Bitcoin price is falling again after taking a positive turn in early July. Entering the second half of 2022 appeared to be reviving most cryptocurrencies. There was a sudden surge in value for several tokens, with the world’s largest crypto asset all but taking the lead.
Bitcoin has hit the $25,000 mark in the past few weeks, but such a feat is unsustainable. On consecutive days this week, BTC lost hundreds of dollars in value as the price rallied back to around $23,000.
The broader market is struggling through the downside path as many altcoins fall. The cumulative market cap lost up to $50 billion due to the fall in digital asset prices.
Over the past week, BTC fell to the $22,000 mark. Then it suddenly regained momentum to surpass the $25,000 mark. Eventually, Bitcoin even traded above $25,200, which was its highest price in over two months.
While the price failed to make any further upward move, it stalled at the level for several hours of trading. But it later dropped to $24,000 after losing $1,000. After that, BTC price turned within the level and later slightly increased to $24,400. At this point, the bears take over.
BTC gradually fell until it lost $1,000 again and touched its weekly low of $23,000. At the time of writing, Bitcoin has lost some value at its market cap, which is now $450 billion. Also, the token is trading slightly above the $23,000 mark.
Bitcoin is currently trading below $23,400 on the daily candle l Source: BTCUSDT on TradingView.com
Altcoins also fell after Bitcoin
Bitcoin isn’t the only cryptocurrency at depth. A few major altcoins are also down. Although the weekend was an impressive price rally for some of the altcoins, they are already in the red for the week.
The second largest cryptocurrency, Ethereum, lost around $200 after reaching as high as $2,050. The previous multi-month high was due to positive sentiment regarding the upcoming upgrade, the merger. ETH is trading around $1,850 after falling more than 2% in the past 24 hours.
Overview of the cryptocurrency market. Source: Quantify Crypto
Other coins like Ripple, Binance Coin, Polkadot, Dogecoin, Polygon, and Cardano have had their share of the losses. However, data for the more prominent capped altcoins suggests that Solana, Avalanche, and Shiba Inu are the top losers. They lost about 6% or more of their prizes within 24 hours.
The trend is no different for the mid-cap and lower-cap altcoins as they have also seen huge losses. The overall effect has seen the crypto market cap drop as much as $50 billion. The data currently stands at $1.1 trillion as a cumulative value.
Featured image from Pixabay, chart from TradingView.com
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