It seems like the green days are gone for the cryptocurrency market. Since the end of last week, many events happened that dragged crypto prices downwards: Elon Musk “disowning Bitcoin“, Bill Gates’s negative statement regarding cryptocurrencies…All of which helped to create a snowball effect on the selling side. What’s going on with Bitcoin’s price, and what does a Bitcoin crash mean for the whole cryptocurrency?
Bitcoin Price Prediction – Prepare for the worse
Bitcoin’s market dominance is clearly visible, as so far, in the past 24 hours, Bitcoin lost around 6% in prices, while the whole cryptocurrency market also lost around 6%. Now of course we have coins that lost much more, but they kinda averaged out with other winning coins to reach a 5% total loss.

Currently, Bitcoin just managed to retrace on a very important support area, which is the USD 45,000 price mark. That’s basically the third time that Bitcoin retraces around that price, and in figure 1 it’s clearly visible with the yellow circles. Breaching that price area downwards might signal a short-term bear market. On the other hand, we can clearly see a correlation between Bitcoin’s chart and the Crypto Market as a whole chart to USD. In figure 2, we can see how the whole market’s price action is still heavily influenced by Bitcoin, with the EXACT same behavior, and with the 1.33 Trillion price mark as its strong support area as well.

The Top 10 Cryptos follow the Bitcoin Crash
In the past 24 hours, all of the Top 10 cryptocurrencies were seen heavily in the red, with the exception of Cardano which is currently up by 7%:
1- Bitcoin (BTC) : – 6.67 %
2- Ether (ETH) : – 8.36 %
3- Binance Coin (BNB): – 8.12 %
4- Tether (USDT) : 0 %
5- Cardano (ADA) : + 6.69 % (surpassing Polkadot)
6- Polkadot (DOT) : – 9.41 %
7- Ripple (XRP) : – 7.04 %
8- Litecoin (LTC): – 10.98 %
9- Chainlink (LINK) : – 8.60 %
10- Bitcoin Cash (BCH) : – 10.08 %
Stay Ahead, Stay Updated
Rudy Fares
You might also like
More from Bitcoin
Top 5 Cryptocurrencies Of The Week – Week 22
This article is all about the top 5 cryptocurrencies that displayed good performance in the last seven days. Let’s take …
Bitcoin Price is RISKY! Sell Bitcoin if prices fall below this area ASAP.
If prices fall below a certain price area, BTC can crash. In this article, we're going to analyze Bitcoin price …
This Chart confirms a Bitcoin boom as BTC prices above 30K! New Uptrend?
Bitcoin prices broke a major resistance trendline. Will this signal a new Bitcoin boom in prices? Is Bitcoin up for …