Saturday, June 22, 2024

Market Watch June 13: Bitcoin slips to $25,000, sell-off continues.

With the sell-off continuing across the crypto market, Bitcoin slipped to the lows of $25,000 from Friday’s $30,000 over the weekend. Strong volatility ensued over the last 24-hours, and trading volume fell by 19.22%. But BTC continues to have a stronghold, with a dominance of 47.82%.

Rising inflation continues to batter the global crypto sector. Justin Bennett, a leading crypto market analyst, said there would be a significant pullback, wherein the world’s most popular cryptocurrency and altcoins will lose a significant chunk of their value. He highlighted that Bitcoin is in the midst of a breakdown from a bearish continuation pattern. The analyst argued that $1 trillion is the area that offers a crucial support level for the entire crypto market. It was also the most heavily traded level during the early 2021 consolidation.

As for the altcoins, Bennett says another 15% lower from the entire crypto market is likely before the potential for relief. He believes Bitcoins will be the closest to that -15% mark, and altcoins with lower caps will surpass it by 1.5 – 2x. Moreover, the expert predicted a 15% correction in Bitcoin price. Bennett says the digital currency will see a fresh yearly low of $23,500. And altcoins could lose 22.5% – 30% of their value.

At the time of writing this article, Bitcoin was trading at $25,247. It has lost, as per data from CoinMarketCap, 8.35% in the last 24-hours. BTC lost nearly 19% of its value in the last week. Ethereum has also touched new lows of $1,333. Its down by nearly 9% in the last 24-hours, and lost 28.74% in the last week. The altcoins are deep in the red. Avalanche is the biggest loser, down by 15.14% in the last 24-hours. Solana lost 11.36% of its value and Cardano nearly 11%.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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