Record sell-offs intensified at the first trading session of the week with many altcoins including Ethereum losing more than a quarter of their value. Bitcoin dropped as much as 18% on market sentiments.
The drop pushed the value of Ethereum and Bitcoin downward, as they lost more than half their value from all-time highs sighted in mid-April.
Recently, the flagship crypto was trading around the $35,000 price levels amid buying pressures prevailing from Bitcoin’s 3-month price area. It is critical to note that the pioneer crypto reached as low as $31,200 on Sunday afternoon, wiping out its year-to-date gains.
READ: Bitcoin, Ethereum, others crash as China announces fierce crackdown on cryptos
Ethereum also broke below the $2,000 price level amid high selling pressures, losing about half its value in just one week. When considered from a broader perspective, however, Ether is still up by 160% year-to-date and had recovered above $2,000 at the time of drafting this report.
Investors’ bullish sentiments evaporated when Wednesday’s price drawdown printed its largest liquidation scenario in the Bitcoin’s market, as billions of dollars were wiped off when Bitcoin lost about $10,000 with a few hours.
READ: Ethereum gas fee over $2,000 during market meltdown
Data from Glassnode gives support to this bias, revealing this correction has been the worst ever seen including the sell-offs recorded in 2017; and is the biggest bull market correction since the consolidation period around 2013.
Though recent data suggests that retail investors and few whales might have triggered the present sell-offs, after the big plunge recorded on Wednesday, exchange inflows have normalized and were not negative, with over-the-counter desk outflows bouncing during the dip, showing strong buying from large entities.
READ: Over half a trillion dollars wiped off crypto trading, as 740,000 more get liquidated
Still, many markets strategists are having an uphill battle giving a futuristic pattern on the crypto market after its volatile rout. With more headwinds likely, JP Morgan, the world’s most valuable bank, recently highlighted it was too early to call off the bearish run as regards the flagship crypto.
“It is too early to call the end of the recent Bitcoin downtrend,” the JPMorgan strategists wrote Friday, citing in part, momentum signals and a lack of buying in Bitcoin funds and regulated futures.
In addition, many leading crypto assets including Bitcoin are still sitting on major gains over longer time-frames. Using the yearly time frame especially, these assets are still posting returns fairly better than many traditional investments.
Though the world’s most popular crypto posted its worst-performing bull market in history, recent price actions suggest investors are still accumulating at record levels with recent data from Glassnode, a well-known crypto analytic firm, showing wealthy investors holding 10k-100k Bitcoins added 122,588 BTC to their holdings in aggregate after the dip that occurred on Wednesday.
Title says “should you buy”. And you went on to not answer, or even advice on the question. Well done o.
na the title for me sef
Very detailed and precise video you put up mate I love your contents, it’s funny how some folks out there still haven’t accepted the fact that cryptocurrencies continue to reshape the world globally, It’s hard for anyone going against it these days, though from a trader’s perspective I feel we really need more experts in the field updating newbies/investors on how the community works, lately the price of BTC has been fluctuating which means the market is currently open and you can’t tell if it is going to bearish or bullish, this uncertainty pushes most traders away and forces investors to hold, I’d say it’s outrightly wrong to just sit back and wait maybe incur some losses along the line, that’s a wrong mindset for an investor because as an investor finding ways to always increase and stock up more coins should be our ultimate goal thereby making profits, it all depends on the pattern with which you trade and also the source of your strategies. I started with 2 BTC and I have accumulated over 5.5 BTC in just 4weeks, with the right trading strategy given to me by an expert trader Hithermann .
Please I want to chat with you, if you don’t mine can we chat on WhatsApp? Seems you know a lot about crypto
Thank you Very much I would like to chat with you so as to know more about BTC
Bitcoin is still going to collapse more for now till 10k. Becareful when trading now. Just my prediction
The title of your article is very misleading or it’s just a poorly written one.
Where the answer to the question you asked about buying BTC or Ether?
You can do better.