TL;DR Breakdown
• Cryptocurrencies have lost over 40% of their value.
• Crypto market cap has developed a bearish pattern since May.
A black weekend just happened where the crypto market cap plunged below $1.5 trillion. More than $100 billion was erased from the crypto market, and it sent the market back by more than 5%.
For now, Bitcoin is trading at $35,668. Bitcoin, like other cryptocurrencies, lost 5-10% of its price as the market showed a bearish pattern. But at the beginning of the week, its price was $37,531.
The crypto market has not broken its cycle from $30,000 to $40,000 since its capital loss in April. Many professional investors advise future players to use cryptocurrencies with caution.
Bitcoin’s crypto market cap “dangerous phase”
Cryptocurrency analysts like Rekt Capital suggest that Bitcoin’s crypto market cap is going through a dangerous phase. The cryptocurrency price is on a dead cross where it has to increase its capitalization to prevail. Rekt Capital thinks that the cryptocurrency should move at $1,500 daily to avoid a total loss.
Ethereum, the second best crypto market cap coin, is trading at $2,372. However, Ether lost over 3.73% of its price in less than 24 hours.
Alternative cryptocurrencies lose more value
Although the crypto market cap drop of the two highest-priced virtual currencies was serious, Altcoins suffered more. Most altcoins lost more than 5% of their value which attracted a lot of discontent in the market.
In major cryptocurrencies, Uniswap plunged 8%, followed by Binance coin and Cardano with 6.99% losses. The crypto market cap was also unfavorable for Dogecoin and the Internet computer.
This bearish sentiment influencing cryptocurrencies has not stopped since the end of March, when the biggest loss occurred. Bitcoin and other cryptocurrencies reached their all-time high at the beginning of the year but eventually collapsed.
The cryptocurrency market sell-off hasn’t stopped with this bad loss either. Traders seem to currently prefer to sell their tokens low while they can before the market crashes completely.
However, some crypto enthusiasts argue that the decentralized market can bounce back from this drop. Understandably, virtual currencies are in decline, and that is why the massive sale is occurring, but it is also exaggerated. Investors are also motivated to sell their assets by the non-stop crypto regulations.
Although cryptocurrencies have been in the downtrend for almost a month, they may break that cycle in the coming weeks. Many companies are betting on cryptocurrency growth and even governments associated with them.
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