Crypto Price Analysis: BTC Plummeted Below $42000

The cryptocurrency market turned red again, and the daily prices of Terra, Polkadot and many others fell sharply.

Bitcoin was rejected again at $43000, and the bear market pushed the asset below $42000. Most altcoins are also deep in losses, with ETH close to $3100. The total market value fell to just over $1.9 trillion.

Bitcoin Tested $42000

Just a week ago, the main cryptocurrency tried to break through $47000, but failed twice. On the contrary, the asset began to depreciate gradually and fell to $45000 a day later.The bear market has dominated the market and pushed it south again. At first, BTC fell to $44000, then plummeted to $43000, the lowest price point in more than two weeks.

In the following days, bitcoin remained between $43000 and $44000. However, its inability to climb above the latter means more trouble. This time, as reported yesterday, it fell to $42000.
A few hours later, it rebounded and briefly exceeded $43000, but the bear market came again, driving it to the south below ath $42000 in January 2021, where it is now. As a result, its market value fell below $800 billion for the first time in nearly three weeks.

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The Altcoins Returned to Red

 

Altcoins calmed down yesterday after the recent price drop, but the past 24 hours mean more trouble. Ethereum fell 4% that day, just above $3100. It is worth noting that ETH jumped above $3500 last week, reaching a three-month high.

The callback ranges of Binance coin, Solana, Dogecoin, Shiba Inu were similar, while ripple and Cardano fell by more than 5%.

The losses of Terra (- 9%), Avalanche (- 7%), Polkadot (- 8%) and near protocol (- 8%) were more obvious. The cumulative market value of all cryptocurrency assets has fallen to just over $1.9 trillion, which means that the index has decreased by $250 billion in about a week.