MPost Markets: Most cryptos down; Bitcoin drops below the $20k mark
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Is there no end in sight for the crypto winter? Cryptocurrencies continue to lose value, and there are few positive price changes to be reported. The market remains volatile, and prices are still at the low end of the spectrum.
Bitcoin continues its downward trend. Dropping by 2.43%, the coin crossed the dreaded $20k mark again, trading at $19,858.90. As Glassnode notes, the coin’s “prices continue to consolidate around the $20k range.”
According to Glassnode, “the current Bear Market has experienced a peak drawdown of 75%, with the $29K floor acting as a similar breakpoint base level [to the 2019 bear market]. The latest capitulation in mid-June saw prices tumble -40% to $17.6k in just two weeks.”
Ethereum’s ether is doing even worse, with a price slide of 5.64%; the coin is currently $1,072.60. Other major cryptocurrencies are also experiencing a price drop. Binance’s BNB is down by 2.08%, XRP by 3.66%, Cardano’s ADA by 2.43%, and Solana Sol by 2.29%. In addition, there have been more significant price drops, including Aave—10.83%, TerraClassicUSD USTC—10.68%, and Compound COMP—10.03%.
Apart from The Sandbox’s SAND, up by 2.13%, all major metaverse cryptocurrencies are in the red. For example, the price of Flow has plummeted by 5.50%, while Decentraland’s MANA is down by 2.88%. In addition, Tezos XTZ and ApeCoin APE have seen significant price drops of 6.25% and 5.27%, respectively.
While there are plenty of price drops, there have been a handful of price increases. For example, Monavale MONA is up by an impressive 19.87% over the last 24 hours, Virtua TVK is up by 16.88%, and CEEK VR is up by 5.18%.
Unfortunately, with all the price drops, the price of Metaverse Index MVI is also continuing to fall. Down by 4.42%, the token is now trading at $35.24.
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