It has been more than 6 weeks since the entire cryptocurrency industry has been experiencing a downfall. First, it was just Bitcoin (BTC) after the mid of April 2021, but then the entire cryptocurrency industry followed after two weeks.
Since then, analysts and cryptocurrency observers have been making back and forth speculations about the price of cryptocurrencies and their market capitalization.
Unfortunately, none of the speculations made by the analysts/observers have proven to be effective for cryptocurrencies. In the last 6 weeks, unusual behavior has been observed when it comes to the rally of cryptocurrencies.
It has been observed that in the first few days of the week, the price and market capitalization of overall cryptocurrencies experiences a surge. However, towards the end of the week, the prices of cryptocurrencies experience a downtrend.
This is something that has been going on for weeks and has left the entire cryptocurrency industry very much concerned. Investors are constantly going towards liquidating their assets in cryptocurrencies. Most of the investors are now fearing for the worst and have started selling the cryptocurrencies they had in their possession.
This behavior is currently being observed among investors who are individuals or are small businesses. On the other hand, big investors still have their hopes high when it comes to cryptocurrencies hitting all-time highs again.
The major investors are still going with the predictions of Bitcoin (BTC) hitting $146k per BTC by the end of the running year. Similar sentiments are observed among investors of altcoins, as they are hoping to see the altcoins pick up the pace towards the end of the year.
At the beginning of the running week, Bitcoin (BTC) ended up facing an extreme plunge in terms of its price. Its price ended up going below the $30k mark for a short while before bouncing back to cross the $30k per BTC figure.
At the time of writing, Bitcoin’s price is hovering around $34,506.85 and it has experienced a 1.01% increase in its price in the last 24-hours. However, its growth percentage for the last seven days is still in the negatives and it is demonstrating an 11.22% drop.
Ethereum (ETH) has also experienced a slight increase in its price in the last 24-hours as it has grown by 0.38% and it is currently hovering at $2016.20 per ETH.
Then there is Dogecoin (DOGE) which has finally started showing an upward trend. Although it seemed that Dogecoin (DOGE) would not be able to make a comeback, yet it has ended up doing so. At the time of writing, its price is hovering at $0.2454 per DOGE.
The data shows that in the last 24-hours, it has experienced an 8.11% increase but the last seven days figure is still in the negatives.