Bearmarket, crypto winter or whatever expression you prefer. The fact is that the cryptocurrency market has entered a very intense and continuous devaluation phase – and the trend continues this Monday (24).
Bitcoin (BTC) operates down 5.86% and sells at $33,686, according to data from the Coinmarketcap. In the last seven days, the accumulated devaluation is 21%.
To get an idea of the speed and strength of the devaluation: on Friday (21) Bitcoin fell sharply and even so was in the range of $ 39,000. It continued to plummet throughout the weekend; when it reached US$ 35,000, it recovered and went above US$ 36,000; and now, in hours, that floor turned to dust and assets operate at US$ 33 thousand and falling.
According to the Bitcoin Price Index (IPB) the price is R$ 189,823.
according to the website CoinGlass informs, more than US$ 1.5 billion of bitcoin contracts were settled in the last three days due to “margin calls”: these are limits that, if reached, force the investor to sell the asset and close the position, as there will be no money to stay in position.
Ethereum (ETH) is down 10.24% and sells at $2,268.
The top 100 cryptocurrencies by market cap are down at the time of writing.
All the drops are impressive, but memecoins seem to be in imminent danger of extinction: Dogecoin (DOGE) has lost 24% of its value in the last seven days and sells at $0.12; Shiba Inu (SHIB) has melted 32% for the week and is priced at $0.00001971.
Operam em queda Binance Coin (-10,69%), Cardano (-13,84%), XRP (-8,76%), Terra (-10,40%), Polkadot (-13,02%), Avalanche (-12,18%).
Solana with double problem
In a scenario of giant drops, one draws more attention than others: Solana (SOL) operates at a low of 19% and has already lost 40% of its market value in the last seven days. The cryptocurrency sells at $83.45.
This seems to be related to the fact that the network went through a high degree of congestion on Saturday (22).
According to the official Solana Status profile, the main cause of this problem is exhausted cache (deposit that stores information in the operating system).
This took place on January 6th: the official profile @SolanaStatus, which tracks the health of the SOL cryptocurrency ecosystem, confirmed that the network was experiencing “degraded performance” caused by an increase in “high compute” transactions.
According to the project team, these cumbersome transactions were reducing the network’s ability to process thousands of transactions per second, causing transactions on the part of users to fail.
Solna is considered one of the most efficient networks on the market for processing 65,000 transactions per second — a much higher number than Ethereum’s 15 transactions per second and Bitcoin’s 7.