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The Crypto Economy is hit hard by market downturn and Bitcoin price drops more than 25% in just 30 days

Crypto Economy Loses Billions in Market Downturn, Bitcoin Price Slips More Than 25% in 30 Days

A great number of cryptocurrencies dropped considerably in value during the early morning hours (after 12: 00 a.m. EST) on December 4. At the time of writing, the crypto economy is down more than 16% and the price of bitcoin slid below the $50K zone to a low of $43,972 per unit. Since then, bitcoin has managed to climb back to just above the $47K per unit position.

Crypto Economics Value Dives

Digital currency markets have lost significant value during the last 24 hours as billions have left the crypto economy in a matter of hours. Currently, the crypto economy and its 11,388 coins in existence have lost more than 16% in USD value. Bitcoin (BTC) slipped from the $53K per unit region to $43.9K during the first hour of Saturday morning.

Crypto Economy Loses Billions in Market Downturn, Bitcoin Price Slips More Than 25% in 30 Days
BTC/USD on Saturday, December 4, 2021.

The downward slide took BTC down 17. 16% but the crypto asset has since regained 7. 28% following the market carnage. BTC has managed to rise above the $47K region and has an overall market valuation of around $895 billion. Seven-day statistics indicate bitcoin (BTC) has lost 11.5% but 30 day stats show the price is down 25.2%.

Crypto Economy Loses Billions in Market Downturn, Bitcoin Price Slips More Than 25% in 30 Days
ETH/USD on Saturday, December 4, 2021.

The second-largest market valuation, held by ethereum (ETH), lost 13.9% during the last 24 hours but seven-day metrics indicate ether is only down by 2.2% after reaching its all-time high (ATH) last week. The biggest loser in the top ten was dogecoin (DOGE) as it shed 21.9% in 24 hours. Polkadot (DOT) lost 21.7%.

Crypto Economy Loses Billions in Market Downturn, Bitcoin Price Slips More Than 25% in 30 Days
The crypto economy’s 11,000+ assets shed billions, losing more than 16% in value across the entire ecosystem.

While solana (SOL) is up 0.6% for the week, SOL lost 18.2% during the crash. XRP took a 19.8% dive and cardano (ADA) slipped 17.5% during the last 24 hours. Binance coin (BNB) was the only top ten contender to manage to stave off the losses as it only shed around 12.7% during the drop.

BTC‘s market dominance today is 38.4% of the crypto economy while ethereum (ETH) commands 20.2%. Ether has a market capitalization of around $470 billion at the time of writing. Today there is $243.8 billion in global trade volume and stablecoin volume captures $147 billion worth of those trades.

The stablecoin economy’s overall valuation today is $156 billion or 6. 67% of the $2. 32 trillion crypto economy. Despite the fact that many coins have lost significant value, except for stablecoins (XEC), ecash (XEC), is still up 7.2%.

Today’s biggest losers include fantom (FTM) down 27.7%, and theta network (THETA), which dropped 27% during the crypto market slide.

What do you think about the recent crypto market downturn? Plan B Says Bitcoin Price Still 'on Track Towards $100K' Despite Missing November's Price Prediction

243 What do you think of the recent crypto market downturn?

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. This article is not intended to be a solicitation or offer to buy or sell any products or services. Bitcoin.com does not provide investment, tax, legal, or accounting advice. The author and the company are not responsible for any loss or damage resulting from or in connection to the content, goods, or services discussed in this article.

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Algotech (ALGT) raises over $500k in a single day during ongoing presale

San Fransico, California, April 9th, 2024, Chainwire Algotech (ALGT) has emerged in the limelight again with the milestone of raising $500,000 in a single day during its ongoing presale. In less than four weeks of the current presale, Algotech has raised over $3.5 million. Algotech’s Journey Algotech was launched as an initiative by successful traders…


San Fransico, California, April 9th, 2024, Chainwire

Algotech (ALGT) has emerged in the limelight again with the milestone of raising $500,000 in a single day during its ongoing presale. In less than four weeks of the current presale, Algotech has raised over $3.5 million.

Algotech’s Journey

Algotech was launched as an initiative by successful traders and technology experts who wanted to democratize access to advanced trading tools for layman users. The team wanted to provide beginning traders with the same high-tech tools that are used by hedge funds and large-scale investment firms. Combining this with the effectiveness of blockchain technology, Algotech has set its sights on becoming the leading platform by bridging together AI and blockchain technology in the trading segment.

Bringing Together AI and Finance

Millions of new users are embracing blockchain technology for its groundbreaking potential. However they still have to rely on traditional exchanges that design the ecosystem to favor institutional investors. Algotech is rectifying this challenge by introducing the first artificial intelligence (AI) based exchange that will allow users to have advantages in trading. The platform makes it simple for users to invest in cryptocurrencies and receive automated investment guidance.

Algotech’s Key Features

What makes Algotech a standout leader in the segment is the core features that have been introduced for traders. Imagine a trading landscape where regular traders have access to the same tools and resources as hedge funds and large-scale institutional investors. These tools conventionally have massive fees and are only available to a limited number of institutes. This is precisely the challenge that Algotech is working on addressing.

Here are the core features that are making Algotech is working on:

Breakout Detection

The breakout detection feature relies on advanced algorithms that factor in over 1000 unique data points to identify breakout opportunities. These algorithms have been trained on H100 GPUs to ensure that traders can get accurate investment calls for high-precision calls.

Hedging

Algotech allows traders to minimize investment risk by monitoring funding levels, liquidity, and spread. These factors generate warnings and allow users to implement advanced risk management including automated stop-losses.

High-Volume Arbitrage

This feature allows users to take advantage of the difference in pricing between different platforms using Algotech’s technical APIs. With high positioning sizing, users can handle trades with ease.

The Growing AI Blockchain Segment

The growth of the AI sector has been exceptional. In the past few years, the sector has grown multifold, and today, it has a market cap of over $25 billion, according to CoinGecko. In the coming few years, this number is expected to explode further as millions of new users are now looking for AI-based features in their day-to-day applications. One of the biggest sectors under the spotlight is the trading sector. The global cryptocurrency exchange segment is currently valued at over $45 Billion and is expected to reach $110 Billion in 2028. Additionally, beyond just cryptos alone, AI blockchain technology is also expected to serve as the backbone of the global trading ecosystem. This is where Algotech expects to bridge the gap by introducing AI-based trading features. These features will allow beginner traders to have an even playing ground against leading institutional investors and seamlessly invest using AI as their guide.

About Algotech

As Algotech continues its journey to transform Decentralized Finance (DeFi) with its innovative products, it is exciting to see the community support for this mission. The platform is democratizing access to trading tools for individuals across the world by providing AI features. Additionally, Algotech is making investing inclusive for the broader community by making it simple for users to become an early part of the community by providing governance rights and profit shares. As the project moves through its phases, we can only look toward the achievements that are on the horizon for Algotech, a true AI-blockchain project.

Visit the links below for more information about Algotech (ALGT): 

Algotech is the source of this content. This Press Release is for informational purposes only. The information does not constitute investment advice or an offer to invest. Investing in cryptocurrencies is volatile and risky.

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Algotech


Algotech Solutions


[email protected]


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IOTA price nears a key support: Can bulls bounce on key news?

IOTA price is down 4% in the past 24 hours and trades near $0.30. The IOTA team announced a key partnership in Singapore,but is the price set to bounce or dip futher? IOTA’s price has declined 5% in the past 24 hours to trade near a key support level. The slip now has weekly gains…


  • IOTA price is down 4% in the past 24 hours and trades near $0.30.
  • The IOTA team announced a key partnership in Singapore,but is the price set to bounce or dip futher?

IOTA’s price has declined 5% in the past 24 hours to trade near a key support level. The slip now has weekly gains cut to just 2% while the altcoin has turned red on the monthly time frame.

The IOTA token trades at $0.31, down from recent highs of $0.41. This cryptocurrency is also one of the worst performing since the 2017 bull market. Per data from CoinGecko, IOTA is down more than 94% since its all-time high above $5.25 reached over six years ago.

On Tuesday, IOTA announced a major partnership with Tenity as it looks to tap into the growth potential in the Real-World Assets (RWAs) and DeFi sectors. The APAC Accelerator is a 12-week program that will see select startups receive $50k in grants.

📣 Big news from Singapore! We’ve teamed up with @tenity_global to launch the #IOTA APAC Accelerator, a 12-week program to empower the next generation of DeFi pioneers.💪

Find out how you can apply & receive a $50,000 grant 👇 https://t.co/R4EQAVaX4O pic.twitter.com/rKQp9jJqDa

— IOTA (@iota) April 9, 2024

Despite this and other recent key developments, price remains largely devoid of any strong momentum.

IOTA price – bounce or dip?

Bitcoin’s run to the new all-time high above $73k in March catalysed strong gains for most altcoins. Ethereum for instance reached a multi-year peak above $4,000 while Solana, BNB and even Dogecoin soared.

IOTA did manage to break above $0.30 during the broader market spike in March. However, it remained well below its 2021 highs above $2 and as a result has dropped out of the top 100 by market cap.

Can IOTA’s price recover to the last bull market highs and potentially eye a retest of its ATH?

IOTA price chart

IOTA/USD on the weekly chart is below the 50-week EMA and the RSI is trending lower below 50.

A symmetrical triangle pattern is also formed on the daily chart, with price capped by a downtrend line since mid-March.

If price breaks out from the upper trend line, IOTA could retest levels at $0.35 and potentially $0.41 to allow for a bullish breakout in line with the broader market.

On the flipside, a breakdown for IOTA from the lower trend line would indicate a bearish trend. In this case, a drop to $0.20 is possible, below which bears could target October 2023 lows of $0.13.


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Analyst: Solana to Reclaim $200, Many New Crypto ATHs Soon

In his latest social media posts, Daniel Cheung, co-founder of Syncracy Capital, expressed confidence in the strength of solana (SOL) and its potential to reclaim the $200 mark. He also hinted that upcoming upgrades could pave the way for new all-time highs (ATHs). Cheung also shared his bullish outlook on bitcoin (BTC…
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