Analyst Alex Kuptsikevich made statements about Bitcoin and Ethreum. Bitcoin continues to lose value in the last 24 hours. At the time of writing, BTC is trading at $32,656. The crypto market has lost millions of dollars in the last 24-hour business sessions. The crypto market has a total volume of $1.38 trillion, down more than 6% since yesterday.
Investors are eagerly awaiting what will be the next step in the crypto market as prices started to drop after the long consolidation period. Bitcoin (BTC) price dropped to $32,100 in the morning. Afterwards, BTC recovered some of the losses. According to 24-hour statistics, it has dropped 6.4% and 2.87% in the last seven days.
Figure 1. Bitcoin price analysis
BTC is down 49.64% from the all-time high it caught in May. Total Bitcoin dominance in the market has dropped to 44.3%, while Ethereum (ETH) dominance has increased by 18.3% recently. rose even higher.
Ethereum has a total market cap of $251 billion at the time of writing. ETH is down over 9% today but is trading 2% above last week’s price. ETH is trading at $2,155 per unit and the 24-hour global trade volume is around $8 billion.
Figure 2. Ethereum price analysis
Cardano (ADA), one of the top ten cryptocurrencies, has lost 5%, but ADA has increased by over 3% for seven days. On July 8, the top winner was Hyperion (HYN) with an increase of over 73% and the top loser was TEAM coin with a decrease of 53%
Fxpro senior financial analyst Alex Kuptsikevich said in a market update note posted to Bitcoin.com News: “Bitcoin is at dangerously low levels. “The calm before the storm for BTC” Kuptsikevich noted that there has been a summer recession in the crypto markets recently, but it just likened the current state of BTC to the calm before the storm.
Kuptsikevich thinks BTC could be an alarming sign. If the market is affected by a small number of open positions, then the market may experience greater negatives.
The drop of the first cryptocurrency below $30,000 is likely to trigger a new wave of liquidations. Most worrying for crypto investors is that there is a new “crypto winter” as in 2018 and the correction is long.
Analyst Kuptsikevich said it will soon be known whether a ‘crypto winter’ will occur. Analyst Kuptsikevich emphasized that although BTC is at a dangerous level, Etherium is not in the same situation. Developers have the confidence of market participants, and Goldman Sachs describes Ethereum as more promising than Bitcoin.