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Bitcoin has taken its biggest drop in months as the crypto markets remain in turmoil. Binance has withdrawn from the transaction, ostensibly in response to its former competitor’s dire financial situation. Bitcoin is trading for less than US$16,700, down 18% weekly and at its lowest since November 2020.

Bitcoin bulls will try to hold the US$16,600 support level.

In the last week, Ethereum has dropped nearly 25% to four-month lows of US$1,100.

As a result, the blockchain’s long-held position as a top-10 cryptocurrency has been lost.

Ripple’s (XRPmarket)’s capitalization has been reduced by 20%.

Contagion was milder in the other large-cap altcoins.

Dogecoin (DOGE) has almost completely reversed the massive gains it experienced following Elon Musk’s Twitter takeover.

The meme coin is down 40% weekly, bringing its market cap to US$10.6 billion.

Overall, the global crypto market cap is $830 billion, and while low values have been recorded this year, there is a good chance that more pain is on the way.

In recent years, Bitcoin has faced a slew of competitors from various industries, including institutional and individual investors. Companies of all sizes are already experimenting with cryptocurrencies. Based on a few factors, including the cryptocurrency’s scarcity (a total market value of 21 million coins), an expert predicted that Bitcoin could reach $1 million. The Bitcoin market is not governed by a single entity but rather by a network known as the Bitcoin network, which comprises miners and is in charge of transaction processing.

Adding a small Bitcoin to your long-term investment portfolio will be wise. If the $1,000,000 price tag holds, every $10,000 invested in Bitcoin now will be worth approximately half a million dollars by 2030.

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