The crypto market started the new week with a decline as the leading cryptocurrency Bitcoin dropped to $25,590 during the day. Ethereum (ETH) also accelerated its losses and fell below the $1600 support level that it has been testing for weeks. With its recent losses, ETH started trading at around $1586.
What is the Current Situation in the Crypto Market?
The leading cryptocurrency Bitcoin (BTC) approached the $26,000 level significantly in the early hours of the day, but it fell to $25,590 during the day. The crypto market started the day with a decline due to the losses in BTC.
Most altcoins in the crypto market have accelerated their losses since the morning hours. According to CoinMarketCap (CMC) data, the total market value of the crypto ecosystem fell to $1.02 trillion.
In addition, as the crypto market started the new week with a decline, trading volumes also showed a significant increase. There was a more than 60% increase in the total trading volume of the crypto market in the past 24 hours.
Ethereum (ETH) Falls Below $1600
According to CMC data for the past week, Ethereum (ETH) recorded an average loss of about 2.7% and gained a downward momentum. ETH showed a relatively lower price performance compared to the leading cryptocurrency BTC in the past week. Like most altcoins in the crypto market, ETH accelerated its losses since yesterday evening, as the crypto market started the new week with a decline.
ETH, which has gained downward price movements since yesterday evening, fell below the $1600 support level it has been testing for weeks, and started trading at around $1586. With its recent losses, ETH’s total market value fell to $190.7 billion according to CMC data.
