Monday, January 24

Bitcoin drop continues, almost 30% in one month

Bitcoin’s decline continues to scare traders in the market, some who don’t even doubt that testing in the region of $42,000 is possible. In the last seven days, Bitcoin has lost 13% of its value, reaching US$49,000 on the market today.

Looking at the 30-day period, the drop is even more worrying, with the main currency losing -26.8% in value against the Dollar.

In the Brazilian cryptocurrency market, in comparison with the Real, Bitcoin has lost 16% in the last seven days and remains quoted at R$275,000.

This is 30 days after Bitcoin reached its historic mark in the market on November 10th, which reached a quote of US$69,044.77 in several brokers around the world. In Brazil, Bitcoin was quoted at R$378,000 on that date, with a devaluation of R$92 thousand in the last 30 days.

Anyway, if the price remains sideways, Bitcoin is heading for the highest annual closing in its history, after registering an increase in 2021 of 46% until today. As a store of value, digital currency beats inflation with this high and leaves gold far away, as in the year’s consolidated currency the precious metal drops 6% in its price.

With the market declines, several altcoins also suffer and follow Bitcoin, such as Ethereum, for example, which loses 10% in value in the last 30 days and is quoted at R$ 23,434.76 today.

With the market still absorbing the Bitcoin drop, some altcoins appreciate

With the drop in the short term and a strong appreciation in the year, not all cryptocurrencies followed Bitcoin in its recent devaluation movements.

One of them is a cryptocurrency from a decentralized broker, dYdX (DYDX), which rises 2.4% in the last 24 hours, reaching a price of US$ 7.5 per unit. Over the past six days, this cryptocurrency has recovered from a market slump and has appreciated by 32%.

Another project that ignored Bitcoin was Flux (FLUX), a Web 3.0 project that creates cloud infrastructure in networks of various cryptocurrencies, such as Kadena, Ethereum, Solana and Binance Smart Chain.

In the last 24 hours, this project broke its historical maximum in the market, and appreciated by more than 70% in the period. Priced at $2.16 per unit, this project is linked to one of the sectors that has gained fame in recent months, as well as DeFi, NFTs, among others.

WEB 3.0, however, is an area that Elon Musk recently said he is not a fan of and that people are offering a lot in the market, meaning that the risk in this sector can be high.

Either way, it’s clear that Bitcoin’s decline hasn’t wiped out all of the altcoins, with some still showing strong bullish movements, despite the high risk of trading new projects in the market.