{"id":24831,"date":"2022-04-11T15:19:50","date_gmt":"2022-04-11T13:19:50","guid":{"rendered":"https:\/\/coincheckup.com\/blog\/?p=24831"},"modified":"2022-04-11T15:19:51","modified_gmt":"2022-04-11T13:19:51","slug":"btc-and-eth-plunge-to-multi-week-lows-as-crypto-market-cap-slips-below-2t","status":"publish","type":"post","link":"https:\/\/coincheckup.com\/blog\/btc-and-eth-plunge-to-multi-week-lows-as-crypto-market-cap-slips-below-2t\/","title":{"rendered":"BTC and ETH Plunge to Multi-Week Lows as Crypto Market Cap Slips Below $2T"},"content":{"rendered":"\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1920\" height=\"1277\" src=\"https:\/\/coincheckup.com\/blog\/wp-content\/uploads\/Bitcoin-BTC-cover-down-1.jpg\" alt=\"\" class=\"wp-image-24587\" srcset=\"https:\/\/coincheckup.com\/blog\/wp-content\/uploads\/Bitcoin-BTC-cover-down-1.jpg 1920w, https:\/\/coincheckup.com\/blog\/wp-content\/uploads\/Bitcoin-BTC-cover-down-1-300x200.jpg 300w, https:\/\/coincheckup.com\/blog\/wp-content\/uploads\/Bitcoin-BTC-cover-down-1-1024x681.jpg 1024w, https:\/\/coincheckup.com\/blog\/wp-content\/uploads\/Bitcoin-BTC-cover-down-1-768x511.jpg 768w, https:\/\/coincheckup.com\/blog\/wp-content\/uploads\/Bitcoin-BTC-cover-down-1-1536x1022.jpg 1536w, https:\/\/coincheckup.com\/blog\/wp-content\/uploads\/Bitcoin-BTC-cover-down-1-900x600.jpg 900w\" sizes=\"auto, (max-width: 1920px) 100vw, 1920px\" \/><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\">Key takeaways:<\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li>Bitcoin and Ethereum have today plunged to their respective multi-week lows after having accrued double-digit losses in the past seven days<\/li><li>Apart from Monero, virtually all top 50 largest market cap coins have been trading in the red zone over the last week<\/li><li>Layer 1 DeFi platforms Terra, Solana, and Cardano have suffered the largest losses<\/li><\/ul>\n\n\n\n<p>The markets have been in a state of a gradual pullback over the last seven days. During that period, the value of most major digital currencies has diminished by double digits, including <a href=\"https:\/\/coincheckup.com\/coins\/bitcoin\" target=\"_blank\" aria-label=\"Bitcoin (opens in a new tab)\" rel=\"noreferrer noopener\" class=\"rank-math-link\">Bitcoin<\/a> (-10.7%) and <a href=\"https:\/\/coincheckup.com\/coins\/ethereum\" target=\"_blank\" aria-label=\"Ethereum (opens in a new tab)\" rel=\"noreferrer noopener\" class=\"rank-math-link\">Ethereum<\/a> (-11.8%). Consequently, the total value of all digital currencies in circulation shrank from $2.21T on April 4 to $1.98T on April 11.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Bitcoin finds new support at $41,000<\/h2>\n\n\n\n<p>In the past couple of weeks, Bitcoin&#8217;s price movement was emblematic of the broader market trend permeating the industry. After reaching its highest YTD price point of just shy of $48,000 at the end of March, the world\u2019s largest crypto has been caught in a sell-off mode, which has pushed its value to the $41,000 level.\u00a0<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"944\" height=\"559\" src=\"https:\/\/coincheckup.com\/blog\/wp-content\/uploads\/Image-9-1.jpg\" alt=\"\" class=\"wp-image-24835\" srcset=\"https:\/\/coincheckup.com\/blog\/wp-content\/uploads\/Image-9-1.jpg 944w, https:\/\/coincheckup.com\/blog\/wp-content\/uploads\/Image-9-1-300x178.jpg 300w, https:\/\/coincheckup.com\/blog\/wp-content\/uploads\/Image-9-1-768x455.jpg 768w\" sizes=\"auto, (max-width: 944px) 100vw, 944px\" \/><\/figure>\n\n\n\n<p>Last week, the popular crypto analytic and private fund manager behind the Twitter handle Gaah highlighted the importance of Bitcoin retaining the $44,400 level. He argued that a descent below that crucial price point could spell a further drop to the $37,000 zone and bears claiming the upper hand.<\/p>\n\n\n\n<figure class=\"wp-block-embed-twitter wp-block-embed is-type-rich is-provider-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">3\/3\ud83e\uddf5<br><br>If the price breaks $44.4k the risk of the Structure breaking dramatically increases. <br><br>The probability from this is the Bears will try to control the short term trend once again at $37k.<br><br>We are back to absorbing liquidity at the main Accumulation Support. <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">#Bitcoin<\/a> <a href=\"https:\/\/t.co\/nLyf6VDCnH\">pic.twitter.com\/nLyf6VDCnH<\/a><\/p>&mdash; G a a h (@gaah_im) <a href=\"https:\/\/twitter.com\/gaah_im\/status\/1511666133165772806?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">April 6, 2022<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p>While it is impossible to predict with certainty how Bitcoin will perform over the coming days, an algorithmically generated <a href=\"https:\/\/coincodex.com\/crypto\/bitcoin\/price-prediction\/\" target=\"_blank\" aria-label=\" (opens in a new tab)\" rel=\"noreferrer noopener nofollow\" class=\"rank-math-link\">Bitcoin price prediction<\/a> from CoinCodex shows a drop below the psychological $40,000 level could be a real possibility. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Major altcoins are down over 20% in the last 7 days<\/h2>\n\n\n\n<p>Several altcoins trading in the crypto top 10 have experienced even more severe pullbacks than Bitcoin. Case in point, Ethereum has lost over 11% in the last seven days and dropped to the $3,000 level, its April low.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"943\" height=\"559\" src=\"https:\/\/coincheckup.com\/blog\/wp-content\/uploads\/Image-11.jpg\" alt=\"\" class=\"wp-image-24833\" srcset=\"https:\/\/coincheckup.com\/blog\/wp-content\/uploads\/Image-11.jpg 943w, https:\/\/coincheckup.com\/blog\/wp-content\/uploads\/Image-11-300x178.jpg 300w, https:\/\/coincheckup.com\/blog\/wp-content\/uploads\/Image-11-768x455.jpg 768w\" sizes=\"auto, (max-width: 943px) 100vw, 943px\" \/><\/figure>\n\n\n\n<p>However, Ethereum was far from being the worst-performing top 10 coin of the past week. That unfortunate title goes to <a href=\"https:\/\/coincheckup.com\/coins\/terra-luna\" target=\"_blank\" aria-label=\" (opens in a new tab)\" rel=\"noreferrer noopener\" class=\"rank-math-link\">Terra<\/a>, which lost 22.8%. Other Layer 1 smart contract platforms, including <a href=\"https:\/\/coincheckup.com\/coins\/solana\" target=\"_blank\" aria-label=\" (opens in a new tab)\" rel=\"noreferrer noopener\" class=\"rank-math-link\">Solana<\/a>, <a href=\"https:\/\/coincheckup.com\/coins\/cardano\" target=\"_blank\" aria-label=\" (opens in a new tab)\" rel=\"noreferrer noopener\" class=\"rank-math-link\">Cardano<\/a>, and <a href=\"https:\/\/coincheckup.com\/coins\/avalanche\" target=\"_blank\" aria-label=\" (opens in a new tab)\" rel=\"noreferrer noopener\" class=\"rank-math-link\">Avalanche<\/a>, didn\u2019t fare much better and also lost more than 20% since last week.<\/p>\n\n\n\n<p>Excluding stablecoins, <a href=\"https:\/\/coincheckup.com\/coins\/monero\" target=\"_blank\" aria-label=\" (opens in a new tab)\" rel=\"noreferrer noopener\" class=\"rank-math-link\">Monero<\/a> (+3.3%) was the only digital asset among the 50 largest market cap projects to not lose value over the previous seven days.<\/p>\n\n\n\n<p>In the coming days, it will be interesting to observe whether Bitcoin and Ethereum manage to consolidate above the $40,000 and $3,000 psychological levels, respectively. If not, we could see bears extending their dominance in the short term.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The markets have been in a state of a gradual pullback over the last seven days. During that period, the value of most major digital currencies has diminished by double digits, including Bitcoin (-10.7%) and Ethereum (-11.8%). Consequently, the total value of all digital currencies in circulation shrank from $2.21T on April 4 to $1.98T on April 11.<\/p>\n","protected":false},"author":40,"featured_media":23265,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_ast_enabled":false,"_ast_config_mode":"defaults","_ast_targets":[],"_ast_fields":[],"_ast_overwrite":"always","_ast_creation_mode":"sync","_ast_last_source_hash":"","_ast_status_it":"","_ast_status_sl":"","_ast_status_fr":"","_ast_status_id":"","_ast_status_pt":"","_ast_status_tr":"","_ast_status_ru":"","_ast_status_de":"","_ast_status_es":"","footnotes":""},"categories":[149],"tags":[123,222,803,140,761,207,498,112],"class_list":{"0":"post-24831","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-cryptocurrency-news","8":"tag-bitcoin","9":"tag-btc","10":"tag-eth","11":"tag-ethereum","12":"tag-market-recap","13":"tag-monero","14":"tag-solana","15":"tag-terra"},"lang":"en","translations":{"en":24831},"pll_sync_post":[],"_links":{"self":[{"href":"https:\/\/coincheckup.com\/blog\/wp-json\/wp\/v2\/posts\/24831","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coincheckup.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coincheckup.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coincheckup.com\/blog\/wp-json\/wp\/v2\/users\/40"}],"replies":[{"embeddable":true,"href":"https:\/\/coincheckup.com\/blog\/wp-json\/wp\/v2\/comments?post=24831"}],"version-history":[{"count":0,"href":"https:\/\/coincheckup.com\/blog\/wp-json\/wp\/v2\/posts\/24831\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coincheckup.com\/blog\/wp-json\/wp\/v2\/media\/23265"}],"wp:attachment":[{"href":"https:\/\/coincheckup.com\/blog\/wp-json\/wp\/v2\/media?parent=24831"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coincheckup.com\/blog\/wp-json\/wp\/v2\/categories?post=24831"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coincheckup.com\/blog\/wp-json\/wp\/v2\/tags?post=24831"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}