WEEKLY ANALYSIS – Bitcoin and Ethereum prices on the wave of the latest news
After rising to a peak of $18,350, Bitcoin underwent a sharp correction and fell below $17,000.
Crypto markets fell alongside equity markets, dipping to prices not seen since October 2020 amid Federal Open Market Committee raising interest rates half a point to highest level in 15 years and ongoing concerns over the solvency of largest global exchange Binance.
After overtaking the $18,300 level on Wednesday 14 Dec, Bitcoin (BTC) price declined heavily and started trading below $17,000. The price of Bitcoin has decreased by 1.96% in the last 7 days and is currently down 0.30% in the last 24 hours, traded at $16,772.76 with a 24-hour trading volume of $12.564.358.877 (+12.40%). BTC is 75.64% lower than its all-time high of €64,765.44.
Ethereum (ETH) price today is $1,187.06 with a 24-hour trading volume of $3.903.270.901 (+11.36%). touching a weekly high of $1,192 on Wednesday 14 Dec, the price of Ethereum has decreased by 6.19% in the last 7 days reaching a weekly low of $1,165 on Saturday, while in the last 24 hour the price has risen by 0.29%. ETH is currently 75.76% lower than its all-time high of €4,608.47.
With some exception, all other top crypto tokens were in the red today. Toncoin (TON) is the best performer this last week with a 26.60% gain, while TRON (TRX) gained 2.18% in the last 7 days. Litecoin (LTC) plunged about 14.72%, whereas Algorand (ALGO) fell 14.02% and Cardano (ADA) over 13.88%.
The global crypto market cap is $809.87 B, a 0.21% increase over the last day. The total crypto market volume over the last 24 hours is $23.39B, which makes a 4.98% increase. Around $2tn in value has been wiped from the combined crypto market in just over 12 months, according to Coingecko.