Bitcoin Dips Closer To $50,000 Amid Market Bloodbath

Blockchain, Technology, Smart, Bitcoin, Money

Image Source: Pixabay

This Week’s Summary

  • The cryptocurrency market looks to end the week at a total market capitalization of $2,435 trillion.
  • Bitcoin (BITCOMP) is down by almost 9% after a horrible week.
  • Ethereum (ETH-X) dropped by almost 7% over the past seven days.
  • XRP (XRP-X) dropped by almost 15% to trade again below $1.
  • Almost all altcoins have traded in the red for most of the week.
  • The DeFi sector lost nearly $1 billion in Total Value Locked in protocols, which now stand at $103.52 billion.

Cryptocurrency Trends for the Week of Nov. 22-28, 2021: Market Analysis and Performance

The crypto market is dropping its hard-earned gains with every passing day. Only this week, it lost more than $220 billion in market capitalization. If it keeps this rhythm, we may see the market cap drop below $2 trillion by next Sunday.

Bitcoin and most crypto assets have experienced extreme volatility this week. The king coin struggled to regain its position above $60,000. Unfortunately, its fight for supremacy lasted only a few hours on Monday. Since then, BTC’s price has dropped significantly. At the moment, it has been seen recently trading at around $54,000 and it has been dipping constantly.

Ethereum has not seen better days either. The second crypto in command continues its drop after setting several all-time highs throughout October. In fact, as we speak, ETH has been steadily dropping around the $4,000 level.

Altcoins & DeFi

Ripple’s XRP is one of the top-10 cryptocurrencies bleeding heavily. After managing to stay above $1 for a handful of weeks, XRP is now sliding to more familiar positions. It has been recently trading a little above $0.9

Cardano (ADA-X) is down by almost 21%, and, in this manner, it will soon be out of the top-10 cryptos by market cap. The same goes for Polkadot, which is down by 20% this week. Also, Shiba Inu is down by 17%, and Solana dropped by 14%.

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