Over the course of the last few months, the price of Bitcoin has been falling consistently.
That gradual decrease led up to the last couple of weeks which saw the cryptocurrency fall hard, resulting in the currency crashing to under $20k for the first time since breaking that mark in 2020.
According to Coinbase, the price of Bitcoin crashed to $17,567 at the start of the weekend. It recovered slightly later on Saturday but spent the entire day below $20,000. It continued to recover a little more and now sits at around $20,600 at the time of writing.
But Bitcoin isn’t the only cryptocurrency currently feeling the effects of a slowing economy. Ethereum is another popular cryptocurrency that reached a peak of around $4,800 in November.
Now, the currency has crashed down to around $1,100, trading for less than $1,000 during some periods last week.
The entire cryptocurrency market is feeling these effects right now.
Last week, we reported on the crypto market cap falling to less than $1 trillion dollars for the first time in more than a year. And the market cap remains about the same, sitting right around $900 billion as of right now.
We’ve heard a lot about Bitcoin prices crashing over the last couple of weeks. The cryptocurrency reached record numbers of over $65,000 back in November. But that hype didn’t last long, and the currency’s price has been steadily declining ever since.
It’s pretty uncertain what’s going to happen with Bitcoin and other cryptocurrency prices in the coming months. Cryptocurrency is such a new asset being traded that its patterns have yet to be truly established in the market.
The only thing we can do for now is to wait and see what happens.
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