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Ethereum also fell below $1,500 on Saturday.
Bitcoin suffers market slump
The crypto market sell-off has not abated.
Bitcoin briefly fell below $20,000 on Saturday, extending its week-long losing streak. It is down about 3.9% today and 18% over the past 14 days, according to CoinGecko data. Bitcoin last fell below the crucial $20,000 mark in mid-July but was hit by volatility in August. It is currently trading at $19,996.
The world’s second-largest cryptocurrency, Ethereum, also suffered from Bitcoin’s tracing. According to CoinGecko data, Ethereum is down 7.6% on the day and is trading around $1,475. Like Bitcoin, it’s had a rough couple of weeks, losing about 24.7% of its market value.
Several other assets, including Layer 1 networks Solana and Avalanche, and DeFi staples Uniswap and Aave, have also bled in the downturn.
A rally across the market in July and early August fueled hopes that the crypto market might be showing signs of life after a months-long slump. Anticipation for the Ethereum merge event has been a particularly strong narrative among crypto traders, especially after the launch date was slated for September. However, recent activity suggests that the market has lost some of the confidence it found at the start of the summer.
The global cryptocurrency market cap is currently just over $1 trillion after suffering a 6.1% plunge. That’s about 66% down from its November 2021 peak of $3 trillion.
Disclosure: At the time of writing, the author of this article owned ETH, AAVE, and several other cryptocurrencies. They also had exposure to UNI in a cryptocurrency index.
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