Bitcoin and Other Cryptocurrencies Experience Major Dip, Experts Predict Bearish Trend to Continue
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Last week, the world of cryptocurrencies took a major hit as Bitcoin, along with other popular digital currencies such as Ethereum, experienced a significant dip. This unexpected tumble has left many investors anxious about the price drop. The cause of this sudden dip in bitcoin prices has been met with speculation, as investors attempt to make sense of the significant dip.
As per Coinmarketcap, a cryptocurrency analysis and ranking website, currently 23,599 cryptocurrencies trading over 619 cryptocurrency exchanges. The global crypto market cap is $1.16T with BTC leading the market with 45.9% followed by ETH with 19.2%.
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Bitcoin showing a Downtrend as price slowing down since last week
Bitcoin (BTC) opened the month with a promising start and reached the most anticipated mark of $30K on April 11, 2023. It began the month with $28,315 with a trading volume of $19.45B. It reached as high as $30,967 with a trading volume of $21.68B on April 14. Investors were highly positive about the surge of Bitcoin, moving towards the Bullish market. The experts were optimistic about the rise continuing the whole month.
However, their hopes and happiness didn’t last much longer as the price started declining slowly from then moving towards a downtrend. Day by day the prices plunged as the Cryptocurrency market tumbled. The BTC price has dropped to 8.31% since last week.
The price slumped with ups and downs and fell to as low as $27,212 on April 22, 2023. , the lowest in this month. At the time of writing, the price reached $27,701.58, with a 24h trading volume of $13,821,695,816 recovering slowly and moving positively. The market cap of BTC is $535,518,641,927.
Bitcoin is trading below $28,000 and investors are expecting a bearish trend to continue this month. Crypto analysts are optimistic about the long-term market, predicting a bull run in the coming months.
Altcoins Plunged and moving Towards sluggish market
The Altcoins are also on a dip. Ethereum (ETH) has dropped almost 12.04% since last week and is moving towards a downtrend along with Bitcoin. Ethereum started the month with 18,24.431 with a 24h trading volume of 6.52B and reached a $2k price on April 14, 2023. It reached a mark of $2,127 on 17th April.
From then the price started slowly dropping and the current price of Ethereum as of today is $18,43.89 at the time of writing with a 24 trading volume of $7,230,542,943. The market cap of Ethereum is $221,978,733,082.
In the last week, Altcoins which are having a price drop are
- XRP with 10.55%
- Cardano with 12.71%
- Dogecoin with 15.50%
- Polygon with 15.60%
- BNB with 4.75%
- Solana with 15.65%
- Polkadot with 12.28%
- Shiba Inu with 10.93%
- Avalanche with 18.85%
- Litecoin with 12.58%
NFT Market has also seen a slump in prices
Non-fungible Tokens (NFTs)also saw a slight price drop since last week. The market cap of NFT is $21,758, 500,881 with a trading volume of $1,673, 624, 099. Some of them include
- Internet Computer with a price drop of 14.00%
- ApeCoin with 12.93%
- The Sandbox with 15.62%
- Decentraland with 16.93%
- Stacks with 13.91%
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In conclusion, last week’s plunge in Bitcoin and other cryptocurrencies demonstrated that the crypto market is still volatile and unpredictable. Although there have been moments of steady growth in the past, investors should be aware of the potential for sudden fluctuations in value. It is important to stay up-to-date with current market conditions and news regarding any digital currency investments. Investors should also consider diversifying their portfolios to protect them from sudden dips in price.
