Bitcoin price has dropped another 3% over the past 24 hours, dragging many altcoins into the red, pushing the market cap below $ 1,000 billion. This morning, Bitcoin stood at $ 33,099, down 3.4%, or down $ 1,141. During the last 24 hours, Bitcoin recorded the lowest transaction recorded at $ 32,229 and the highest at $ 34,373.
BTC/USD 4-hour chart | Source: TradingView
Bitcoin price continues to decline, risk of massive sell-off
During this period, Bitcoin trading volume reached $ 52.6 billion, market capitalization reached $ 616 billion, according to statistics at CoinMarketCap.
According to professional traders, Bitcoin could face a massive sell-off before Asian countries celebrate Lunar New Year. Specifically, Lennard Neo, head of market research at Stack Funds, said that Asian investors, especially small ones, always have the psychology of taking profits for Tet.
He stated:
“Not only the miners but Asian traders will also liquidate some of their investments as the Lunar New Year approaches. Bitcoin’s latest correction was below $ 29,000 but in my opinion, it will be down. deeper as the Asian New Year approaches.”
However, despite the recent volatility, institutional investors continue to show a growing interest in Bitcoin.
Back in the market, many smaller altcoins also plunged with Bitcoin. Accordingly, Ethereum fell 6.3% to $ 1,297, pushing its capitalization down to $ 150.7 billion. Polkadot is down approximately 4% to $ 15.9, market cap recorded at $ 14.6 billion. Cardano is down 7.4% to $ 0.314, market cap to $ 10.7 billion.
Similarly, cryptocurrencies Chainlink, Litecoin, Bitcoin Cash, Binance Coin, Steller … dropped deeply from 2% – 7%. Total capitalization is currently recorded at $ 990.6 billion, down 2.73%.
Read more:
- Bitcoin Price Plummeted, Many Altcoins Increased Violently Especially XRP
- BTC Transaction Fees Have Hit A New 2021 High When Traders Trying To Cash Out Before Bitcoin Price Fluctuations