Bitcoin’s value dropped once again today and has now gone below the price range of US$ 44,000 after succumbing to a 6.4% reduction. Simultaneously with the reduction of Bitcoin value, the global crypto economy also saw a decline of 5.4% subsequently. No New Year gains for Bitcoin so far.
At 300 hours exactly, a slump occurred to Bitcoin which reduced the value by 5.4% i.e. from US$ 46,000+ to below US$ 43,000. At the time of this writing, Bitcoin is trading hands at a price of US$ 42,790. The situation remains unchanged for Bitcoin even though 5 days of 2022 have been passed and yet there is no sign of New Year gains for Bitcoin.
In fact, the entire crypto-economy was affected by the slump. The impact was subsequently acceded by all the cryptocurrencies spreading over twelve thousand in numbers. Resultantly, the global crypto economy has been reduced by a further 5.4%.
Digital currencies of Solana and Ethereum also saw their values reduced by 7.8% and 4.5% respectively. The recent slump for Luna was however the worst as it reduced the asset’s value by approximately 10%. Once again stablecoin economy proved that it can take on slumps without being affected too much.
It seems that the difficulty for Bitcoin and Ethereum will continue further. It was however hoped by the supporters of both digital currencies that difficulty will be reduced with the beginning of 2022.
It has been a while since when Bitcoin had surpassed the US$ 1 Trillion market cap. Similarly, it has been more than a month that Ethereum had seen its market cap going above US$ 500 Billion. At present, Bitcoin’s market cap is under US$ 836 Billion while Ethereum’s is under US$ 427 Billion.
As of today, Bitcoin is maintaining its dominance in the global crypto economy by almost 37%, which is the lowest since the last three years. Similarly, Ethereum is commanding 19% of the crypto economy. It is hard to even assume that markets for Bitcoin and Ethereum are still bullish. One argument is that an inflation increase is expected in the coming week. At that time, experts believe that the Bitcoin market will go considerably up.