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8 August 2022
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Bitcoin at $20,000: New bearish wave hits cryptocurrencies. After collapse, cryptocurrency rises 700%

Wednesday (29) dawned with a new wave of decline among cryptocurrencies. By 9am, all majors except stablecoins were in the red. Currencies such as Bitcoin, Ethereum, BNB, Solana and Polkadot have again suffered sharp declines.

While Bearmarket seems to have no end, Bitcoin has seen yet another drop. The top cryptocurrency on the market even dropped another 4.5% in the last 24 hours, falling back to $20,082.73. With more of this drop, BTC lost the accumulated profits in the last week.

Ethereum, the second largest coin and direct competitor to BTC, is down 8.7%. According to CoinGecko, the price of ETH was $1,118.48.

The global cryptocurrency market cap has shrunk below $900 billion, down about 5% over the day. Global cryptocurrency market volume in the last 24 hours was $60.36 billion, up 6.01% from the previous day. Bitcoin dominance remained stable at around 42.5% over the period.

Bitcoin has remained fairly stable over the last day, consolidating between $20k and $21k. On the weekly time frame, the BTC trend has formed a descending channel pattern.

It is worth remembering that the price of BTC closed below the 200-week moving average (MA) for the second week in a row, which is unprecedented. The 200-week MA is currently around $22,500

Price of top cryptocurrencies today

Far beyond Bitcoin and Ethereum, other cryptocurrencies have suffered from sharp drops in the last 24 hours. This is the case, for example, of the BNB coin, issued by the Binance exchange. In just 24 hours, the coin dropped by another 8%, reaching a price of US$ 219.75.

Cardano (ADA), even though it suffered less, still had losses. According to CoinGecko, the ADA is down 4.5% in the last 24 hours and the current coin price is $0.469319. Not unlike, XRP dropped another 6.2% to $0.328008.

The biggest drop among the top 10, however, was cryptocurrency Solana. According to CoinGecko, in just 24 hours, SOL has dropped by another 11% and the current price of Solana is $34.92.

Lastly, Dogecoin, which moved up in the last 24 hours to take Polkadot’s place, also saw a decline. Despite having reassumed its top 10 position, DOGE is down more than 8% in the last 24 hours. According to CoinGecko, the current price of DOGE is $0.066176.

TerraClassicUSD rises 181% in 24 hours despite alleged problems

Even after the blockchain collapse and several accusations of wrongdoing by Do Kwon, TerraClassicUSD continues to rise. While Bearmarket pulls back the economy of most currencies, USTC investors don’t seem to mind the risks.

According to CoinGecko, in the last 24 hours alone, the coin has risen over 181% to the price of $0.070611. In 7 days, the high reaches more than 700%.

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