Bitcoin drops below $30,000 – doomsday week for cryptocurrencies

Memories of December 2018 – One of the benefits of being in the world of Bitcoin (BTC) and cryptocurrencies for a while is knowing that cycles come and go . Impossible to anticipate them exactly, of course, but lately we have felt the excessive bearishness of a full-nosed bear market . And we are there it seems!

SCARLET RED ON BITCOIN AND THE CRYPTO-ASSET MARKET

From December 2017 to December 2018, the price of Bitcoin fell from the all-time high of nearly $20,000 to just $3,400 . A dizzying drop of approximately -83% in just one year.

Back in 2021/2022, we smell that whiff of sellout in the crypto market again . Credit where credit is due: Bitcoin , as it is and remains the barometer of market health.

After going below $30,000 for the first time on Tuesday May 10, 2022, things were upside down on Wednesday May 11. BTC even fell even lower, as it almost hit $29,000 . Thanks for our nerves, the crypto king is back (slightly) above $31,000 as of this writing.

From the highs of November 2021 – at over $68,000 – the maximum amplitude of this recent drop is around -57% (and -22% over 7 days).

Bitcoin drops below $30,000.
Bitcoin price against the US dollar (daily candles) – Source: tradingview.com

ETHEREUM AND ALTCOINS IN TOTAL TROUBLE

Same observation, and even worse , on the side of altcoins, with Ethereum (ETH) in the first place. For the first time since the start of 2022, the price of ether briefly dipped below $2,200 , before quickly recovering above $2,300 at the time of writing.

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As we can see on the CoinGecko site , for Binance Coin (BNB), Ripple’s XRP , Cardano (ADA), Solana (SOL): everything goes! With a 27 to 40% loss over 7 days at the lowest of this drop – notably a SOL approaching 50 dollars!

If Bitcoin is already suffering a lot, the altcoins are picking up squarely.
Screenshot of crypto prices at the worst moment of the crash of May 11, 2022 – Source: coingecko.com

In conclusion, let’s briefly return to the dramatic case of the Terra project (LUNA) and its stablecoin UST , which we have already covered well today . After hitting rock bottom at just $0.68 (at least hopefully!), LUNA is now trading at .50 . Recall that the Terra token had reached a high close to 120 dollars just over a month ago, on April 5, 2022.

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SAKHRI Mohamed
SAKHRI Mohamed

The blog of a computer enthusiast who shares news, tutorials, tips, online tools and software for Windows, macOS, Linux, Web designer and Video games.

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