The crypto market is headed for more losses after a week of high lows and slight gains. Bitcoin stuck to the $42,000 mark over the weekend and started a new week by being down by 1.75% in the last 24-hours. It is trading at $42,063 as per data from CoinMarketCap. BTC’s price has lost 8.82% in the last seven days. The past week has seen the popular Bitcoin drop to $45,000 before nosediving to $43,000. It then saw a slight gain to $44,000 but plummeted to the $42,000 mark.
The crypto market has moved in the red over the last 24-hours. The world’s second most popular cryptocurrency Ethereum is trading at $3,172. It has lost 2.66% of its value in the last 24-hours.
The altcoins are seeing a wave of red too. Terra LUNA is the biggest loser, having dropped 8.83% in the last 24-hours. Avalanche (AVAX) is down by 6.58%, Polkadot lost 4.95%, Cardano 4.22%, and Ripple’s XRP is down by 3.58%. The meme coins Dogecoin and Shiba Inu have also seen losses of up to 2.26%.
Chart showing the price of altcoins: CoinMarketCap
Joe DiPasquale, CEO of Bitbull, says there was some relief over the weekend as volumes have been low. He highlighted that BTC is likely to remain under pressure and struggle to the old low of $40k in the coming weeks. DiPasquale believes wider concerns could weigh down cryptocurrencies well below the $40k threshold. There would be reactions around $37k and $32k.
Analysts say the crypto market’s performance lately has largely dovetailed with major equity markets. Bitcoin could maintain a bullish momentum ahead of macro concerns, including monetary policy changes and more interest rate hikes.