Bitcoin price made a new low this year, touching $34,000 per unit just after 5 a.m. EST on Saturday morning. Bitcoin is now over 48% lower than its all-time high (ATH) set two months ago on November 10, 2021 – when it surpassed $69,000. In the last week alone, Bitcoin has lost 17% in value and a large number of traders and investors are eager to see when the carnage will end.
Digital currency market carnage continues, crypto economy falls to $1.75 trillion
It’s been a bloodbath in the cryptocurrency world this week as the price of Bitcoin (BTC) dragged every coin down with it. Today, the overall crypto economy has lost 11% in the last 24 hours. BTC has been in a downtrend since the crypto-asset’s ATH, and since December 27, 2021, when BTC traded for $52,000, Bitcoin has lost more than 32% against the US dollar.
Just after 5 a.m. EST on Saturday morning, the value of BTC fell to its lowest level so far for the year, hitting $34,000 per unit. The leading crypto asset’s 24-hour range has been between $39,177 and $34,000 per BTC. While BTC has plummeted in value over the past 48 hours, from $43,400 to $35.5k currently to $36,000 per unit, BTC dominance has increased significantly.
At the time of writing, BTC’s market dominance is 39.5%, which is 5.33% higher than on Jan. 6, 2022. Ethereum’s dominance, on the other hand, has dropped to 17%, and a host of other crypto assets have been strong percentages also lost dominance. Out of the top ten crypto assets, Polkadot (DOT) lost the most over the week, shedding 32.1%.
Top ten crypto assets by market cap on January 22, 2022.
Additionally, Solana (SOL) is down 30.5% in seven days, and Ethereum (ETH) is down 24.6% since last week. BNB is down 23.9% and xrp (XRP) and terra (LUNA) are both down 21.2% over the past seven days. BTC and ADA saw the smallest percentage losses this week as ADA lost 12.4% and BTC 16.8%.
The crypto economy has taken a pretty beating in the past week, with many people taking to social media to talk about the crash. Vertical trends on Twitter suggest hashtags like #cryptocrash and #bitcoincrash are trending alongside discussions about Michael Saylor and Microstrategy’s Bitcoin stash. People have wondered whether or not Saylor and Microstrategy will sell their BTC holdings, and people have questioned Tesla whether he is holding his Bitcoin for the long term.
Meanwhile, most crypto supporters on Reddit forums and social media channels like Twitter have no idea when the carnage will end. While a number of crypto proponents believe the bearish markets are almost over and new ATHs are on the horizon, others believe BTC could fall further below the $20,000 zone.
Youtuber Colin Talks Crypto tweeted that he believes the bull run isn’t over yet. “The price of bitcoin has plummeted,” wrote the crypto youtuber. “A lot of people are scared and panicking. That is understandable. zoom out. We are still above the July 2021 drop to $29,000. For me, the bull run is not over unless the bitcoin price is below $29,000 (and not just briefly below).”
tags in this story
ada, ATHs, Bear Run, Bearish, Bitcoin (BTC), bnb, BTC, Bull Run, Bullish, Cardano, Cardano (ADA), Colin Talks Crypto, Crypto Winter, ETH, Ether, Ethereum (ETH), Lows, LUNA, Markets, Polkadot, Bottoms, Prices, Solana, Terra, XRP
What are your thoughts on the recent bitcoin price drop and how it dragged the entire crypto economy down? Do you expect more bearish crypto prices or do you think the bull run isn’t quite over yet? Let us know what you think about this topic in the comment section below.
Jamie Redman is the news director at Bitcoin.com News and a Florida-based financial technology journalist. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for bitcoin, open source code and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about today’s emerging disruptive protocols.
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