Bitcoin and altcoins prices fall

Will Bitcoin’s price manage to stay above $ 60,000? This is the question that arises this morning as the largest cryptocurrency has started a dive since yesterday. In a little less than 24 hours, the during the BTC lost almost -10% :

Bitcoin BTC price

The price of BTC has fallen since yesterday – Source: TradingView, BTC / USDT

This tumble erases the gains of the month: Bitcoin loses -0.2% over the last thirty days. Its capitalization poster this morning 1 150 billion dollars.

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Altcoins also in the red

As for altcoins, the atmosphere is not at the party either. In Ether (ETH), the fall is similar. He also loses almost -10% in the space of a day, coming to touch this morning 4,280 dollars.

Over the last 24 hours, the rest of the top 10 altcoins have experienced falls. between -5.7% (Cardano’s ADA) and -10% (Polkadot’s DOT). The total capitalization of cryptocurrencies is now frankly below $ 3 trillion, a threshold reached last week.

Cryptocurrency capitalizations

Growth in the capitalizations of the main cryptocurrencies – Source: CoinGecko

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Are the institutions still present?

Several analysts believe, however, that this decline is temporary for Bitcoin, which is testing a precedent ” all-time-high »While the institutional confirm their appetite for the biggest cryptocurrency.

The past week has indeed seen an influx of big money into Bitcoin-based investment products, to the point where they hit a record high. The weekly report from the Coinshares analysis site indicates the assets under management related to Bitcoin products have outmoded $ 56 billion, a sum never reached before:

Institutional cryptocurrency flows

Capital flows by assets represented – Source: Coinshares

It’s about from the 13e consecutive week of influx towards these investment products, which suggests that institutional investors are still very present.

Still, the markets are looking gloomy this morning. Will this decline be temporary, or is the scenario of a cheerful end of the year for cryptocurrencies being erased? The coming weeks will tell us.

👉 To read – Institutional investors were mostly interested in altcoins in 2021, according to Okcoin

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About the Author : Marine Debelloir

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Associate Editor on Cryptoast, I fell into the pot of cryptocurrencies a few years ago. I am passionate about the innovative technologies that arise from the blockchain and I like to find the most delicious information to share with you.
All articles by Marine Debelloir.

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