The crypto markets fell back down to Earth over the weekend — and quickly.
On Sunday night, Bitcoin was once again in peril of losing $30,000 after plunging by more than 15% in the space of 24 hours. At the time of writing, it was clinging on to $32,044.41… and had earlier suffered lows of $31,227.34.
Things were even worse for Ether, which lost support at $2,000. The lowest price of $1,737 ultimately means that the world’s second-largest cryptocurrency had its value halved in a week. Prices above $4,000 are a really distant memory now, that’s for sure.
Other altcoins that are having a really torrid time of things include Binance Coin. On Sunday, it had fallen by 26% in a day and 60% in a week. Likewise, XRP has crashed by 24% in just 24 hours.
Thankfully, scenes of recovery were seen as Monday began — BTC up 6%, ETH surging 12.7% and Cardano up 14%.
Shakeup in Rankings
In a way, it almost feels that the markets are reverting back to the way they were before the recent bull run. Tether has once again regained the No. 3 slot as stablecoins experience heightened demand because of all the uncertainty.
DOGE has also fallen two places in recent hours, to No. 6, as Cardano and Binance Coin experience outsized gains.
Indeed, even Elon Musk appears to be less enthusiastic about crypto’s potential. On Twitter, he gave a rather tepid response when asked about the criticism he has been receiving, telling one user:
“The true battle is between fiat and crypto. On balance, I support the latter.”