Bitcoin witnessed a significant decline, as it recorded a monthly low at the level of 56000 dollars, and the total market value lost about 400 billion dollars.
Bitcoin deepens its losses to reach below $56,000
Bitcoin witnessed a significant decline as it recorded a monthly low at the level of 56000 dollars, and the total market value of cryptocurrencies lost about 400 billion dollars within a week, as the correction of the cryptocurrency market continues to deepen.
Cryptocurrency prices suffered from continued price declines throughout this week, especially during today’s trading, with the leading cryptocurrency sliding to its lowest level in five weeks at $ 55,700, and most altcoins colored red, and as a result the total market value lost about 100 billion extra dollars.
Bitcoin is currently trading down 18.5 percent % from its all-time high, which it hit just nine days ago.
Bitcoin hits five-week low
Since I crossed digital currency The leader reached an all-time high at around $69,000 during last week’s trading, a strong sell-off dominated the crypto market that pushed the cryptocurrency to lose nearly $6000 in minutes after reaching its peak, and it could not recover after one day and continued to backing down.
But it was able to recover some of its losses earlier this week to cross the psychological support level of $66,000 for a brief period. Despite that, it was unable to maintain its upward momentum and reversed to the downside, causing the currency to lose about $7,000 on the same day, in this way, to fall to Below $60,000 for the first time since the end of October.
Bitcoin later attempted to recover but failed to reverse, and fell again, falling to $55,700, its lowest in nearly five weeks.
During today's trading, Bitcoin managed to recover some of its losses and is currently standing above $57,000, and despite a limited recovery its total market capitalization is well below $1.1 trillion, and its dominance of altcoins has also seen its dominance drop below 43%.
Over the past seven days, bitcoin has fallen by more than 10%, bringing the cryptocurrency below $56,000 for the first time since late October, as millions of long and short positions were liquidated due to volatility. to concerns.
Of course, this had an impact on the entire crypto market, as most coins are also charting double-digit declines over the past seven days, with Ethereum losing around 10.7%, BNB, SOL, ADA and XRP all dropping around 10%.
Altcoin losses
Altcoins suffered during the trading week last week, and so far most of them are still in the red, and despite this, their losses are less than the leading coin.
Ethereum fell below $4,000 for a while, but is currently standing at $4,150, and Binanso, Solana, Cardano, Ripple, Dogecoin, Litecoin, Polkadot, and ShibaInu also fell slightly.
The total market value of cryptocurrencies has fallen to $2.650 trillion, as the total market capitalization has lost about $400 billion since it reached its peak about a week ago.
A professional technical and economic analyst in global financial markets since 2004. He holds a Master’s in Business Administration from the American University in Cairo. He works as an economic writer and technical analyst for many international financial companies. He writes daily economic and technical analyzes for many Arabic and English websites specialized in the field of stock exchanges and financial markets.
Latest posts by محمد عبدالخالق (see all)
- US Dollar largely erases 2024 gains amid expectation of federal rate cuts. - 17 September, 2024
- Rare currency pairs in the Forex market - May 26, 2023
- Key tips for traders in Forex Market - April 20, 2023
