Bitcoin Drops Below $30,000 – Doomsday Week For Cryptocurrencies


Memories of December 2018 – One of the advantages of being in the universe of Bitcoin (BTC) and cryptocurrencies for some time is to know that cycles come and go. Impossible to anticipate them exactly of course, but lately felt bearish excess ofa bear market full nose. And we are there it seems!

Scarlet red on Bitcoin and the crypto-asset market

From December 2017 to December 2018, the share price Bitcoin went from the record at the time, to almost $20,000only $3,400. A dizzying fall of approx. -83% in just one year.

Back in 2021/2022, we smell again this perfume of capitulation in the crypto market. Give honour where honour is due : Bitcoinsince it is and remains the barometer market health.

After passing for the first time under $30,000 this Tuesday, May 10, 2022, it was rebelote this Wednesday, May 11. BTC even fell even lower, as it almost hit the $29,000. Thanks for our nerves, the crypto king is back (slightly) above $31,000 as of this writing.

Since the highs of November 2021 – over $68,000 -, the maximum amplitude of this recent fall is of the order of -57% (and -22% over 7 days).

Bitcoin price against the US dollar (daily candles) – Source: tradingview.com

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Ethereum and altcoins in total trouble

Same observation, and even in aggravatedon the side of altcoins, with in the first place Ethereum (ETH). For the first time since the start of 2022, the price of ether briefly rose under $2200before quickly recovering above $2,300 at the time of writing.

As can be seen on the CoinGecko site, both for the Binance Coin (NBB), the XRP from Ripple, the Cardano (ADA), the Solana (SOL): anything goes! With 27 to 40% loss over 7 days at the low of this decline – notably a SOL bordering on the $50!

If Bitcoin is already suffering a lot, the altcoins are picking up squarely.
Screenshot of crypto prices at the worst moment of the crash of May 11, 2022 – Source: coingecko.com

In conclusion, let us return briefly to the dramatic case of the project Terra (LUNA) and its stablecoin USTThat we have already well covered today. After hitting bottom of the hole just $0.68 (at least, let’s hope!), the LUNA is currently trading at $4.50. Recall that the Terra token had experienced a higher close to $120 just over a month ago, April 5, 2022.

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