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Bitcoin deepens its losses to reach below $56,000
Bitcoin witnessed a significant decline as it recorded a monthly low at the level of 56000 dollars, and the total market value of cryptocurrencies lost about 400 billion dollars within a week, as the correction of the cryptocurrency market continues to deepen.
Cryptocurrency prices suffered from continued price declines throughout this week, especially during today’s trading, with the leading cryptocurrency sliding to its lowest level in five weeks at $ 55,700, and most altcoins colored red, and as a result, the total market value lost about 100 billion extra dollars.
Bitcoin is currently trading down 18.5% from its all-time high, hit just nine days ago.
Bitcoin hits five-week low
Since the leading cryptocurrency topped an all-time high of around $69,000 during last week’s trading, the crypto market has been dominated by a strong sell-off that pushed the cryptocurrency to lose nearly $6,000 in minutes after reaching its peak, and it has not yet been able to recover. After a day it continued to fall off.
But it was able to recover some of its losses earlier this week to cross the psychological support level of $66,000 for a brief period. Despite that, it was unable to maintain its upward momentum and reversed to the downside, causing the currency to lose about $7,000 on the same day, in this way, to fall to Below $60,000 for the first time since the end of October.
Bitcoin later attempted to recover but failed to reverse, and fell again, falling to $55,700, its lowest in nearly five weeks.
During today’s trading, Bitcoin managed to recover some of its losses and is currently standing above $57,000, and despite a limited recovery its total market capitalization is well below $1.1 trillion, and its dominance of altcoins has seen its dominance drop to less than 43%.
Bitcoin has fallen more than 10%, bringing the cryptocurrency below $56,000 for the first time since late October.
Of course, this has had an impact on the entire crypto market, as most coins are also charting double-digit declines over the past seven days, with Ethereum losing about 10.7%, and BNB, SOL, ADA, and XRP all dropping about 10%.
Altcoins suffered during the trading week last week, and so far most of them are still in the red, and despite this, their losses are less than the leading coin.
Ethereum fell below $4,000 for a while but is currently standing at $4,150, as well as Benanso, Solana, Cardano, Ripple, Dogecoin, Litecoin, Polkadot, and Shiba Inu all fell slightly.
The total market value of cryptocurrencies has fallen to $2.650 trillion, as the total market capitalization has lost about $400 billion since it reached its peak about a week ago.
Professional Trader and Analyst, economist in Financial and Forex market since 2004.holds an MBA from the American University in Egypt. Mohammed works as an economic writer and technical & fundamental analyst for many international Forex and financial trading companies in both English and Arabic on a daily basis.