Bitcoin and altcoins prices fall
Will Bitcoin’s price manage to stay above $ 60,000? This is the question that arises this morning as the largest cryptocurrency has started a dive since yesterday. In a little less than 24 hours, the price of BTC has lost almost -10%:
BTC price drops since yesterday – Source: TradingView, BTC / USDT
This tumble erases the gains of the month: Bitcoin loses -0.2% over the last thirty days. Its capitalization this morning shows 1,150 billion dollars.
Altcoins are also in the red
On the side of altcoins, the atmosphere is not at the party either. In Ether (ETH), the fall is similar. He also lost nearly -10% in the space of a day, touching $ 4,280 this morning.
Over the last 24 hours, the rest of the top 10 altcoins have experienced drops of between -5.7% (Cardano’s ADA) and -10% (Polkadot’s DOT). The total capitalization of cryptocurrencies is now frankly below $ 3 trillion; a threshold reached last week.
Growth in the capitalizations of the main cryptocurrencies – Source: CoinGecko
Are the institutions still present?
However, several analysts believe that this decline is temporary for Bitcoin, testing a precedent ” all-time-high ” while institutions confirm their appetite for the largest cryptocurrency.
The past week has indeed seen an influx of big money into Bitcoin-based investment products, to the point where they hit a record high. The weekly report from the Coinshares analysis site indicates that assets under management related to Bitcoin products have exceeded $ 56 billion, an amount never reached before:
Capital flows by assets represented – Source: Coinshares
This is the 13th consecutive week of inflows to these investment products, suggesting that institutional are still present.
Still, the markets are looking gloomy this morning. Will this decline be temporary, or is the scenario of a cheerful end of the year for cryptocurrencies being erased? The coming weeks will tell us.
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