Bitcoin Dips Below $38k As Another Weekend Sell-off Looms

Crypto price

The crypto market enjoyed a recent increase in its value as the week started with most coins experiencing a price hike. The price surge continues through the week until it started slowing down during the last 24 hours.

Most coins like BTC enjoyed the most price increase as the digital currency crossed $41,000 during the price increase. Since the start of the week, Bitcoin has been trading between $41k and $38k. It changed today as the king coin dank below $38k.

The largest coin by market cap is not the only coin to experience this price drop as cryptos like Ether dipped as low as $2,300, Binance coin dipped as low as $346 and Cardano worth by unit reduced by almost 5%.

What Changed In The Last 24 hours?

One notable change is the reading on the fear and greed index. The last 48 hours saw the fear and greed index at 33 as the fear in the market seems to be dissipating. The reading sunk to 26 during the last 24 hours; showing that fear and uncertainty is on the increase.

The result of the increase in fear is a drop in the trading volume of most coins in the top 100. As of the time of writing, most coins in the top 100 are currently in a red candle party with most count listing at least 2% in the last 24 hours.

The firstborn coin 24 hours trading volume dipped by 5%. The drop BTC price to $37,000 is no surprise to Coinfomania as it predicted that bitcoin will dip below $38,000 to fill a CME gap that was created over the weekend.

Ether is not left out from the negative vibe in the market as its trading volume reduces by 10% over the last 24 hours. As of the time of writing, the total worth of the crypto industry is $1.538 trillion. Further price drop of major cryptos will see the crypto market value drop below 1.5 trillion.

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