As of December 2020, the price of BTC dropped to around $ 25.000. Recently, the same event occurred in the market for cryptocurrency. As a result, most altcoins are experiencing a drop in prices, resulting in a liquidation of over $ 600 million.
BTC looked promising in early June, when it hit a sell price of over $ 32.000, an all-week high. A few hours later, there was a sudden drop in prices, which led to his selling price around $ 30.000. Despite numerous attempts to surpass this price, the Bitcoin managed to stay only slightly below.
This situation continued for several days until the end of the first week of June. However, before the end of this period, the price finally rose to the coveted $ 30.000 level. This event created a green bar that broke through the longest bar of the next nine weekly bearish candles.
This scenario has therefore led to a drastic increase in its price, with an addition of $ 1.000 to its starting price. At the time, the asset was selling for more than $ 31.000. Furthermore, its market capitalization was around $ 600 billion, dominating other currencies by over 46%.
In the past seven days, however, there have been many significant changes in the cryptocurrency market. It was particularly reported that last week, the price of Bitcoin had risen to over $ 32.000 but that BTC was unable to maintain this price. As a result, its selling price dropped by a few thousand dollars, selling for less than $ 25.000. The bearish trend started last weekend and BTC currently sells for just under $ 23.000. It is the first time in the past 18 months that BTC has experienced a similar price drop.
Furthermore, the bearish price movement has also hit other major currencies such as Ethereum. Before now, as of a week ago, the price of ETH was around $ 2.000. However, from the current state of the cryptocurrency market chart, ETH is selling for over $ 1.200. This is the all-time high of Ethereum in 2018, the second largest cryptocurrency in the world.
The bearish trend in the price of Bitcoin is already affecting the other altcoins. With BTC dropping from 10% to 11%, many altcoins drop to double digits, causing the cryptocurrency market to turn red. The altcoins affected by the cryptocurrency market are Eth, ADA, SOL and others. Deep red is especially very serious for TRON, which was down 21% on a 7-day basis.