It was an illustrious moment when Bitcoin reached an ATH value of US$ 68,000 on 10th November but the moment has been ruined after 13th November and continues to get worse as Bitcoin’s present value has reached a point that is 50% less than its ATH.
The carnage continues to cause more and more damage to the digital currency economy with each day passing by. Although damage was caused upon each cryptocurrency, it was Bitcoin and Ethereum which took most of the damage. At the time of writing this piece, Bitcoin is trading hands for US$ 33,229 while Ethereum is trading hands for US$ 2,211.
The last all-time high (ATH) value seen by Bitcoin was on 10th November, when it surpassed US$ 69,000 in value. The present value of Bitcoin is even less than 50% of Bitcoin’s ATH value. The market shift, which is continuing to date, first appeared on 13th November 2021. Since then it has been forcing the values of each cryptocurrency down, including Bitcoin as well as Ethereum.
From its ATH of US$ 69,000, Bitcoin has lost approximately US$ 35,771.
During the period, when Bitcoin achieved its ATH, Ethereum too was able to see its ATH value which exceeded US$ 4,800. As of today, Ethereum’s value too has been firmly reduced and it has been trading hands at more than 50% lesser value of its ATH. Since its ATH, Ethereum has lost roughly US$ 2,589.
Today marks yet another worse day in the crypto economy as the economy is further reduced by 11% approximately since yesterday. The downtrend is continuing for Bitcoin, Ethereum as well as for the entire cryptocurrencies.
2021 ended for Bitcoin with a price tag of US$ 52,000. However, the value has decreased by almost 32% since then against the US Dollars. In the past two days alone, Bitcoin has lost more than US$ 10,000 in value. Bitcoin supporters however do not want the value to drop below the US$ 30,000 level. However, considering the market conditions since November 13, 2021, the chances of the market becoming bullish are highly unlikely. On the contrary, the conditions suggest that the future of the crypto economy is going to be bearish at least for a short period of time. Yet, any positivity after one or two months cannot be expected as well.
Solana, which recently became the 5th largest crypto in terms of its market cap, also suffered great damage. In the past 7 days, Solana lost about 30% in terms of value and subsequently lost its 5th position as well. It is now settling at the 7th spot amongst the top-10 leading cryptocurrencies, which again is likely to decline further in the near future.
Currently, the debate of the ‘crypto market crash’ is becoming more serious on social media platforms. Analysts are waiting for what the companies, such as Microstrategy, Square Inc., and Tesla, would do in the current situation.