The value of the combined crypto market has been wiped out by around $ 1 trillion since it peaked at $ 2.5 trillion in mid-May, suggesting that Bitcoin and cryptocurrency prices have struggled last month.
Bitcoin the main cryptocurrency on the market
Bitcoin has long been the main driver of the market, and virtually all other tokens, including Ethereum, Binance’s BNB, Cardano, Dogecoin, and Ripple’s XRP, are following Bitcoin’s price changes.
While Ethereum, the second largest cryptocurrency after Bitcoin, has outperformed Bitcoin in recent months, its price has fallen along with Bitcoin this week as China cracks down on crypto miners who use huge amounts of electricity to secure blockchains and conduct transactions in the Validate exchanges for newly created tokens.
Bitcoin is number 1st Cryptocurrency. At the time of writing, the coin price is $ 33,729.85, up 1.54%. In the past 24 hours, the trading volume was $ 33,988,483,827 along with a market cap of $ 633,019,209,576. For now, BTC The circulating offer is 18,742,356.00 BTC.
In the Luxembourg-based Bitstamp market, bitcoin fell to lows of $ 28,600 per bitcoin this week before bouncing back above $ 30,000 to hit a white knuckle of $ 6,000 in a matter of hours.
Meanwhile, other top ten cryptocurrencies, including Ethereum, Binance’s BNB, Cardano, Dogecoin, and Ripple’s XRP, have plummeted in value, wiping hundreds of billions of dollars from the $ 1.4 trillion cryptocurrency market.
After correctly predicting the recent sell-off of Bitcoin and cryptocurrencies, analysts at Wall Street giant JPMorgan have forecast a medium-term decline in Bitcoin price.
While JPMorgan Bitcoins has a theoretical price target of $ 140,000 based on the convergence of bitcoin-gold volatility, Bitcoin is almost six times more volatile than gold, which is 1/6 of $ 140,000 or $ 23,000.
Despite this week’s decline, experts are reluctant to abandon their bearish outlook for bitcoin and crypto markets in general, saying that “some recovery has taken place but our signals remain negative overall”.
The Grayscale Bitcoin Trust, the world’s largest digital asset fund manager, enables institutional investors to buy shares in the trust, which now holds just over 650,000 bitcoin tokens, or around 3% of the total supply of bitcoin.