Many crypto traders and investors panicked during this harsh crash. In fact, people were left with no clear vision of what’s happening in the crypto dump. Despite many articles explaining why the market dipped, most people are getting into specifics, like what happened to the price of X and Y. In this article, we’re going to give a quick overview of what happened to cryptos, specifically Bitcoin, Ether, Binance Coin, and XRP.
What Happened to Cryptos – A Detailed Overview
1- Bitcoin (BTC)
In a previous article, we went into detail explaining how Bitcoin’s price pumped and dumped with Elon’s tweets. First, it was Tesla buying BTC and accepting them as payments. Today, Elon went back and bashed cryptos for not being eco-friendly, thus Tesla not accepting Bitcoin anymore as payments. The irony is that Elon is the same guy who has businesses that are not so environmental. If you want to defend SpaceX for space exploration and forgo the immense CO2 carbon emitted from his jets, how would you defend the “Boring Company” that made a Flamethrower for no apparent reason?
Anyway, from a technical point of view, Bitcoin dropped from a high of USD 60,000 all the way to reach USD 30,000 but quickly recovered back to the current price. This 30K area is a very strong support area.
- Current Price: USD 38,400
- Market Cap: USD 695.6 Billion
- Market Rank: #1
- 7 days performance: -29%
2- Ether (ETH)
The investors of Ethereum were all in shock. Their blockchain creator Vitalik was the catalyst that started the whole crypto crash. In fact, Ether was creating week after week new all-time high prices. Many projects using the Ethereum blockchain, or even the ones which revolved around it were striving. This current crash erased all gains and brought down the price back to where it was 1 months ago.
Ether also went back to a strong support area which was previously a resistance. We’re talking about the important current price of USD 2,500. In figure 2, we can clearly see how this area defined the future of Ether’s price.
- Current Price: USD 2,570
- Market Cap: USD 283 Billion
- Market Rank: #2
- 7 days performance: -38%
3- Binance Coin (BNB)
Binance Coin was also striving and celebrating its strong user base. In fact, the Binance Smart Chain was becoming stronger, with many projects kickstarting on the BSC and making volumes in the crypto sphere. From a technical assessment, BNB also retrieved back to its previous level from April 2021.
Binance as a company started out in China. It later relocated its headquarters to the Seychelles and Cayman Islands because of the bad crypto regulations in the former. It is important to note that China is very “anti-crypto” and has always warned people from dealing with cryptocurrencies. Today, it did the same thing, and prices might have fallen even harder due to China’s announcement.
- Current Price: USD 373
- Market Cap: USD 55 Billion
- Market Rank: #4
- 7 days performance: -42%
4- Ripple (XRP)
Most people who invested in XRP are still on the fence about whether to stock up more or wait. The cryptocurrency still did not reach its ATH price of 3$ due to its ongoing investigation and lawsuit with the SEC. The price of XRP also went back to its previous strong support price, which is USD 1.1. Traders can place a buy order with an SL level below it by the preferred risk level.
- Current Price: USD 1.16
- Market Cap: USD 38 Billion
- Market Rank: #7
- 7 days performance: -17%
Despite the market losing big, most cryptocurrencies (and specifically the ones presented in this article) adjusted back to strong support areas, which are the same as the ones in April 2021 of last month. Should investors fear and panic over price adjustments that erased only 1 month worth of gains? This shows that most people who lost, are the ones who entered later than April 2021. Investing takes time, it’s not a get rich quick scheme, especially if you’re buying the top 10. We remain on the lookout to see how prices evolve in the coming days.
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