Bitcoin continued its downtrend today to reach a low of $55,861, its lowest price this month. The world’s first cryptocurrency has dropped by 18.6% since reaching a fresh all-time high of over US$69,000 last week. Bitcoin’s price low comes amid struggles in the overall crypto market, which has lost over US$400 billion from its total market cap this week, according to CoinGecko data. Bitcoin was trading at US$56,225 at press time.
Fast facts
- The crypto market briefly surpassed US$3 trillion on Monday, and has since then dropped by more than 15%. ETH, BNB and SOL also suffered two-digit slides over the past seven days, with ETH dropping by 14.6%, BNB by 13.4% and SOL by 17.2%. Crypto’s total market cap sits just below US$2.6 trillion at press time.
- Despite the overall drop, two top 20 cryptocurrencies, Avalanche (AVAX) and Crypto.com Coin (CRO) reached all-time highs this week. AVAX surged after Deloitte announced a strategic alliance with Ava Labs to build an Avalanche blockchain-based platform for easing disaster-recovery red tape. And CRO’s rise followed Crypto.com’s blockbuster deal to earn the naming rights to the iconic Los Angeles arena, Staples Center. Both suffered two-digit drops soon after setting new records.
- The metaverse is keeping its bullish momentum. MANA, the virtual currency in Decentraland, rose by 45.6% in the past seven days, and reached a new all-time high of US$4.25 today. Meanwhile, SAND, the utility token of The Sandbox, is up by 65.4% over the past seven days, reaching an all-time high of US$4.64 on Thursday.
- According to crypto futures information provider Coinglass, more than US$1.6 billion long positions and US$446 million short positions have been liquidated in the crypto market since Monday.