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Cryptocurrencies Massively Fall as Bitcoin Drops Below $51,000

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bitcoin with a decreasing graph on the back

Bitcoin (BTC) has fallen below $51,000 for the first time since March 25, 2021. The largest cryptocurrency in the world moved from $60,700 to $50,900 in just six hours. Moreover, the massive drop took place between 5:05 am and 5:53 am UTC+2. Other digital assets have also followed Bitcoin. 

Bitcoin and Cryptocurrencies Fall

The entire cryptocurrency market has seen how Bitcoin and other virtual currencies massively fell. Bitcoin, the largest digital asset in the world dragged most of the digital assets in the market to their lowest price in around a month. 

The worst performing cryptocurrencies among the top ten have been Bitcoin Cash (BCH), Litecoin (LTC), XRP, Cardano (ADA) and Polkadot (DOT), in this order. The losses have been between 18.4% and 12.5%. During the top and the bottom, these coins have registered even larger losses. 

Dogecoin (DOGE), surprisingly remains quite stable at around $0.2898 with a price decrease of only 4.79% in the last 24 hours. Ethereum has also fallen close to 14% reaching a price per coin of $1,947 that now has recovered to $2,200. 

Leaving the top 100, we see that the largest losses have been reported by Bitcoin SV (BSV), Ethereum Classic (ETC), Ren (REN) and Helium (HNT). All of these digital assets lost more than 20% of their price in the last 24 hours. 

According to data provided by ByBt, the total number of liquidations in the last 12 hours has been $9.13 billion. If we take into consideration the last 24 hours, this amount goes $9.81 billion. 

Although this has been a very hard price drop, there are some cryptocurrencies that are already recovering from the recent sell-off. Bitcoin is now being traded at around $55,600 and other virtual currencies are also recovering from this price decrease. 

The main question that now remains open is whether the bull run continues or if we have reached a top. Analysts such as PlanB consider that Bitcoin (BTC) could continue moving higher in the coming weeks and months. 

At the same time, other analysts believe that Litecoin and Ethereum could also follow a bullish trend and continue moving higher. Other altcoins have also been very bullish in recent months, including Binance Coin (BNB) and XRP. However, we would have to wait to understand whether these coins will also move higher in the near future.

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