Bitcoin, Ethereum and Luna Sheds Gains Over the Weekend

Bitcoin for the first time in a long while saw its price drop below the $42k mark as its value dropped by over 2% over the weekend to around $41,900.

For the most part of this year, Bitcoin has largely traded between $35-$45k which has led many analysts to predict that this might not be the year that we see the value of the asset touch the coveted $100k mark. While the asset briefly touched as high as $48k last month (the highest it has been this year), its value has reverted to how it has been performing for the most part of 2022.

According to an analysis, the $42k level is the current holding price and it is also a significant support level for the asset. However, if the support refuses to hold, we could see the flagship digital asset test the $36k level again.

Interestingly, a Bloomberg report has shown that the correlation between Bitcoin and the Nasdaq index is closer than ever. This means that the coin’s performance is not totally different from that of the stock exchange.

As of press time, Bitcoin has lost over 3% of its value and it is currently trading for $41,204.

Altcoins Follow Bitcoin on the Weekend and Suffer Too

A look at the price performance of the other top digital assets would show that Bitcoin is not the only one that witnessed a red weekend.

According to data from Coingecko, other top 10 digital assets, bar the stablecoins, lost an average of 5% of their values within the last 24 hours.

Ethereum, for example, saw its value shrink by 5.8% and it is currently barely hanging above the $3k mark. Within the last 30 days, the popular altcoin had touched as high as $3500 before retracing to its current price.

Luna, whose developers have been making the airwaves due to their recent Bitcoin purchases also saw its value drop by 7.2%. Its drop could be tied to the FUD that was spread over the weekend by some analysts who questioned how decentralized its UST token was.

Solana, the much-heralded rival of Ethereum also lost a significant part of its value during the weekend. According to available data, it shed 6.1% of its value and it is currently trading at $104.

Other top losers in the top 10 include Cardano’s blockchain ADA. The digital asset has been one of the best-performing assets in the last 30 days as its value rose by over 20%. This green run was fueled by the increased DeFi and NFT activities on the platform. However, its price has fallen massively to less than $1 after dropping by over 7% within the last 24 hours.

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Oluwapelumi is a believer in the transformative power Bitcoin and Blockchain industry holds. He is interested in sharing knowledge and ideas. When he is not writing, he is looking to meet new people and trying out new things.