The daily drop in the value of large crypto assets ranged from 5% to 15%. The assets of Nervos Network (15%), Dogwifhat (13.5%), Bonk (12%), Bitcoin Cash (11.6%), VeChain (11.4%) and Toncoin (11.3%) showed the maximum decrease.
The decrease in the market value of bitcoin and ether amounted to more than 5%. On a weekly timeframe, the value of bitcoin fell by 10.4%. Since April 9, the asset has been trading on a downward curve and decreased from $71671 to $63,270.
Cryptocurrency analyst Michaël van de Poppe believes that if bitcoin fails to maintain support levels of $60,000 – $61,000, then we will witness an even greater drawdown to $55,000 – $50,000. Nevertheless, the expert hopes that the bitcoin price is likely to hold its position at the support level before halving and will soon reach a new historical maximum.
During the week, the cost of ether fell by 15.2%. Since April 9, the asset has also been trading on a downward curve and its value has decreased from $3,169 to $3,085. At the moment, the cost of ETH fell to $2,844.
Due to the increased volatility of the cryptocurrency market, the positions of more than 100,000 traders have been liquidated in the last 24 hours. The total value of the liquidated positions amounted to $298 million. Long positions were mostly corrected.
Earlier, the CEO of CryptoQuant, Ki Young Ju, reported that new bitcoin whales have collected about 9% of the working stock of BTC on their balance sheets and continue to increase stocks in anticipation of price increases. According to the head of CryptoQuant, the crypto market expects "bitcoin euphoria" in the near future.