that such an outcome underscores the ongoing nature of the correction and fueled speculation about a new “crypto winter” like 2018.
Kuptsikevich said we will find out soon enough whether or not a “crypto winter” is coming. Although BTC is at dangerous levels, Ether is at “a fairly comfortable level”. “The project is moving consistently along the roadmap for the transition to the PoS. The developers have the confidence of market participants, and Goldman Sachs recently named Ethereum more promising than Bitcoin, ”added the market analyst.
What do you think of today’s moves in the crypto market? Let us know what you think on this matter in the comments below.
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