Catching the Falling Knife: Bitcoin, Ethereum Down 50% From All-Time Highs — Billions Leave Crypto Economy
The crypto economy has dropped considerably in value during the last five weeks, slipping 23.28% from $2.19 trillion to today’s $1.68 trillion. Furthermore, both bitcoin and ethereum are awfully close to sinking 50% below the all-time highs recorded six months ago.
Bitcoin Sinks Lower Against the US Dollar, 39% Down in 30 Days
Digital currency markets have been in the red during the last few weeks, as a great number of crypto assets have seen significant percentage losses. During the last 24 hours, the crypto economy has shed 3.6% against the U.S. dollar. Bitcoin (BTC) dropped to a low on Saturday evening around 11:00 p.m. (ET), hitting $34,279 per unit.
Presently, BTC is below the $35K mark and since the all-time high ($69K) on November 10, 2021, BTC has lost 49.6%. At the time of writing, BTC’s market valuation is around $662 billion, which equates to 39.4% of the $1.68 trillion crypto economy.
BTC’s most dominant trading pair today is tether (USDT) with 57.03% of all trades, followed by USD with 13.76% of today’s trades. The stablecoin BUSD represents 7.32% of all BTC-denominated trades on Sunday. $26.7 billion of today’s $99.6 billion in global trades are all bitcoin (BTC) swaps. That means 26.8% of Sunday’s aggregate crypto trade volume derives from BTC trades. Year-to-date statistics show BTC is down 39.3% and during the last month BTC has shed 20% in value against the U.S. dollar.
Ethereum (ETH) has also shed a significant amount of value in recent times. While BTC hit a low of $34,279 per unit on Saturday evening, ETH slipped to a low of $2,518 per unit at the same time. Currently, ethereum (ETH) is exchanging hands for prices just under $2,600 and it has $17.7 billion in global trades today. Tether (USDT) is ethereum’s top trading pair today with 59.32% of all trades. The USDT/ETH pairs are followed by USD pairs (9.70%) and bitcoin (8.36%) trading pairs.
Since ethereum’s all-time high six months ago at $4,878 per unit, the price has lost 47.3% from the price high. Still, ETH commands a dominance rating of around 18.48% of the $1.68 trillion crypto economy. Ethereum’s market valuation is around $310.12 billion at the time of writing. Year-to-date statistics show ETH has lost 26.5% and 30 day statistics shows ETH is down 20.5%.
While bitcoin, ethereum, and a number of digital assets are down quite a bit this week, four different crypto assets have seen double digit gains during the last seven days. Algorand (ALGO) is up 33.2%, tron (TRX) is up 32.8%, curve (CRV) has gained 20.9%, and helium (HNT) is up 13.8%. Apecoin (APE) suffered the week’s deepest losses losing 39.7%, and cronos (CRO) shed 24.8% against the U.S. dollar this past week.