The cryptocurrency markets have suffered significant losses in the past 24 hours as the total cryptocurrency market cap has fallen below a trillion to $ 823 billion and is down around 9.9% in value. Since the Bitcoin price hit on Sunday January 10th, Bitcoin price has fallen by over 25%, recording the biggest drop in prices of the year.
Digital currency markets are in the red on Monday as crypto assets have lost between 15% and over 35% in the past 24 hours. Bitcoin (BTC), the leading digital asset by market valuation, is down over 20% at the time of writing.
Bitcoin (BTC) fell to a low of $ 30,261 on Monday afternoon (EST) and lost 25.2% after hitting a high of $ 41,056 on Sunday. At the time of writing, BTC is trading for prices over $ 32,000 per unit with a global BTC trading volume of $ 38 billion.
Bitcoin (BTC) hit a low of $ 30,261 on Monday at around 11:35 a.m. (EST).
Ethereum has depreciated significantly over the past 24 hours, and the crypto asset is currently down 27%. Ethereum (ETH) is swapping for $ 933 per unit after trading well above the $ 13,000 value the previous day.
XRP was down 15% as it trades for $ 0.27 per token and Bitcoin Cash (BCH) is down 30% today. BCH hit a 2021 high on Sunday, trading over $ 625 per coin. Currently, however, Bitcoin Cash (BCH) is changing hands for $ 413 per unit.
The biggest winners rose between 8% and 91% today on Monday, with the token Stakenet leading the pack. It is followed by more crypto assets that saw gains on Monday, including STK, ZEN, MXC and DAG.
The biggest losing sign in today’s crypto economy is CTXC, which is down 47%. After CTXC, coins like DMT, BCD, RCN and MKR have also seen some deep losses.
The CME Bitcoin futures chart now has an upward gap.
Since the significant decline in Bitcoin (BTC) last weekend, there has now been an upward gap in the CME Group’s Bitcoin futures chart. The two large gaps on either side are between $ 23,670 and $ 26,645 (down) and between $ 39,165 and $ 40,535 (up).
Simon Peters, an analyst at Etoro, explained to investors in a notice that the crypto markets are still in a healthy position. “Despite yesterday’s slump, we are still in a healthy position,” wrote Peters. “Not only are we continuing to see institutional investments, but Bitcoin is also being held on the stock exchanges as investors move their tokens into wallets. Glassnode data shows that more and more illiquid Bitcoin is accumulating as more and more investors hodl.”
The Etoro analyst added he wouldn’t be surprised if BTC prices were above the $ 70,000 range by the end of the year. “I think we can take the range of $ 70,000 to $ 90,000 as a target price for the end of 2021,” said Peters. “There will inevitably be bumps along the road and no doubt there will be a number of retracements, but there are still profits to be made.”
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