Prices for Bitcoin and Ethereum both fell to new lows this week, below $1.1K
Bitcoin Prices took a turn for the worst and sank to a weekly low of under $16,000 after being relatively stable for several days. Ethereum (ETH) has fallen below $1,100 for the first time in ten days, demonstrating that the alternative coins are in just as bad a shape.
Bitcoin Slips Further
After the FTX crash caused a lot of volatility the week before, bitcoin settled down and stayed around $17,000 for a few days. The asset even tried to lower that level a few times, but it didn’t work.
After the last rejection on Friday, Bitcoin Prices traded around $16,600 for two days straight. But in the last 24 hours, everything has changed because the bears are back in charge of the market.
Read More: What Is The Difference Between Bitcoin And Cryptocurrency?
They pushed the main cryptocurrency down, and for the first time in more than a week, it went below $16,000. At the moment, the asset is trading around that line again, but its market capitalization is dangerously close to falling below $300 billion. The only good news is that BTC’s market share has grown slightly to 38.7%, while most other coins have lost even more value.
The latest price drops come after warnings that the cryptocurrency could fall to as low as $9,500 if it goes through another bear market cycle.
Altcoins Bleet Out Too
As mentioned, other coins are worse off than bitcoin. Ethereum dropped from $1,200 to $1,100 after news that the FTX drainer, who may be a Bahamas securities regulator, moved money.
Binance Coin lost 5% of its value in 24 hours and is now below $260. Ripple, Cardano, Dogecoin, Polygon, Polkadot, and Shiba Inu all fell by 9%.
Algorand, CHZ, and NEAR all plummeted more than 10%, therefore it’s no wonder that the market cap of all crypto assets has dropped below $800 billion. This equals daily outflows of $40 billion.
