The global cryptocurrency market remains in the red on Thursday (19). By 9am, all major cryptocurrencies were in the red, including Bitcoin and Ethereum. The global market value of Cryptocurrency It fell again to $1.25 trillion from $1.31 trillion on Monday. Bitcoin price fell again to the $29,000 level.
The market’s top cryptocurrency is down again, after hitting $30,000 last Tuesday. The Bitcoin It is down another 1.3%, starting today at $29,472. According to CoinGecko, the average price of BTC over the past seven days is $29,500.
The Ethereum, the second largest cryptocurrency in the market, is down 3.3% in the past 24 hours. According to CoinGecko, the current price of ETH is $1,962. Since November 2021, ETH has already fallen by 59%.
Other cryptocurrencies also started to decline, such as BNB, XRP, Cardano, Solana, Polkadot and Dogecoin, which recorded a decline of up to 11% in 24 hours.
Among the rising coins are Tron, which has gained 10%, and Bulldog, which is up 131% in the past seven days.
Long road to recovery
Cryptocurrency market crash completes a week. After the collapse of the earth network and the sharp fall of some CryptocurrencySome analysts believe there is a long way to go before recovering.
According to the CEO and Co-Founder of Cryptocurrency Vault, the $30K level is psychologically significant for BTC. According to their analysis, starting at $30K, the fear indicator measuring cryptocurrency confidence is coming out of its extreme.
“While the price of BTC indicates that we still have a long way to go before a rally or an early recovery, data from Glassnode shows that addresses of at least 0.01 BTC have crossed the 10 million mark for the first time. While we already know that institutions have made big bets on BTC. In the past year, this metric indicates that retail investors remain bullish on digital assets.”
Also, according to experts, the next expected level for Bitcoin is $24 thousand. Cryptocurrency can start after reaching this level.
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