By
Temitope Olatunji
April 24th, 2024
In general, the crypto market is on the wane today. Bitcoin, Ethereum, XRP and other coins are dropping. More volatility is expected. BTC price has returned to the above $5,000 levels.
The crypto market is so volatile that incredible changes can occur within minutes. A prime example of such a leap is the leading digital currency. First, Bitcoin price drops to $3,637, but in just 30 minutes, it bounds back and jumps to $5,260. Such performance is accompanied by the downward movement of the whole market. Currently, the market capitalization is $145,912,908,673. Notably, in the last 24 hours, its minimum mark was 130 billion.
This week, Bitcoin is very unstable. On Monday, the beginning of the trading session became the worst this year. After a plunge in oil prices, Bitcoin and other cryptos’ prices dropped. Bitcoin price declined by 9.32% in 24 hours, Ethereum lost 10.48%, Litecoin dropped by 14.41%, XRP was 9.95% down. Market indexes have taken traders aback as well. Dow Jones crashed 2000 points in a single day, its biggest crash since the 2008 financial crisis. The S&P 500 and Nasdaq also dropped 7% on Monday.
Tuesday became a relief rally for the investors. Market indexes rose, tech shares also flashed a bullish signal. Cryptos recovered as well, with Bitcoin price going beyond the level of $8,000.
However, the rally did not last long, as good Tuesday was replaced by bad Wednesday. Bitcoin price sank below $8,000, Besides, early on Wednesday, U.S. stock futures fell sharply. Dow Futures slid 762.16 points at the open, S&P 500 futures started at 2717.4, while Nasdaq 100 futures were 1.95% down.
On Thursday, Bitcoin continued falling. Its price shed over 23% to trade below $6,000. Other digital assets lost a similar percentage, and the whole market was badly affected.
Today, Bitcoin price drops further. In the early hours, the price plummeted to $3,637, which is a new yearly low. But just in half an hour, it rebounded to $5,260. According to Coinmarketcap, Bitcoin currently makes up $5,442 per coin.
Market Down-Grade: What To Expect?
In general, the crypto market is on the wane today. For example, Ethereum has lost 25,94% in the last 24 hours, XRP has tanked by 18,24%, Litecoin has dropped by 21,69% in the same period, Tether is 1,68% down.
More volatility is expected. As we have reported, people start massive selling off their coins in fear they will lose everything in a virtual pyramid. In addition, the biggest order liquidation sequence is taking place. The BitMEX exchange has already destroyed orders worth $702 million, which is a record since November 2018.
It is unclear what to expect. There is too much panic caused not only by market ups and downs but also by a further spreading coronavirus. The world health organization has already declared coronavirus a global pandemic. As a result, Donald Trump placed a ban on travel to the U.S. from Europe. Many countries banned flights to and from Italy, Iran, and China. The only hope is on the biotech companies working on possible vaccines to get over the virus.