The outgoing week can be called a real stress test for cryptocurrency holders and crypto investors: the market has not seen such a fall since last summer. Over the past seven days, the value of Bitcoin has fallen by more than 18%. As a result, for one BTC now they give exactly 35,000 dollars.
When compared with the peak autumn quotes, which reached $68,000, Bitcoin fell by almost 50%. The depreciation of Bitcoin this week took place against the backdrop of a negative news agenda. Firstly, The Bank of Russia published a report in which it argues for a complete ban on cryptocurrencies in Russia. Secondly, the S&P 500 index, with which the Bitcoin rate correlates, has decreased.
But in the top 10, Bitcoin quotes fell less than others. So, Ethereum fell by 27.5% in seven days, Cardano – by almost 24%, Solana – by 36%, XRP and Terra fell by about 23.5%. Polkadot fell by 35.5% and lost its place in the top 10 Dogecoin: it is also declining, but not so much – the rate of Elon Musk’s favorite cryptocurrency fell by 23% in a week.
Overall, the crypto market capitalization is now $1.62 trillion, and Bitcoin is the largest contributor, accounting for 41.1% of the market. Ethereum’s contribution has declined due to the fact that it fell more – it now accounts for 17.9% of the market. As for analysts’ forecasts, they are mostly pessimistic: next week, Bitcoin may continue its fall to $30,000 and even go below it.