The price of Bitcoin fell below $44,000, and many altcoins followed suit. Ethereum struggled to maintain its value around the $3,000 mark while other cryptocurrencies dropped even further, including Cardano, Solana, BNB, and many more.
Bitcoin is trading below the 50-day moving average for the first time in five weeks, after briefly reaching a high near $4600 last week. However, the cryptocurrency’s price has fallen back down to earth with a drop of over $4,000 in a week.
Related Reading | How Fears Of A Possible Russian Invasion Of Ukraine Is Impacting Bitcoin
Yesterday, the price of bitcoin jumped past $44,000. It even neared $45,000 last night before being stopped in its tracks again by the level’s challenge.
The cryptocurrency market has seen some fluctuation recently, with Bitcoin standing just over $44,000 and a few drops to $43,000. However, despite this drop in value, it’s still worth more than 800 billion dollars.
This price dip seems misguided with the recent news that legacy financial companies are adopting cryptocurrencies. There has been so much growth in adoption just last week when it was announced by none other than New York Stock Exchange, which wants its own crypto brokerage at some point soon.
Altcoins On The Way Down
The crypto market has been volatile lately, with most coins declining in value. For example, Ethereum went as high as $3200 but failed to continue upwards. Now, it fights for staying above 3,000 USDT/ETH zone, which it occupied this morning before losing some traction throughout yesterday’s trading sessions (24 hours).
Related Reading | Top 5 Watershed Moments In BTC On-Chain Analysis’ History. Is Your Favorite In?
With the cryptocurrency market taking a dip today, some coins are better than others. For instance, Cardano and Solana experienced smaller drops with 3-5% daily volatility, while Ripple had less severe fluctuations at around 1.5%. In addition, the two largest meme coin holders – Dogecoin (DOGE) or Shiba Inu (SHIB), have been retracing their recent gains somewhat more moderately, which suggests that they may continue heading towards an increase in value soon enough.
ATOM’s recent rise has left other coins in the shade, with its 3.5% increase putting it on track for a fifth week as one of Bitcoin’s most valuable members.
The crypto market capital has seen a decrease of around $180 billion in the past day and stands at 1.82 trillion now, from an all-time high just after weeks ago where it exceeded 2 Trillion dollars.
Crypto Market Capital on the way down | Source: Crypto Market Cap on Tradingview.com
Russia-Ukraine War Impact On Bitcoin
Joe Biden called on President Volodymyr Zelensky of Ukraine to discuss the ongoing tensions between their country and Russia. The United States’ senior political figure reportedly held an hour-long chat with him Monday evening. During the talk, they discussed how best to handle this geopolitical hotspot situation at hand before it worsens even further.
U.S. national security advisor Jake Sullivan expressed his warning of invades to the press.
With fears of a Russian strike on Ukraine growing, Bitcoin and Ethereum fell over 9% to their lowest levels in six months.
With the global market suffering a severe drop, many investors were forced to sell their assets.
Featured image from Pixabay, Chart from TradingView.com