MPost Markets: Cryptos in the red; bitcoin down to $21,000

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Cryptocurrencies are experiencing another slump.

Bitcoin is still in the red, with the price down to $21,000. It has fallen by 4.24% since yesterday and 5.23% over the last seven days.

While the coin has seen “experienced a much-awaited relief rally,” as the Glassnode review puts it, the price is again falling. The research has noted that the $20K price is attractive to Short-Term Holders, who are optimistic about the price increase and thus affect the coin volume. This trend has been seen whenever bitcoin crosses a psychological threshold of $20k, $30k, etc.

Ethereum’s ether is doing even worse—down by 9.20%—and is now trading at $1,391.31. Although the coin has been relatively stable for the entire week, this stability seems to have shattered, with the price falling by over 11% over the last seven days, it’s clear the entire price drop occurred just this week.

Seven-day ether chart.

Binance’s BNB and XRP have both seen price drops of approximately 4.70%, while the price of Cardano’s ADA has slid by 6.63%. Solana SOL has seen an even more dramatic drop of 8.69%, with the price diminished by a quarter over the last week. Quant QNT, NEAR Protocol, and Lido DAO LDO have experienced the largest price drops, with their prices falling by approximately 11%.

Looking at the metaverse cryptocurrencies, things aren’t looking that much brighter. The market cap is down by 7.05%, and the trading volume has also been affected—falling by 4.35%.

ApeCoin, while still cryptocurrency number by market cap one among NFT-related cryptos, has seen a price drop of nearly 12%. Flow is down by 8.58%, Decentraland’s MANA by 6.51%, and The Sandbox’s SAND by 8.20%.

NFTX and XMON have seen a huge price decrease of 20.45% and 18.12%, but they’re not the only coins that have experienced significant price drops. Star Atlas DAO POLIS is down by 15.79%, YooShi by 14.76%, and inSure DeFi SURE by 14.32%.

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Any data, text, or other content on this page is provided as general market information and not as investment advice. Past performance is not necessarily an indicator of future results.

Karolina Gaszcz

Karolina is a writer and journalist with a background in literary studies. She loves exciting tech solutions and art, and NFTs are often a perfect amalgamation of the two. Outside of work, she’s a plant mom, a vintage fashion enthusiast, and a gamer.

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