The crypto market is not going according to the way the bulls planned as the industry’s total value drops below $1.5 trillion. Things took a bad turn over the last 24 hours as the prices of most cryptocurrency dipped to almost what they were at the week’s beginning.
The market saw a decrease of more than 5% in the last 24 hours. The week started with a little shade of hope as coins were recuperating from the price drop they suffered at the start of the week.
A Recap of the Week
The week started with the crypto market worth $1.5 trillion but declined as low as $1.2 trillion before a week recovery. From the drop to $1.2 trillion, the crypto industry started to increase in worth owning to price improvement most coins saw.
The majority of the digital currency in the top 100 all recorded significant gains during the week especially on Wednesday when the crypto market was worth $1.7 trillion.
Major coins all hit their seven days high, causing the industry value to peaked with coins like BTC trading above $40,000, Ether trading at $2,911 and BNB at $373.
The week is closing with most coins losing more than 10% and the total sum of the crypto market at $1.4 trillion. Some of these coins include ADA, DOGE, and XRP losing 10%, 15% and 17% respectively.
Bitcoin current performances are leading to questions as to when the digital gold will surge and hold the $40,000 mark until another price hike above $45,000. The time and hour when BTC will reach this mark are unclear but there are possible signals that will point to it happening.
As of the time of writing, bitcoin is worth more than $34,000. Based on recent price movement, it is almost impossible not to see that BTC tested $40k as long it is above $38,000. For a retest of the set mark, crypto largest coin flip $38,000 resistance and hold that critical level. It is also important to note that if crypto’s firstborn does not surge, it may test $30,000.
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Author: Gideon Geoffrey