As of December 2020, the price of BTC has dropped to around $25,000. Recently, the same thing happened in the crypto market. As a result, most altcoins are seeing a drop in prices, The resulting In more than 600 million dollars in liquidation.
Bitcoin price summary in june
BTC looked promising at dawn in June, reaching a selling price of over $32,000, its highest level for the week. Hours later, a sudden drop in prices occurred, bringing its selling price to about 30 thousand dollars. Despite numerous attempts to break above this price, Bitcoin could still remain slightly below it.
This went on for several days until the end of the first week of June. However, before the end of the period, the price finally rose to $30,000. The repetition created a green bar that crossed the longest bar of the nine consecutive weekly bearish candles.
This led to a significant increase in its price, with its initial price reaching an additional $1,000. At the time, the asset sold for more than $31,000. Moreover, it has a market capitalization of nearly $600 billion, and it dominates other coins by more than 46%.
Bitcoin drops below $25K, liquidates $600M
In the past seven days, there have been many changes to choose from in the cryptocurrency market. It was reported that as of last week, the price of Bitcoin has risen above $32,000. Somehow, BTC failed to hold this price. As such, its selling price was delayed by about a few thousand dollars, and it sold for less than $25,000.
The downtrend started at the end of last week, and at the moment, BTC is selling just below $23,000. This is the first time in the last 18 months since BTC experienced a similar price drop.
Moreover, the bearish price action also affected important currencies such as Ethereum. Before now, the fee is from a week ago, the price of ETH was around $2000. However, from the current state of the crypto market chart, ETH is selling well over $1,200. This is an all-time high for Ethereum in 2018, the second largest cryptocurrency in the world.
Altcoins have fallen in price
Bitcoin’s downtrend is already affecting other altcoins. With BTC dropping 10% to 11%, many altcoins are dropping by double digits, turning the cryptocurrency market in the red. Altcoins affected in the crypto market are Eth, ADA, SOL, and more.
Red Depth is big for TRON, down 21% on a 7-day basis. However, the total accumulation in liquidation due to the downtrend in the market is $500 million.
Featured image from Pexels, chart from TradingView.com