Cryptocurrency Bitcoin has fallen below its 50-day average value and it has reached the range in which it has traded this year.
The cryptocurrency slumped more than 2% to $41,917. Bitcoin has dropped 9.2% in 2022 so far, making it the world’s largest and most popular cryptocurrency (year-to-date or YTD).
There have been a lot of ups and downs in the Bitcoin price recently, as it has stayed within a trading range of $35,000 to $45,000 for most of the year.
The cryptocurrency’s price reached year-to-date highs in late April when it surpassed the $48,000 mark. However, the token came up against resistance near its 200-day moving average a few weeks later.
On the other hand, Ether, the cryptocurrency linked to the Ethereum blockchain and the world’s second-largest market capitalization, fell more than 5% to $3,179.
At the same time, the Dogecoin price fell by more than 3% to 0.14. And Shiba Inu’s value declined by over 3% low at $0.000024.
Meanwhile, dogecoin price plummeted by over 3% to $0.14 whereas Shiba Inu was trading also over 3% lower at $0.000024.
With Litecoin, Stellar, Cardano, Solana, Polkadot, Polygon, Uniswap prices were falling with losses of over 10% in the last 24 hours and Terra slipping more than 9%, other digital assets’ performance mirrored that of Litecoin.
Even after falling over $2 billion in the last 24 hours, the worldwide crypto market capitalization exceeded $2 trillion, according to CoinGecko.
Bitcoin’s tendency to move in tandem with other assets such as US equities makes the drop less of a shock after last week’s difficult week for American stock markets.
As per Bloomberg, Bitcoin’s correlation with the Nasdaq 100 index has now again attained the record levels.