Bitcoin down to its lowest value for the past three week
We all know that; Bitcoin is the cryptocurrency with the highest capitalization in the market across the world. We also know that; Bitcoin is actually the model that is used to represent the entire cryptocurrency industry and also the digital asset industry in a broader perspective.
From the past three weeks, the cryptocurrency has been losing its value, causing a lot of panic in the market. According to the reports, the cryptocurrency was already witnessing some sort of pressure as it dropped to a weekly low to around $23k. But, as the days went by, the value of the cryptocurrency fell even more, and traded at around $21.5k at its lowest. Though, the cryptocurrency managed to get up a little bit, it still traded at a lower value of $22k when compared to its value in the past three weeks.
Bitcoin’s influence on other cryptocurrencies
Credits: Nasadaq
Ethereum is struggling at around $1.7k and is down by at least 5%. The remaining larger-cap alternative stocks have declined by higher percentages, frequently by double digits. Up to 15% of the value of Cardano, Solana, Dogecoin, Polkadot, and many others has been lost in a few of hours.
Bitcoins fall triggers liquidation scare
As the value of bitcoin fell, the investors in the market panicked, and started liquidating their assets. According to the reports, it is believed that, around a hundred million dollars was liquidated in the past 24 hours.
The effect that the bitcoin’s drop having on the market is huge. Some of the stats reported that, every day around $400 Million was liquidated from the market.
Bitcoin’s fate controlling the market
The observation would be accurate that bitcoin single handedly controls the fate of the market. When in May, the market crash happened, the value of bitcoin feels by 70% which meant the market crash was about to get prolonged, which in reality is still happening till date. In today’s case also, just when bitcoin’s price fell, liquidations sky rocketed, panicking the market even more.
What do you think about Bitcoin’s control over the entire market? Do you think it is apt for one cryptocurrency to be so dominant over the market? Share your thoughts in the comment section below.
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