Bitcoin drops to $34k per unit continuing the bearish cycle in the whole crypto market. The flagship currency has lost 17% of its value over the last week and 48% down from its all-time high. The whole market is waiting for this carnage to end.
The whole crypto market is in a state of shock as the RSI indicator shows oversold status for BTC. The whole crypto market has lost 11% over the last 24h. Since December 27, 2021, BTC has been in a bearish cycle. Before this cycle, the flagship currency was trading at $52k but now it has lost more than 32% against the US dollar. From the start of this weekend, Bitcoin drops to its lowest point of the year so far.
Bitcoin drops to $34k:
According to the data from CoinMarketCap, In the last 24 hours the range of the BTC has been from $39,177 to $34,000 per unit. Bitcoin dominance also took a serious hit after this nosedive which caused billions of dollars out of the crypto space. The dominance of the BTC is 39.5% which is better by 5.33% than it was on January 6, 2022. Bitcoin drops to the $34k price mark but it took the rest of the market with it.
Ethereum dominance, on the other hand, has dropped to 17% and a myriad of other crypto assets shed lots of dominance percentages as well. Out of the top ten crypto assets, Polkadot (DOT) shed the most during the week, losing 32.1%.
Furthermore, Solana (SOL) is down 30.5% in seven days, and ethereum (ETH) has dropped by 24.6% since last week. BNB is down 23.9% and xrp (XRP) and terra (LUNA) are both down 21.2% over the last seven days. BTC and ADA saw the least amount of percentage losses this week as ADA shed 12.4% and BTC dropped 16.8%.
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