There has been an earthquake once again in the Cryptocurrency market. On Monday i.e., the price of Bitcoin fell to $25,600. This is the lowest price in 18 months. The world’s largest cryptocurrency is constantly failing due to many reasons.
The price of Bitcoin (BTC) reached an all-time high in November last year. Its price had exceeded $68,000. Its value has come down by more than 60 per cent since then. According to the analyst, if Bitcoin continues to fall, its rate will reach $14,000 this year.
Venturefounder, a contributor to the on-chain analytics platform CryptoQuant, has estimated that the value of BTC, or Bitcoin, may decline between $14-21k in the next 670 days. But, then from 2023, it can see an increase. It could reach $40,000 by next year.
According to estimates, the value of bitcoin can reach its bottom range of $14,000. This value is almost 80% lower than its all-time high. Ether (ETH), the world’s second-largest cryptocurrency, is also falling continuously.
The price of Ethereum became very low over the weekend. This made the cost of the world’s second-largest digital currency more minor than the price since 2018. On-chain analytics provider Glassnode reported that the Ethereum market went below the ETH Realized Price at $1,781.
On Monday, the value of the cryptocurrency is close to $1355. That is, a lot of loss has been seen in this too. The situation is worse for other cryptocurrencies as well. For this, the rules and war being made regarding crypto in countries worldwide are being blamed.