- Bitcoin is trading below $42,000 for the first time in almost three weeks
- Ether-Led Altcoins Lost Some Profits From End-March Rally
The plunge in the prices of most of the major cryptocurrencies on Monday has pushed the total market capitalization of cryptocurrencies below $2 trillion. The depression that started late yesterday lasted all night and was a theme all day long.
Red is the order of the day
Market leader Bitcoin broke below $42,000 earlier today and was last trading at $41,030. These figures reflect a drop of 3.7% for him in a day and 10.85% in a week. BTC/USD has not returned to current levels since March 22nd, according to market data. Ether price has fallen 6.25% in the last 24 hours and the token looks likely to drop below $3,000 as he abandons support above $3,080.
Most of the other tokens in the top 10 post larger red candles. Ripple’s XRP fell 6.59% while Terra (LUNA) fell 6.37%. Meanwhile, Solana and Cardano native tokens fell 7.82% and 8.34% respectively.
10th place Avalanche (AVAX) fell 9.46% to record the biggest loss. His 7-day trading chart for AVAX/USD shows the token has fallen 20% since last week. Overall, about $230 billion was wiped out of the crypto market.coin market capitalization data The total market capitalization shows it has dropped from almost $2.1 trillion to $1.87 trillion at the time of writing.
Macro risk is at its core
Many expected this year’s Bitcoin conference to provide bullish news and updates that, like its predecessors, would propel Bitcoin to new heights. But it wasn’t.
Notably, yesterday’s news that the Luna Foundation Guard bought $170 million in Bitcoin did little to boost the price of Bitcoin. This contrasts with the typical rise that has historically followed large-scale Bitcoin purchases.
Market experts explain why these bullish factors were outpaced by bearish sentiment. Macro uncertainty and dollar strength (USD index, DXY) Quote as a major factor in the recent pullback.