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