At Cryptoupdate, we had predicted a drop in the price of leading tokens for this week. On Wednesday bitcoin prices have tanked by over 8 % and Ethereum’s value is down by over 21%. While the top cryptocurrency by market cap, Bitcoin, is struggling to hold above the $30,000 mark, Etheruem is now down under the significant $2,000 benchmark.
The past 24 hours have been marked by a sustained downward trend. The pull has taken a toll on the price of all leading cryptocurrencies including the top by market cap. Over the past 24 hours, the top 10 cryptocurrencies traded on popular exchanges have lost up to 25% of their value. Binance tokens, Cardano (ADA) and Ripple’s XRP were all down by above 10%.
The drop in prices may continue and it wouldn’t be surprising if we see a sub-$30,000 BTC. It is because of bigger investors pulling out and the high sell pressure takes a toll on the market and subsequently drives the prices further down. As the market struggles again, comments from experts have started pouring in. “The markets are currently dragged down by bears. Although this was not a major panic selling session, the momentum prevailing across the markets is pretty bearish. BTC is toying with the $33,000 level. ETH fell below the $2,000 mark creating a sense of scare across altcoins. This sort of volatility can be expected to continue throughout the week,” said Edul Patel, CEO and co-founder of Mudrex.