Cryptocurrency prices are down, with Fantom leading the downtrend after a double-digit decline in value.
A weekly low of $37,500 was set for Bitcoin’s price this time around. Ethereum is down to $2,500 and SOL is down almost 5 percent in the altcoin market. Andre Cronje’s rumored departure from the cryptocurrency industry has caused Fantom to fall the most.
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Bitcoin is at a New Low for the Week
As recently as a week ago, the price of bitcoin surged by more than $6,000 in a matter of days after Western nations announced they would not intervene directly in Ukraine’s conflict with Russia.
This culminated in a three-week peak in the price of $45,000 and even slightly above. As a result, BTC’s downward trajectory was quickly reversed.
As a result, the price of bitcoin dropped steadily for a few days before finally dropping below the coveted $40,000 mark. The asset tried to reach that level in the last 24 hours, but was halted in its tracks.
Consequently, the rejection drove it to a weekly low of $37,500 before rebounding a few hundred dollars to slightly over $38,000.
In addition, global equities have fallen, while gold and crude oil have risen to new local peaks in their respective markets.
Fantom Goes on a Freefall
The alternative coins have had their ups and downs, as well. ‘ For example, the price of Ethereum soared beyond $3,000 a week ago but has since fallen down to its previous lows. Since then, the second-largest cryptocurrency has lost around $500 in comparison to BTC’s moves.
Only Ripple is marginally in the black among the larger-cap alts on a daily basis. Dogecoin, Shiba Inu, CRO and MATIC have all seen small declines, while Binance Coin and Terra have seen gains.
The most money has been lost by Solana out of the top ten coins. SOL’s price has dropped by about 6% in a single day, and it is currently trading at just over $80.
FTM, on the other hand, is the largest loser after falling 13%. On Monday, Fantom’s senior solutions architect and Andre Cronje announced that they were resigning from the project.
At slightly over $1.7 trillion, the crypto market valuation has dropped by another $50 billion in the last day.
