It was on Friday when the cryptocurrency market recorded a huge slump. The downfall caused the entire cryptocurrency industry to lose a tremendous amount of money.
Due to the major slump, the cryptocurrency industry has ended up losing its support levels. The data shows that the cryptocurrency market has hit its new monthly lows.
It had been a while since the cryptocurrency industry had been moving in the upward direction. The overall market situation proved to be mainly bullish in the past month but the situation changed in the month of August.
Performance of Bitcoin and Ethereum
A look at the performance of Bitcoin (BTC) shows that a week back, it was on the verge of crossing the $25,000 mark. However, Bitcoin was not able to do it as the sellers were able to overcome the buyers.
As the bears increased their selling power, the value of Bitcoin experienced a plunge. Its value ended up falling below the $22k level.
However, things did not stop there for Bitcoin as its price continued falling. In the running week, the trading price of Bitcoin hit a two-week low price of $21,747.
Then comes the performance of Ethereum (ETH), which experienced a huge slump in the past 24 hours. The analysis report shows that the trading price of Ethereum hit a low of $1,726 after experiencing a 6% dip.
In the past week, the second largest cryptocurrency had successfully crossed the $2,000 benchmark. However, the selling power of the bears was strong and it resulted in bringing the trading value of Ethereum lower than the weekly low.
Many Investors Liquidated their Investments
After a long bullish run, the buying momentum of the investors ended up losing its weight. As the momentum was lost, the investors started to withdraw from their trades.
As a result, a great liquidation activity was witnessed, which was initiated by a tremendous number of investors. The report shows that 157,098 traders backed out of their investments and in the past 24 hours, the liquidation rose tremendously.
In the past 24 hours, the overall liquidation recorded for the cryptocurrency industry was worth $551 million.
The data from Coinglass shows that in the past 24 hours, the money that the Bitcoin traders ended up losing was more than $203 million. Whereas, the money the Ether traders ended up losing was more than $140 million.
BTC and ETH’s Performance in the Past 7-days
In the past 7-days, Bitcoin has experienced a 13.13% loss in its value, and it is currently sitting at $21,236.46. Still, Bitcoin is off its ATH by over 223%, which was $68,789.63.
Whereas, the value of Ethereum has experienced an 18.01% dip in the past 7-days, as its value has dropped to 1,631.49.
