BIG Crypto CRASH! What's Happening to Cryptos Today?
In a startling turn of events, Bitcoin has plummeted below $60,000, dragging the entire crypto market down with it. But the question on everyone's mind is: why are cryptos crashing so dramatically?
Why is the Crypto Market Crashing?
The crypto market's recent slowdown in momentum has been palpable, particularly evident in Bitcoin's struggle to surpass its all-time high (ATH) of approximately $73,000. After lingering in a state of uncertainty, prices finally succumbed to a significant correction. In the past 24 hours alone, the market cap has plummeted by over 4%.
How Low will Bitcoin Crash?
As Bitcoin's value continues to plummet, the next crucial support level hovers around $52,000. While there's a possibility of a bounce-back from this point, the prevailing trend remains decidedly bearish. Investors are advised to actively manage their positions rather than passively holding onto losing assets.
Crypto Analysis: What's Happening to Cryptos?
1-Bitcoin (BTC)
At the time of writing, Bitcoin is trading at $57,300, marking a 5% decline in the past 24 hours and a 12% drop over the past week. The flagship cryptocurrency's performance sets a somber tone for the broader market.
2- Ethereum (ETH)
Ethereum, the second-largest cryptocurrency by market capitalization, is currently priced at $2,780. It has experienced a 3% decrease in the last 24 hours and a 10% downturn over the past week, mirroring Bitcoin's downward trajectory.
3- Solana (SOL)
Solana, known for its scalability and high throughput, has not been immune to the market turmoil. With a current price of $122, it has suffered a 5% loss in the past 24 hours and a staggering 21% decline over the past week.
4- Dogecoin (DOGE)
Even the meme-inspired Dogecoin has not been spared from the crypto carnage. Priced at $0.12, it has witnessed an 8% drop in the last 24 hours and a substantial 22% decrease over the past week, highlighting the pervasive nature of the market downturn.
