It’s been a sad week all along for Bitcoin and the entire crypto market. The incessant dip the number one cryptocurrency has continued to experience and the continued control bears have over the market has continued to set the market back and a worry for traders.
BTC’s plummet to $51,500 has had more effects on altcoins than BTC itself. Ethereum dropped well below $1,600, while double-digit price declines are evident for numerous large-cap altcoins, including Polkadot and Uniswap.
Bitcoin’s dip to $51,000
Things looked bright for Bitcoin on Wednesday, when Tesla CEO, Elon Musk announced that the electric car makers can now receive payment for cars in BTC. The tweet had a magic effect on BTC as the crypto started climbing up getting as high as $57,000 almost immediately.
The price nosedived earlier today (Thursday) as the number one coin plummeted by more than $6,000 since then to an intraday low of $51,500. It saw a surge to $53,000 but still yet to break the $55,000 resistance level. At press time, it trades at $52,062.
The price slash has seen Bitcoin market cap drop below $1 trillion again and still sit below the coveted level. Bybt analyses that enhanced volatility has caused over $2 billion in liquidations across the entire market since yesterday.
The market has also lost over $1.6 billion in the last 12 hours, further reducing its value.
Altcoins back in red with dots of green
Altcoins bullish charge was only temporary as the market shows now. On Wednesday, ETH led altcoin bullish charge surging above $1,700. It hit a daily high of $1,740. Things, however, have take a sideways twist dropping as low as $1,500 on Thursday.
The largest altcoin has recovered a bit as it trades at $1,606 at the time of writing. It is still a setback for ETH as it is down by 5%.
Cardano ADA at press time has risen by1% with AAVE also enjoying a 3% surge. LINK (+2.41%), XMR (+1.86%), LUNA (+4%) also were all surging
Red dominates the rest of the altcoin market. Binance (-8%), DOT (-8%), XRP (-4%). Litecoin (-9%) trades at $175, and THETA (-18%). Nevertheless, THETA is 60% up in the past seven days, and its ascend has made the coin the 3rd largest by market cap.
BTC, ETH bull run may not be over – Analyst
Greg Waisman, the co-founder, and COO of the global payment network Mercuryo amidst the dip has predicted that BTC and ETH bull run might not be over yet.
In Greg’s daily crypto market analysis, he held that although volatility remains high, there are suggestions that this is still not the start of the bearish part of the crypto cycle. The COO argued about BTC and ETH surge after Elon Musks tweet yesterday.
Greg also mentioned that there was another massive BTC transfer worth $806 million, which is believed to be a massive institutional purchase. He sighted Bitcoin’s recent popularity in Turkey and Nigeria government greenlight for P2P trade as catalysts for BTC to resume its bull trend.