{"id":9332,"date":"2021-07-08T13:54:19","date_gmt":"2021-07-08T13:54:19","guid":{"rendered":"https:\/\/www.buyucoin.com\/crypto-labs\/bitcoin-sinks-below-33k-analyst-says-btc-at-dangerously-low-levels-while-eth-rests-at-comfortable-levels\/"},"modified":"2021-07-08T13:54:19","modified_gmt":"2021-07-08T13:54:19","slug":"bitcoin-sinks-below-33k-analyst-says-btc-at-dangerously-low-levels-while-eth-rests-at-comfortable-levels","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/bitcoin-sinks-below-33k-analyst-says-btc-at-dangerously-low-levels-while-eth-rests-at-comfortable-levels\/","title":{"rendered":"Bitcoin Sinks Below $33K, Analyst Says BTC at \u2018Dangerously Low Levels\u2019 While ETH Rests at \u2018Comfortable Levels\u2019"},"content":{"rendered":"

Bitcoin and a number of popular digital assets have been dropping in value over the past 24 hours, as bitcoin has slipped below the $33K handle. The entire market capitalization of all 10,000+ crypto assets in existence has shed billions during the overnight trading sessions, and the crypto economy currently rests at $1.38 trillion, down more than 6% since yesterday. <\/strong><\/p>\n

Crypto Market Cap Sheds 6%, Ether Dominance Climbs Higher<\/h2>\n

Traders are focused on what will happen next in the land of crypto markets, as prices have started to dip after a long period of consolidation. At 7:00 a.m. (EDT), the price of bitcoin (BTC<\/a>) slid to a low of $32,100 per unit but has regained some of the losses. 24-hour statistics show BTC<\/a> has lost 6.4% during the last 24 hours and 2.87% during the last seven days.<\/p>\n

BTC<\/a> is 49.64% down from the all-time high it captured three months ago. Meanwhile, bitcoin dominance has dropped to 44.3% and ethereum (ETH<\/a>) dominance has climbed higher in recent times (18.3%). BTC<\/a> is currently trading for $32,518 per unit at the time of writing.<\/p>\n

Ethereum holds the second largest position on Thursday, in terms of market capitalization with $251 billion. ETH<\/a> has slid over 9% today but across the last week, ETH<\/a> is up a touch over 2%. At press time, ether is swapping for $2,155 per unit and has close to $8 billion in 24-hour global trade volume.<\/p>\n<\/p>\n

Out of the entire top ten list of crypto coins, cardano (ADA<\/a>) has managed to hold back losses. ADA<\/a> has shed 5% today but the crypto asset is up over 3% over the course of the trailing seven days. The biggest gainer on Thursday is hyperion (HYN) which is up over 73% and the biggest loser is the tokenstars token TEAM which is down 53% in the last 24 hours.<\/p>\n

<\/p>\n

Alex Kuptsikevich: \u2018Bitcoin Is at Dangerously Low Levels, While Ether Rests Comfortably\u2019<\/h2>\n

In a markets update note sent to Bitcoin.com News, Alex Kuptsikevich, the Fxpro senior financial analyst explained that \u201cbitcoin is at dangerously low levels.\u201d Kuptsikevich said that there\u2019s been a summer lull in crypto markets lately, but it may just be \u201cthe calm before the storm.\u201d<\/p>\n

\u201cOver the past 24 hours, Bitcoin has lost 7% and is trading around $32.3K,\u201d Kuptsikevich said. \u201cThe price dynamic of the first cryptocurrency with seriously reduced trading volumes is considered a worrying sign. After all, if the market is affected by a small number of open positions, then any small storm could turn into a large-scale sell-off, disrupting an avalanche of stop orders. The current levels near the local lows of the last two months make us watch with bated breath for further movements.\u201d Kuptsikevich continued:<\/p>\n

The decline of the first cryptocurrency under $30k is likely to trigger a new wave of liquidation. But the most alarming thing for crypto-enthusiasts is that such an outcome will underscore the prolonged nature of the correction, increasing speculation around a new \u2018crypto winter\u2019 like in 2018.<\/p>\n

Kuptsikevich said that whether or not a \u2018crypto winter\u2019 comes to fruition, we will find out soon enough. Even though BTC<\/a> is resting at dangerous levels, ether is at \u201ca quite comfortable level.\u201d \u201cThe project is consistently moving along the roadmap of the transition to PoS. The developers have the confidence of market participants, and Goldman Sachs recently called<\/a> ethereum more promising than bitcoin,\u201d the market analyst added.<\/p>\n

What do you think about today\u2019s crypto market movements? Let us know what you think about this subject in the comments section below.<\/strong><\/em><\/p>\n

Bitcoin News
\nMarket Updates, ada, Alex Kuptsikevich, Bitcoin (BTC), bitcoin analyst, BTC, Cardano, Comfortable Levels, Crypto markets, Crypto Winter, ETH, ether, Ethereum (ETH), Fxpro senior financial analyst, Low Levels, Market Update, Markets, markets and prices, PoS<\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin and a number of popular digital assets have been dropping in value over the past 24 hours, as bitcoin has slipped below the $33K handle. The entire market capitalization of all 10,000+ crypto assets in existence has shed billions during the overnight trading sessions, and the crypto economy currently rests at $1.38 trillion, down…<\/p>\n","protected":false},"author":0,"featured_media":9333,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53,3],"tags":[],"class_list":["post-9332","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-news","category-coin-news"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/9332"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=9332"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/9332\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/9333"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=9332"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=9332"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=9332"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}