The Dominant Cryptos Dropped-Will it Continue?

The Dominant Cryptos Dropped-Will it Continue?
  • Bitcoin reached a new low from December 2020.
  • The whole crypto market lost over 70% of its value.

A Bearish trend in the crypto world yet ended as a result of this, most dominant cryptocurrencies Bitcoin (BTC) and Ethereum (ETH) reached a new low in 18 months. BTC touched the $18,000 range for the first time since December 2020, ETH price reached 3 digits and traded at $987.

Both pioneer cryptocurrencies  Bitcoin and Ethereum started facing a downtrend in Apri-mid, but the trend has not yet recovered. BTC lost almost 72% of the value from its all-time high of $68,789 and ETH lost over 79% of the value from its all-time high of $4,891.

Recorded New Low Since December 2020

Bitcoin made a lifetime history by falling below its previous halving cycle’s peak for the first time in its existence. At the time of writing, BTC is traded at $18,926 and creating a new low since December 2020.

Bitcoin traded at $18,926 at the time of writing (Source – CoinMarketCap)

Ethereum is the largest altcoin has fallen following bitcoin down and the community launched its most anticipate The Merge on June 8. Still, the altcoin facing down on its way and traded at $987.

Ethereum traded at $987 at the time of writing (Source – CoinMarketCap)

Bitcoin and Ethereum hold over 58% of the market share, both cryptocurrencies traveling in the downtrend. As a result of this the whole crypto market on pressure, the market fell below $1 trillion and lost more than 70% of its value. The current market value is $838 billion.

The latest downturn to liquidity issues at investment vehicle Three Arrows Capital (often referred to as 3AC), as well as previous issues with FinTech protocol Celsius and the wider macro backdrop, are one tool for the market down.

The cryptocurrency community hardly trying to recover the market but investors losing hope, and many investors and billionaires losing a multi-billion in cryptocurrencies like Bitcoin and Ethereum.

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