Bitcoin Price Once Again Falls Below $37k, Drowning The Crypto Market

Bitcoin Price Once Again Falls Below $37k, Drowning The Crypto Market

Bitcoin price somehow traced back slowly to its $40k stand amidst the recent market crash. Yet this was short-lived as the Bitcoin price fell drastically to $37k, a decrease of over $3k. This in reflex drowned down the entire market cap by $100 Billion in just a day.

The Fall of Bitcoin Again

On 14th, April Bitcoin observed its highest peak ever touching $63k. After that till 1st week of May bitcoin galloped in glee between & $60k and $54k profusely. This depicted a time of prosperity for the traders to buy and sell BTC evaluating profits in thousands. Upon the 2nd week of May, BTC witnessed a slow slip down from $50k. And by the end of the week when the epic crypto market crash took place,  the price of BTC plunged down to $32,000. After much struggle and market collapse, BTC strived hard at a leisurely pace to make its way up, to at least $40k. The whole market came alive and hopes were high for BTC to reign again upon $50k. The hopes were high as BTC soared up upon Joe Biden’s $6 trillion budget proposal which is to be divided into 2 years that follows.  

But sadly the momentum was short-lived as it beared down back to $37k, instigating a fall of $3000. The effect was not only on the price of BTC but upon its market cap value which dropped to $100 billion within a day. Following this, now the market cap value of BTC stands at $700 billion only.

Aftermath on Altcoins

‘As the Captain goes down, so does the crew and the ship’- and so the altcoins followed the same path as that of BTC in the past 24hours. 

Ethereum anxiously looked upon reaching $3000 respect to a couple of days back. But the effect of BTC reflected on Ethereum brought it further down to $2,600, depicting a 6.5% declination in the past few hours. BNB dropped about 6.5% too accounting for $340, Dogecoin by 4.5% at the price of $0.325, Uniswap by 3.5% at price down of $27. Bitcoin Cash dropped to $648, denoting a decline of 4.8%. Following this decline are ADA at 8.5%, XRP at 9.5%, and LINK at 10.5%. 

Taking into account the highest drop in the past 24 hours are Enjin Coin by 15%, Polygon by 13%, Telcoin by 11%, Stacks by 11%, Revain by 10%, OMG Network by 10%, Aave by 10%, and Zilliqa by 10%. 

All this decline in the past few hours now made the whole crypto market cap into a great depreciation making it now stand at $1.6 trillion. 

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A Project Engineer by profession, a writer by passion. Especially into the critics and skeptics on cryptocurrency. His fascination towards the crypto world and his personal experience on it has made him a writer with a taste.