Analysis | The biggest cryptocurrencies are depreciating and standing on the precipice. What to expect

The cryptocurrency market is experiencing its worst decline in years. Bitcoin and ether have fallen by 70-80% in half a year, and the market predicts a multi-year winter.

Last week, the price of Bitcoin and other cryptocurrencies fell to a new 1.5-year low. The last time their value was at such a low level was at the end of 2020 — before the explosive growth of 2021.

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At the moment, the most popular cryptocurrency fell below the psychological mark of $20,000. Bitcoin stood “over the precipice” for a week, fluctuating at the level of $20,000-22,000, and now justified the pessimistic mood of investors. Turbulent times with an unpredictable future.

The worst collapse in four years

Bitcoin, a central cryptocurrency with a former market capitalization of more than a trillion dollars, is now worth three times less than it was six months ago.

In November 2021, it reached a market high of $68,000 per coin. Last week, Bitcoin fell to the $20,000-$22,000 range, and on Saturday, June 18, its price crossed the psychological $20,000 mark. Navigate here to see all the charts.

For market participants, this number was a red line, behind which there could be an even bigger sell-off and an even bigger fall in the future.

Overall, from last year’s highs, according to Morningstar, bitcoin has lost 72% of its value, and the second-largest cryptocurrency, ether, has lost 77%. Minus 60-70% of the value during this period was shown by the remaining cryptocurrencies from the top 10 by capitalization (not including stablecoins — cryptocurrencies tied to an underlying asset, for example, the dollar).

Since the beginning of June alone, bitcoin has collapsed by 37%, and ether by 44%. The latter also fell below its critical level of $1,000 last Saturday but recovered a day later.

The storm in the cryptocurrency market began against the background of economic pressure around the world caused by the economic consequences of the pandemic and the war in Ukraine.

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