On Wednesday, March 19, Bitcoin’s price fell 3.1% in an hour to $29,000. Ethereum and other digital assets also showed sharp declines.
The second-largest cryptocurrency by market capitalization slipped below $2,000, falling to $1,966.
Meanwhile, red indicators also signalled losses across other top-10 assets by market capitalization. The hardest-hit were XRP (-6.2%) and DOGE (-5.9%).
Total crypto market capitalization also fell. The 24-hour metric dropped 2.9% to $1.28 trillion. Trading volume remained roughly at similar levels.
Meanwhile the Fear & Greed index rose by five points from yesterday’s readings to 63.
Analyst Michaël van de Poppe said Bitcoin has traversed a cascade of liquidations and settled below $29,700.
‘Should you get into #altcoins and positions?’
Well, this drawdown is your chance. #Bitcoin corrects, cascade of liquidity being taken on altcoins and deep wicks providing significant opportunities.
Nothing major has changed, just a correction.
— Michaël van de Poppe (@CryptoMichNL) April 19, 2023
Should you enter altcoin positions? Well, this drawdown is your chance. Bitcoin is correcting, and liquidity is flowing into altcoins, providing decent opportunities. Nothing major has changed, just a correction,
As reported in April, Glassnode stated that the bearish phase in the Bitcoin market had ended.