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 d’and 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 20 000 dollarsonly 3 400 dollars. A dizzying fall of approx. -83% in just one year.
Back in 2021/2022, we smell once more 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 nearly hit the 29 000 dollars. 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 chute is of the order of -57% (and -22% over 7 days).
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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 beginning 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 site from CoinGecko, both for the Binance Coin (BNB), le XRP from Ripple, the Cardano (ADA), le 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 dollars !
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 dollar (at least, let’s hope!), the LUNA is currently trading at 4,50 dollars. Recall that the Terra token had experienced a higher close to 120 dollars just over a month ago, April 5, 2022.
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