Since last Sunday, Bitcoin has fallen from an all-time high of US$58,350 to the current US$43,000, a drop of -25.98%. It has fallen into a technical bear market; ADA has shined in this falling storm and has risen against the trend; Bitcoin has fallen. It is because of concerns that rising U.S. Treasury yields may prompt the Fed to tighten monetary policy as soon as possible.
In recent days, the digital currency market has been declining. The entire market value of all encrypted assets fell by more than 8% on Sunday, reaching US$1.25 trillion. Bitcoin plunged from its all-time high (ATH) of $58,350 last Sunday to today’s low of $43,189. This is the worst weekly performance since March 2020. In the past seven days, prices have fallen for six days. Since last Sunday, the price of Bitcoin (BTC) has fallen by -25.98% and has entered a technical bear market. But Bitcoin is still up 28% in the past 30 days and 122% in the past three months.
ADA shines in this round of cryptocurrency plunge
The BTC market valuation is about 61.23% compared with the valuation of other crypto economies. According to the market valuation, the second largest crypto asset is Ethereum (ETH).
ADA shined in this falling storm and rose against the trend. Cardano (ADA) currently has the third largest market value and is currently quoted at $1.20. In the past two days, ADA has risen against the trend and is significantly better than other cryptocurrencies, while most markets are falling. ADA fell by 12% today, but seven days of statistics show that Cardano has risen by more than 10%. Cardano (ADA) is expected to be upgraded on March 1, 2021, which will introduce native token functionality to the Cardano network.
tether (USDT) currently occupies the fourth place, behind it is binance coin (BNB), which is quoted at $197, and behind BNB is polkadot (DOT), the transaction price is slightly higher than $30 per DOT. XRP has been pushed to seventh place, today it is down 10% and is quoted at $0.39.
Bitcoin fell because of concerns that rising U.S. Treasury yields might prompt the Fed to tighten monetary policy as soon as possible to prevent an uncontrolled rise in inflation; analysts said that such a move may prompt a sell-off of risky assets including stocks and Bitcoin .
Matt Blom, head of sales and trading at the digital asset exchange EQUOS, wrote on Sunday: This is still a declining market. Profits have led to liquidation, which has led to more profits. $41800 will be Bitcoin. The first test of the bull market, the next level is $38,100
article links：Bitcoin has fallen more than 20% from historic highs
Reprint indicated source：Spark Global Limited information