Cryptocurrency prices plummet and total market cap drops below $2 trillion
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Answer Cryptocurrency prices plummet and total market cap drops below $2 trillion
It seems that the beginning of the year and the beginning of January were not what the crypto bulls wanted.
The tension and anxiety among the traders increased with the intensification of the downtrend.
The total market capitalization of the cryptocurrency market is down 3.75% today, with the total market capitalization dropping below $2 trillion for the first time since September 2021.
Bitcoin is down 3%, as the price of the coin slipped below its critical support of $42,500.
Hence, Bitcoin is highly expected to touch its next support at $40,000.
If Bitcoin falls further below this level, we are headed towards the $37,500 level.
Read:Average Bitcoin Transaction Fees Hit their Lowest in 2 Years
On the other hand, the Bitcoin Fear and Greed Index turned to its lowest level since July 2021.
This indicates intense fear in the market and may mean that It may be Opportunity to buy dips.
Several analysts in the cryptocurrency space mentioned that the current sell-off in the market is similar to the one we saw during the summer of September 2021.
If we pretend that the current # bitcoin The trend is a mild version of the summer lull, then we need to see some kind of bounce soon. The bounce isn’t necessarily amazing, just something that takes us back to the previous range (>45k but pic.twitter.com/CmAvp8u536
– Benjamin Quinn (@intocryptoverse) January 7, 2022
To validate this, Bitcoin needs to show a bounce from the current levels and thus return to the $45K-$50K range again.
While Bitcoin pundits like Peter Schiff are already predicting the Bitcoin price to drop to $15,000.
The crash of the alternative cryptocurrency market is more dangerous than Bitcoin:
The correction in the altcoin space seems to be hitting a lot harder than what we see in bitcoin.
Read:The market value of the “Metaverse” market may reach 13 trillion dollars, according to the “Citi” bank.
The price of the world’s second largest cryptocurrency is down another 6% with a drop below $3,250.
Other cryptocurrencies are seeing deeper corrections as well, with the price of “SOL” down another 6%, a correction of almost 40% from all-time highs.
The latest correction in the cryptocurrency market follows the correction on Wall Street following the Federal Reserve’s suspension.
Will this be the last drop before the market resumes the uptrend again?
Read also:
Could Ethereum lose its dominance in the Defi market?
$810 million long positions liquidated as bitcoin price drops to $42,000
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