Crypto Price Analysis: BTC Plummeted Below $42000

Written by C, Fiona

Last updated: 2022-04-12

Why Trust BTCC

BTCC, a seasoned player in the cryptocurrency sector, has established a solid foundation of credibility through its over a decade of platform operation and profound industry experience. The platform boasts an experienced team of professional analysts who leverage their keen market insights and profound understanding of blockchain technology to offer precise market analyses and investment strategies to users. Furthermore, BTCC adheres to rigorous editorial standards, ensuring that every report and analysis is fact-based, striving for objectivity and fairness, thus providing investors with authoritative insights they can rely on. In the rapidly evolving cryptocurrency market, BTCC stands out as an indispensable partner for numerous investors and enthusiasts due to its stability, professionalism, and forward-thinking approach.

The cryptocurrency market turned red again, and the daily prices of Terra, Polkadot and many others fell sharply.

Bitcoin was rejected again at $43000, and the bear market pushed the asset below $42000. Most altcoins are also deep in losses, with ETH close to $3100. The total market value fell to just over $1.9 trillion.

Bitcoin Tested $42000

Just a week ago, the main cryptocurrency tried to break through $47000, but failed twice. On the contrary, the asset began to depreciate gradually and fell to $45000 a day later.The bear market has dominated the market and pushed it south again. At first, BTC fell to $44000, then plummeted to $43000, the lowest price point in more than two weeks.

In the following days, bitcoin remained between $43000 and $44000. However, its inability to climb above the latter means more trouble. This time, as reported yesterday, it fell to $42000.
A few hours later, it rebounded and briefly exceeded $43000, but the bear market came again, driving it to the south below ath $42000 in January 2021, where it is now. As a result, its market value fell below $800 billion for the first time in nearly three weeks.

The Altcoins Returned to Red

Cryptocurrency Market Overview. Source: Quantify Crypto

Altcoins calmed down yesterday after the recent price drop, but the past 24 hours mean more trouble. Ethereum fell 4% that day, just above $3100. It is worth noting that ETH jumped above $3500 last week, reaching a three-month high.

The callback ranges of Binance coin, Solana, Dogecoin, Shiba Inu were similar, while ripple and Cardano fell by more than 5%.

The losses of Terra (- 9%), Avalanche (- 7%), Polkadot (- 8%) and near protocol (- 8%) were more obvious. The cumulative market value of all cryptocurrency assets has fallen to just over $1.9 trillion, which means that the index has decreased by $250 billion in about a week.