As of December 2020, the price of BTC fell to around $25,000. Recently, the same thing happened in the crypto market. As a result, most altcoins are experiencing a price drop, resulting in a sell-off of over $600 million.
Summary of the price of BTC in June
BTC looked promising at dawn in June, hitting a selling price of over $32,000, being its all-week high. Hours later, there was a sudden drop in prices, bringing its asking price to around $30,000. Despite several attempts to break above this price, Bitcoin was only able to stay slightly below it.
This continued for days until the end of the first week of June. However, before the period was over, the price finally rose to the coveted $30,000. The occurrence created a green bar that surpassed the longest bar of the nine successive bearish weekly candles.
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This led to a drastic increase in its price, taking an additional $1,000 on top of its initial price. At that time, the asset sold for more than $31,000. Furthermore, its market capitalization was approximately $600 billion, dominating the other coins by more than 46%.
Bitcoin falls below $25K, liquidating $600 million
In the last seven days, there have been many changes to note in the crypto market. It was reported that as of last week, the price of Bitcoin has risen to over $32,000. Somehow, BTC was unable to retain this price. As such, its selling price was delayed by a few thousand dollars, selling for less than $25,000.
The downtrend started last weekend and BTC is currently trading at a price just below $23,000. This is the first time in the last 18 months that BTC has seen a similar price drop.
Furthermore, the bearish price movement has also affected major coins like Ethereum. Before now, as of a week ago, the price of ETH was around $2,000. However, based on the current state of the cryptocurrency market chart, ETH is selling above $1,200. This is the all-time high for Ethereum in 2018, the second largest cryptocurrency in the world.
Altcoins plunged into prices
The downtrend in the price of Bitcoin is already affecting the rest of the altcoins. As BTC falls 10%-11%, many altcoins drop into double digits, turning the cryptocurrency market red. The altcoins affected by the crypto market are Eth, ADA, SOL and more.
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Deep red is big for TRON as it is down 21% in 7 days. However, the gross accumulation in liquidation due to the downtrend of the market amounts to $500 million.
Featured image from Pexels, chart from TradingView.com