The fall of cryptocurrencies; Bitcoin returns to the $19,000 channel
Currently, the digital currency market is not in a good state. Today, the prices have dropped and except for a few special cases, the rest of the symbols are negative. Bitcoin is currently trading at around $19,750 with a 5% drop. Yesterday, the price of Bitcoin was a thousand dollars more than this figure.
The weekly return of Bitcoin has reached minus 4%. But the value of transactions has grown significantly over the past night and has reached 67 billion dollars. The market value of Bitcoin is 379 billion dollars.
Bitcoin’s fear and greed index has reached 31, which has decreased again compared to yesterday. This index reached the number 40 just a few days ago, but could not enter the greed range and is again approaching the low numbers in the fear range.
Ethereum fell 6%
Ethereum is currently trading at around $1,480. Compared to yesterday, the price of this altcoin has decreased by about 6%, and on a weekly basis, we have seen a 7% drop.
The value of Ethereum transactions during the last night was 20 billion dollars and its market value is 182 billion dollars. The recent drop in the price of Ethereum is due to the fact that recently the number of addresses holding more than a thousand Ethereum has increased and reached the highest level in the last month.
20% fall of FTX Token
Despite the heavy drop of most symbols, 3 symbols in the list of top 50 currencies of the market have gained in price today. China Link, Ton Coin and WeChain have grown by 6, 4 and 1 percent respectively.
But on the other side, among the negative symbols, some symbols have had heavy drops. FTX Token is the biggest price drop with a 20% fall. Dogecoin has also fallen by 12%. Solana, with a 10% price reduction, is another symbol that has a double-digit drop.
Although the rest of the negative symbols have a single-digit drop, many of them have decreased in price between 7 and 10%, which include Hobby Token, UniSwap, Avalanche, Litecoin, Shiba, Tezos, Atom, IPCoin and Flo pointed out.
On the weekly scale, most of the symbols have entered the range of negative returns. FTX Token leads the way with a 32% drop, followed by Dogecoin with a 31% drop.
Falling market value to less than a trillion dollars
The only thing that has grown well in today’s market is the value of transactions. During the last night, 118 billion dollars were traded in digital currencies, which shows a 46% growth compared to yesterday.
But the market value has dropped by 3.8% and has again reached less than one trillion dollars. Currently, the market value of digital currencies is 984 billion dollars.
The value of DeFi transactions in the last 24 hours is 6 billion dollars, and the value of stablecoin transactions is 109 billion dollars.
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