The fall of the flagship digital currency
According to Iran Economist, citing Crypto, Bitcoin has been fighting to stay above $17,000 for several weeks, but has not been able to break the resistance and recently fell below $16,900 for the first time in two months. The fight does not end here as Bitcoin may still be able to reach much lower prices in the future. Data from CryptoQuant shows that the price has not yet fallen as much as many expected.
The price usually remains higher than the actual price during positive crypto market cycles. On the other hand, as a bear market approaches its final capitulation stage, the price falls below the true price, causing widespread panic.
The actual benchmark price is the average price measured by the supply of what all market participants have paid for their coins and can be interpreted as the support or resistance price on the chain and is calculated as the achieved cap divided by the total coin supply.
Moreover, during this period, market players are under a lot of stress and as a result, they sell their assets in order to avoid further losses and control the time of more changes in the crypto market. Now, looking at previous cycles, the beginning of a bull market can be predicted by the price of Bitcoin surpassing the actual price, but this has not happened yet because the price has not been able to break through a certain price point and has recently made a significant downward move to Downside is rejected.
As a result, there is still room for Bitcoin to fall and the current bear market cannot be expected to end until the price breaks above the actual price which is currently at $19.7K, until then, the downtrend is expected to continue. .
The total value of the global market of digital currencies is currently estimated at 823.60 billion dollars, which has decreased by 0.09% compared to the previous day. Currently, 39.62% of the total digital currency market is owned by Bitcoin, which has increased by 0.04% in one day.
The total volume of the digital currency market in the last 24 hours is 16.85 billion dollars, which has decreased by 41.77%. The total volume in decentralized finance is currently $1.40 billion, which is 8.28% of the total 24-hour cryptocurrency market volume. The volume of all stablecoins is now $15.09 billion, which is 89.57% of the total 24-hour cryptocurrency market volume.
Cryptocurrency price update (up to 08:22 EST)
This category contains the price changes of the 10 largest digital currencies in terms of market capitalization.
1- Bitcoin
Price: 16,943,044 dollars
Price changes in the last 24 hours: 0.00% decrease
Price changes in the last week: 0.01 percent decrease
2- Ethereum
Price: $1,262.65
Price changes in the last 24 hours: 0.06% increase
Price changes in the last week: 0.20% decrease
3- Tether
Price: $0.9999
Price changes in the last 24 hours: 0.00% increase
Price changes in the last week: 0.01% increase
4- USD coin
Price: $0.9999
Price changes in the last 24 hours: 0.00% decrease
Price changes in the last week: 0.00% increase
5- Binance Coin
Price: $261.10
Price changes in the last 24 hours: 0.06% increase
Price changes in the last week: 0.18% decrease
6- Ripple
Price: $0.3406
Price changes in the last 24 hours: 0.29% decrease
Price changes in the last week decreased by 0.70%
7- Cardano
Price: $0.2757
Price changes in the last 24 hours: 0.01% increase
Price changes in the last week: 0.57% decrease
8 – Dogecoin
Price: $0.07182
Price changes in the last 24 hours: 0.03% decrease
Price changes in the last week: 0.66% decrease
9- Polka dot
Price: $4.63
Price changes in the last 24 hours: 0.00% increase
Price changes in the last week: 0.94% decrease
10- Solana
Price: $13.29
Price changes in the last 24 hours: 0.27% decrease
Price changes in the last week: 0.25% increase