The first cryptocurrency began with a slight fall on Wednesday morning, and later moved to a sideways movement. At the time of writing, bitcoin is trading at $21,196. According to digital asset tracking website CoinMarketCap, over the past 24 hours, bitcoin has had a low of $21,450 and a high of $23,018.
A day earlier, bitcoin updated a local low and collapsed to the level of $20,950.
The loud drop in the main virtual asset, which the crypto market has been observing since the beginning of the week, has become the highest since December 2020. Recall that last Friday BTC was trading at $30,000. Thus, in just three trading sessions, the BTC rate fell by almost 30%.
The price of bitcoin decreased by 15.59% in May. Over the past two months, the cost of BTC has fallen 1.6 times - to $29,000 from $45,800. At the same time, over the past spring, the price of bitcoin has dipped by 27%.
Since last November, when the coin updated its historical record, soaring above $69,000, the cryptocurrency has already lost about 70% in price. At the same time, many other virtual assets have plummeted from their historical levels.
Altcoin market
On Wednesday, the main competitor of bitcoin, the altcoin Ethereum, also started the trading session with a slight decline, which later turned into a sideways movement. So, at the time of writing, the value of the coin reaches $1,185.
In the last days of May, the price of altcoin slipped through the $2,000 level, but with the onset of summer, it lost its desire for optimism and began to permanently decline.
As for cryptocurrencies from the top 10 by capitalization, the highest result for the past 24 hours was recorded by Solana (+4.65%).
According to the results of the past week, all coins from the top ten showed a negative movement dynamics. At the same time, the main outsider here was the digital asset Ethereum (-33.04%).
According to the world's largest virtual asset data aggregator CoinGecko, over the past 24 hours, Helium coin (+17.8%) topped the list of top 100 most capitalized digital assets, and Chain (-32.2%) took the first place in the drop list.
Following the results of the past week, the main outsider among the top 100 cryptocurrencies was the Chain coin (-44.5%), and the key favorite was LEO Token (+1.0%).
Is the bottom close?
As for the opinion of cryptanalysts regarding the future behavior of the digital coin market, the CEO of Galaxy Digital virtual asset management company Mike Novogratz said that BTC and Ethereum are going through a price bottom right now.
Thus, the well-known bitcoin bull believes that the local bottom of Ethereum is at $1,000, and the lowest for bitcoin is located near the $20,000-$21,000 mark. Thus, the crypto market has a permanent downward movement ahead.
Earlier, the former head of the BitMEX cryptocurrency exchange, Arthur Hayes, said that the vital task for bitcoin now is to maintain a key level of $20,000. Otherwise, Hayes believes that the digital asset market will face another wave of sell-off.
Recently, a popular cryptanalyst and microblog host under the nickname Rekt Capital said that bitcoin touching the curve reflecting the average cost of a coin over the past 200 days indicates that the cryptocurrency is approaching a local bottom. In the very near future, the expert suggests, bitcoin may fall below $20,000.
Another well-known crypto market expert, Lark Davis, believes that bitcoin is already at the price bottom. As a confirmation of his opinion, he draws the attention of traders to the fact that in recent days, bitcoin looks more oversold than in the process of declining to local lows in 2018. Following the current collapse of the crypto market, Davis believes, its steady growth will follow.
At the same time, Vijay Ayyar, vice president for corporate and international development of the Luno crypto exchange, does not agree with his colleagues and claims that the digital asset market will need a lot of time to reach the bottom, which means that in the next couple of months the cost of BTC and other crypto assets will steadily fall.
