Bitcoin temporarily fell below $20,000 on Saturday, extending its recent losing skid of several weeks.
According to CoinGecko statistics, the price is down 3.9% today and 18% over the last 14 days. Bitcoin recently fell below the important $20,000 threshold in mid-July, but August has been marked by volatility. It is presently being sold for $19,996.
Ethereum, the second-largest cryptocurrency in the world, also declined as Bitcoin retreated. According to statistics from CoinGecko, Ethereum is down 7.6% on the day, trading at about $1,475. Similar to Bitcoin, its market value has decreased by 24.7% during the last two weeks.
Several additional assets, such as Layer 1 networks Solana and Avalanche and DeFi mainstays Uniswap and Aave, have also suffered losses during the recession.
After months of decline, a market bounce in July and early August fueled optimism that the cryptocurrency industry may be showing signs of life. The anticipation around Ethereum’s Merge event was very strong among crypto traders, especially after its September debut date was set. Recent market behaviour indicates, however, that the market has lost some of the confidence it had early this summer.
After a 6.1% decline, the size of the global cryptocurrency market is now barely over $1 trillion. This is around 66% below its high of $3 trillion in November 2021.