On Thursday evening around 10 p.m. (EST), the price of Bitcoin fell below the $40,000 zone for the first time since September 21, 2021. During the early morning trading sessions, Bitcoin plunged to a low of $38,250 per coin. Additionally, the market capitalization of the entire crypto economy has slipped below the $2 trillion mark, down 7.5% to $1.94 trillion. Bitcoin lost 8% in the last 24 hours, down 40% from November's all-time high. Bitcoin (BTC) price fell below the $40,000 zone for the first time in 122 days. Bitcoin has...
On Thursday evening around 10 p.m. (EST), the price of Bitcoin fell below the $40,000 zone for the first time since September 21, 2021. During the early morning trading sessions, Bitcoin plunged to a low of $38,250 per coin. Additionally, the market capitalization of the entire crypto economy has slipped below the $2 trillion mark, down 7.5% to $1.94 trillion.
The price of Bitcoin (BTC) fell below the $40,000 zone for the first time in 122 days. Bitcoin has lost around 8% in the last 24 hours and in the last month Bitcoin has lost 21% against the US dollar.
Bitcoin's 24-hour price range was between $43,508 and $38,250 per unit. At the time of writing, Bitcoin has a market valuation of around $735.8 billion. Bitcoin's market valuation today stands at around 38% of the $1.94 trillion cryptoeconomy, while Ethereum's ( ETH ), the market capitalization is 17.7%.
The best trading pair with Bitcoin on Friday is Tether ( USDT ) with 51.86% of all trades. Tether is followed by the US dollar with 21.75% and the stablecoin BUSD with 7.71%. BUSD is followed by EUR (4.86%), JPY (4.25%), KRW (3.05%) and USDC (1.69%).
The second largest crypto asset, Ethereum (ETH), has fallen 9.1% in the last 24 hours and 29.1% in the last month. ETH The 24-hour price range was between $3,271 and $2,809 per unit.
While ETH The dominance of is 17.7%, representing $340.9 billion of the $1.94 trillion crypto economy. The most dominant trading pairs with ETH on Friday include USDT (48.83%), USD (22.75%), BUSD (9.34%), Bitcoin (6.07%), EUR (4.38%) and KRW (3.32%).
Of all the 12,000+ crypto assets in existence, only five coins have increased in terms of weekly gains. Theta Fuel, ftx token, bittorrent old, osmosis and ecomi are still showing single-digit seven-day price increases compared to the rest of the crypto economy.
This week's biggest losers include Loop Ring, Pocket Network, Kadena, Harmony and Near. All five coins have lost 25% to 33% of their value in the last week.
On Friday morning, Pankaj Balani, CEO of Delta Exchange, shared with Bitcoin.com News his analysis of Bitcoin's current market price. Balani says the current outlook remains in the bear's favor.
“ Bitcoin slipped below the psychological support of 40,000 amid the ongoing sell-off in risky assets. With this decline, Bitcoin has corrected by ~40% since reaching ATH in November last year," Balani said. "We expect Bitcoin to find a bid around the 35,000 mark, almost 50% from the top. In the short term, we can rally to challenge the 45,000-50,000 zone, but the overall outlook remains bearish as liquidity remains tight.”
Marcus Sotiriou, analyst at UK-based digital assets broker Globalblock, suggests that Bitcoin possibly currently undervalued.
“It is important to note that the crypto fear and greed index remains in extreme fear – this typically represents a buying opportunity,” explained Sotiriou. “On-chain metrics also remain bullish as Net Unrealized Profit/Loss (NUPL), which shows the amount of Bitcoin holders’ unrealized profit and loss as a proportion of market capitalization, is currently trading at 0.43, the lowest level of network profitability since July 2021.” The Globalblock analyst added:
This highlights the fear that now surrounds the market as many capitulate at a loss. These metrics suggest that Bitcoin is undervalued at current price levels due to what happened in previous episodes of extreme fear.
What do you think about today’s Bitcoin price action and the rest of the crypto market moves? Let us know your thoughts on this topic in the comments section below.
Photo credit: Shutterstock, Pixabay, WikiCommons
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