Bitcoin Drops Below $23,000 – The Lowest Level Since 2020 as Overall Crypto Market Cap Drops Below $1 Trillion

Bitcoin Price Activity in the Last 24 Hrs

Bitcoin’s current price of about $22,250 as of June 14 2022, is the lowest the cryptocurrency has hit since December 2020.

The price has hardly recovered since it first dropped below $30,000 at the height of volatility that was partly associated with the crash of $LUNA and $UST currencies around May 11 2022.

Based on price data from CoinGecko, the current price represents a drop of about 15% in the last 24 hours and about 30% in the last 7 days.

Moreover, in the last 1 year, bitcoin has lost 36.8% of its value. Bitcoin hit an all time high of $69,044.77 on Nov 10 2021 – just 7 months ago.

In the meantime, several countries and large organizations have taken regulatory measures in favor of cryptocurrencies, including the Central Africa Republic which became the second nation in the world, and the first in Africa, to adopt bitcoin as an official currency in late April 2022.


SEE ALSO: Central African Republic (CAR) to Tokenize Minerals and Natural Resources, Says President


However, bitcoin has continued to witness sustained downward pressure with analysts attributing this to several factors including:

  • Surging inflation
  • Aggressive signaling on rate hikes by the Federal Reserve and other central banks
  • Rising bond yields
  • Resurgent U.S. dollar

The drop in BTC price is expected in the rest of the market. We can see that, within the last 24 hours, ETH prices fell below $1,200 for the first time in over a year even though it has recovered past that mark to trade at $1,171 at time of writing.

ETH Price Activity in the Last 24 Hours

The world’s second largest cryptocurrency has lost 16.4% of its value in the last 24 hours, and dropped 34.8% in the last one week.

In the last year, $ETH has shed 51.8% of its value. Remember, $ETH also hit an all time high of  $4, 878.26 on Nov 10, 2021.

Below is the average marketcap shed for some of the leading cryptos in the last 7 days:

  • Dogecoin (-33%)
  • Solana (-32%)
  • BNB (-25%)
  • Polkadot (-24%)
  • XRP (-22%)
  • Cardano (-21%)

Overall, the global cryptocurrency market cap has dropped to $973 Billion, a -14.1% change in the last 24 hours. Total cryptocurrency trading volume in the last day is at $191 Billion.

Bitcoin dominance is at 43.5% and Ethereum dominance is at 14.8%.


RECOMMENDED READING: Nigerians Have the Highest Rate of Optimism at 60% About Bitcoin’s Future, Latest Survey Reveals


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