This week has been a wild ride for the cryptocurrency market as prices fluctuated wildly before ultimately taking a sharp downturn. Bitcoin, which was trading at around $23,300 last week, attempted to push towards $24,000 but was unsuccessful. By the end of the week, BTC found itself below $23,000, but this dip was quickly bought up, and the price tapped $24,000 on Wednesday.
However, the bulls were not convincing enough, and the sellers took control, sending the price backward. The market shifted completely today following a vicious hourly candle that saw the price crash by over $1,000 in a matter of minutes. At the time of writing, BTC is trading at around $23,300.
The situation with the majority of altcoins is somewhat similar, with many experiencing choppy price action before ultimately taking a sharp downturn. Ethereum, for example, was trading at around $1,800 last week before attempting to push towards $2,000. However, it was unsuccessful, and the price found itself below $1,700 by the end of the week. Today, ETH is trading at around $1,500.
Other altcoins, such as Binance Coin, Cardano, and Dogecoin, have also experienced similar price action, with many seeing sharp downturns in the past 24 hours.
The reason for this sudden downturn is unclear, but some analysts speculate that it may be due to concerns over the Delta variant of COVID-19 and its potential impact on the global economy. Others suggest that it may simply be a market correction after a period of bullishness.
Regardless of the reason, it is clear that the cryptocurrency market is still highly volatile and unpredictable. Investors should exercise caution and do their own research before making any investment decisions.
