Some of the industry’s largest cryptocurrencies including BTC, ETH and ADA have crashed by as much as 25% over the last seven days, according to CoinGecko.
“In terms of Bitcoin, this is a fairly typical market pattern—a correction of sorts after a significant bullish period,” Jason Deane, Bitcoin analyst at Quantum Economics told Decrypt.
Bitcoin —the industry’s flagship cryptocurrency—has fallen by 13.6% in the last week to a current price of $44,604. The drop has come despite historic news for the asset, when it became legal tender in El Salvador last week.
In the midst of a slew of controversies surrounding Bitcoin, which has been embraced by El Salvador’s President Bukele despite protests from the world’s largest financial institutions and warnings from the United Nations.
Despite the price decline, Deane believes that long-term holders and investors should not be concerned about the stock.
Cryptocurrency markets are in free fall. The performance of other cryptocurrencies has been even worse than that of Bitcoin in recent weeks.
One such cryptocurrency is Ethereum (ETH), which is frequently referred to as Bitcoin’s biggest competitor among all other cryptocurrencies. The cryptocurrency Ethereum has dropped nearly 18.3 percent in the last seven days, to a current price of $3,227.
The decline in the price of Ethereum is also at odds with some of the most recent data regarding the cryptocurrency.
Cardano (ADA) has dropped by 18 percent to $2.39, and Dogecoin (DOGE) has plummeted by a whopping 24.9 percent to $0.23.
Elsewhere in the cryptocurrency industry, Cardano (ADA) has dropped by 18 percent to $2.39, and Dogecoin (DOGE) has plummeted by a whopping 24.9 percent to $0.23.
Binance Coin (BNB) has also been suffering from a cold spell, with its price dropping by 21 percent in the last week to a current level of $395.
Unless otherwise stated, the author’s views and opinions are strictly for informational purposes only and do not constitute financial, investment, or other professional advice.
According to a report published by cryptocurrency exchange Kraken, the Ethereum network’s much-anticipated London hard fork upgrade, as well as the resurgent NFT market, the majority of which runs on the Ethereum network, were all contributed to crypto growth.
Despite the fact that this will be of significance to traders seeking to profit from short-term volatility.
It will be largely irrelevant to holders and macro-level investors who are looking at the bigger, longer-term picture and continuing to quietly accumulate the asset, according to him.