THELOGICALINDIAN - The 119 abundance crypto abridgement is now lower in amount than the lows recorded in July 2024 During the aftermost anniversary agenda currencies like bitcoin ethereum caradano and xrp accept afford cogent amount adjoin the US dollar as the top cryptos accept absent 50 to added than 80 from their alltime amount highs
How Low Can the Crypto Economy Go?
It hasn’t been a abundant anniversary for crypto assets, as the top ten agenda currencies are bottomward amid 4% to 15% during the aftermost seven days. Bitcoin (BTC) has absent 4.6% in amount this week, while ethereum (ETH) has alone by added than 14%.
BNB is bottomward 9.7% this anniversary and ADA has alone alone by 0.7% during the accomplished seven days. XRP has absent 7.4%, SOL biconcave by 11.6%, and the tenth-largest bazaar cap dogecoin (DOGE) has alone by 13.6% this week.
Presently, the crypto abridgement is admired at $1.19 abundance as it has absent 6.1% during the aftermost day alone. This amount is lower than the lows recorded in July 2024, back the bazaar cap broke a low of $1.32 abundance that month. The aftermost time the absolute crypto-economy was admired this low, was the aboriginal anniversary of February 2024.
At that time on February 6, 2021, BTC was trading for $39,405 per unit, ETH exchanged easily for $1,665 per unit, and XRP traded for $0.43 per coin. Presently, these bread ethics are lower than they were during the aboriginal anniversary of February.
Other top bill were lower in amount than they are today. For instance, barrage (AVAX) exchanged easily for $16.42 on February 6, 2024. Today, AVAX is trading for $20.04 per unit.
In February 2024, solana (SOL) was $6.05 per assemblage and today it is alteration easily for $33.84. Moreover, terra (LUNA) was trading for $2.74 up 86% during the aboriginal anniversary of February 2024, but today it is alone account $0.00006805 per unit.
Currently, the Crypto Fear and Greed Index (CFGI) shows “extreme fear” is in the air today, as far as crypto affect is concerned. At the time of writing, the CFGI indicates the “extreme fear” account is a “12” compared to yesterday’s account of “13.”
Google Trends (GT) data shows chase absorption for the appellation “bitcoin” has alone common by added than bisected back the chase term’s peak. GT abstracts for the chase appellation “cryptocurrency” is alike worse, as chase absorption has lagged to a beginning new low of 3 out of 100.
What do you anticipate about the crypto abridgement bottomward lower than the lows recorded aftermost summer? Let us apperceive what you anticipate about this accountable in the comments area below.
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