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Crypto Markets Going to Close Worst Week Since Junes Crash (Market Watch)

Bitcoins situation took another turn for the worse previously 24 hours because the asset slipped to $20,750.

Most altcoins come in an identical position this week, rendering it the worst performing trading one because the massive crash in mid-June.

Bitcoin Down 15% Weekly

A whole lot can transform in the cryptocurrency markets inside a week. Bitcoin, for example, was riding high last weekend when it jumped above $25,000 on two separate occasions to mark new multi-month peaks.

As the bulls likely to stay in control as well as perhaps keep pushing the asset north, the landscape changed rather immediately, and BTC plummeted by over $1,000 in hours.

But that has been just the beginning. Bitcoin attempted a short recovery but was stopped at $24,400 and dumped by another grand in the next hours. More pain came a couple of days later when BTC slumped to $21,500 (on August 19).

Yesterday saw another price dump that drove the asset to $20,800 a three-week low. BTC tried to recuperate some ground but dipped compared to that level in the next hours aswell.

As of this moment, it stands around $21,000. Which means that its roughly 15% down on the week, and its own market cap is near breaking below $400 billion.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Altcoins in Pain

Since it typically happens when theres extreme volatility with bitcoin, the choice coins have a tendency to go a step further.

Ethereum was one of the better performers until last weekend. Perhaps fueled by hype concerning the upcoming Merge, ETH had skyrocketed to over $2,050, which became a 74-day high.

Now, though, the second-largest crypto struggles at $1,550 following several consecutive daily price drops. Which means that ETH has lost $500 in weekly.

On an everyday scale, Ripple, Cardano, Solana, Dogecoin, Polkadot, Shiba Inu, Avalanche, and Tron may also be in debt from the larger-cap alts.

The lower- and mid-cap altcoins come in similar positions. Therefore, the entire crypto market cap is down by another $30 billion per day and is near breaking below the coveted $1 trillion mark. Simply for reference, the metric stood at $1.2 trillion yesterday.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto
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Cryptocurrency chartsby TradingView.


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