Amid the Market Crash, Prices of Major Coins Reached 6-Months Low
Overnight, the price of bitcoin fell below $35,000, settling at $35,268 on CoinMarketCap, slowly rising on Saturday morning. Many coins have seen a steady rise, and the bulls are holding tight.
After a six-month respite, bitcoin’s 24-hour low of $34,020.27 saw the cryptocurrency fall back to depths not seen since July 2021. After reaching a record high of $69k on November 10th of last year, the price of Bitcoin has been steadily declining, with the sell-off ramping up in recent weeks. Moreover, it isn’t limited to Bitcoin. Ethereum, the second-largest cryptocurrency in terms of market capitalization, is also declining.
Read More: Bitcoin Price Prediction
Read More: Ethereum Price Prediction
Ethereum, like Bitcoin, has fallen by 49% from its November high of $4,878.26. In the last 24 hours, popular tokens on the Ethereum network have not withstood the sell-off.
Whales in Action
At present, Ethereum’s main rival, Solana, has dropped 4.65% in the previous day, trading at just under $100 after a meteoric rise last year. Many coin prices have gone back a year with the current price decline. WatcherGuru tweeted a picture stating the price of significant coins the same day last year. Have a look at the tweet.
On this day last year$BTC: $33,005.76$ETH: $1,236.51$ADA: $0.3496$BNB: $40.86$VET: $0.03141$AVAX: $12.72$LUNA: $0.8133$SOL: $3.35$DOGE: $0.008523$MATIC: $0.0313$AXS: $0.6362$MANA: $0.1582$SAND: $0.10941
— Watcher.Guru (@WatcherGuru) January 23, 2022
According to newly released statistics, the Largest Ethereum (ETH) whales worldwide are devouring stablecoins, and other altcoins as Bitcoin (BTC) continues to struggle around $35,000. As per whale-monitoring bot WhaleStats, the top 1,000 non-exchange Ethereum wallets reportedly bought stablecoins, including USD Coin (USDC), Tether, and Binance USD, as well as ETH, in the previous seven days.