Bitcoin price continued its slide as the digital token slipped below $57,000 for the first time since October, in a retreat from record highs. he world’s largest and most popular cryptocurrency was trading over 6% lower at $56,328.8. Bitcoin recently hit record high of around $69,000 and is up over 93% this year (year-to-date or YTD) so far.
Global crypto market cap slipped to $2.6 trillion, according tracker CoinGecko. Bitcoin has more than doubled this year, while Ether is up about sixfold. Both scaled records last week amid a fervor for digital assets driven by speculative demand and controversial arguments that they can hedge inflation risks.
“Bitcoin, Ethereum and other major altcoins have remained subdued almost 3 days in succession. On the daily timeframe, Bitcoin can be seen traversing within a channel pattern, frequently retesting the support of $58,000 mark. The RSI indicator has fallen below 40, a sign that the token is close to being oversold. We could soon expect a reversal in the trends based on the current scenario and the general optimism surrounding bitcoin,” said Siddharth Menon, COO of WazirX.
The bullish market for two weeks has suddenly seen corrections from three days. The event got triggered by Twitter CFO Mr Ned commenting that it no more looks safe to continue investing into crypto. During bull markets the prices increase and sometimes this adds instability till it finds the trigger and it seems that is what just happened. On the other side, the crypto markets are slowly growing big towards becoming immune from influencers,” said Sathvik Vishwanath, co founder and CEO of Unocoin.
Ether, the coin linked to ethereum blockchain and the second largest cryptocurrency, also declined more than 4% to $4,075. Ether price has been trading around all-time high, catching up with bitcoin’s rally and riding on news of wider blockchain adoption.
“The Total Defi market cap plummeted below $150 billion after making an All time high last week. The overall sentiments around the DeFi platforms remain optimistic and could see a change in momentum soon,” Menon added.
Meanwhile, dogecoin price plunged over 5% to $0.22 whereas Shiba Inu also crashed 10% to $0.000043. The performance of other cryptocurrencies like Litecoin, XRP, Polkadot, Uniswap, Stellar, Cardano, Solana also were trading with cuts over the last 24 hours.
(With inputs from agencies)
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