Cryptocurrency

Bitcoin Dips Under $16.5K, Solana Down 23% Weekly: Market Watch

The tip of this moderately attention-grabbing yr shouldn’t be bringing any volatility to the crypto markets, other than a number of minor value drops. Bitcoin, as an example, went down under $16,500 earlier to chart a brand new 9-day low.

Solana continues to lose worth quickly following the FTX and Alameda deterioration and stays caught beneath $10.

Bitcoin Struggles at $16.5K

2022 turned out to be probably the most violent by way of value motion for bitcoin. The asset entered it at virtually $50,000 and has misplaced over 65% of its USD valuation inside the subsequent 12 months.

On a extra micro scale, BTC tried to beat $17,000 earlier this week following a boring weekend, however the bears didn’t enable it and pushed the asset south.

This resulted in a number of consecutive value dips. The primary from yesterday noticed bitcoin slipping to $16,500, which turned an 8-day low on the time. Nonetheless, the panorama solely worsened within the following 24 hours, this time with a value decline to $16,400.

BTC has recovered round $100 since then, however it’s nonetheless barely within the purple. Its dominance over the altcoins may need remained unfazed at 40.1% on CoinMarketCap, however its market cap sits tight under $320 billion.

BTCUSD. Source: TradingView
BTCUSD. Supply: TradingView

Solana Retains Plunging

Closely backed and praised by SBF and his two collapsed crypto giants, Solana has been among the many poorest performers ever since FTX and Alameda filed for chapter in mid-October. The previous few days have seen reducing developer exercise in addition to declining value actions as soon as once more.

SOL is down by 3% previously 24 hours and virtually 25% on a weekly scale. As such, the as soon as prime 10 coin struggles to stay above $9.

Most different larger-cap alts are in no higher form. Binance Coin, Ripple, Dogecoin, Cardano, Polygon, Polkadot, Tron, and Avalanche are all down by as much as 4% in a day.

OKB is among the many few exceptions, with a 5% improve that has pushed it to $25. TONCOIN is up by 3.5%. The general market cap, although, continues to wrestle beneath $800 billion.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Supply: Quantify Crypto
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Cryptocurrency charts by TradingView.

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