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Bitcoin drops to $20,000; Ether, Solana lose up to 23% in a week

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Cryptocurrency price today: The downtrend witnessed in the cryptocurrency market last week continued on Monday, August 22nd, as the major currencies recorded a steady decline in their values. Bitcoin, the largest crypto token by market capitalization, was below $21,000, while Ether, which reached $2,000 levels days ago, fell to $1,500. Other cryptocurrencies, including Cardano, Dogecoin, Polkadot and BNB, also posted losses as bears appeared to be dominating the cryptocurrency market for unclear reasons weeks after investors finally started seeing better days this year.

Data from CoinMarketCap showed that the global cryptocurrency market cap is threatened to drop below the $1 trillion mark again as it traded at $1.01 trillion, posting a 0.00 percent drop on the day.

Bitcoin remained in the red today and fell below the $21,000 mark. Data retrieved from CoinMarketCap showed that the bitcoin price today at the time of writing was $20,988.95, down 1.57 percent over the past 24 hours. In the past seven days, bitcoin prices have fallen by 12.61 percent.

On the other hand, today Ether is down 3.23 percent at the time of writing to the $1,522.21 level, according to data from CoinMarketCap. The data showed that the price of Ether fell during the past week by 18.92 percent.

Bitcoin and Ethereum saw a slight increase as bulls tried to recover lost initiatives. Although BTC and ETH lost their weekly gains, they managed to hold above the crucial support levels at $20,000 and $1,500 indicating that the bulls are not yet giving up. “A move above the current level today could lead to BTC rebounding back to the $22,000 level,” said Edul Patel, CEO and co-founder of Mudrex.

“Ethereum, on the other hand, is currently sandwiched between support at $1,500 and resistance at $1,655. It has not gathered enough strength to make a sharp move on both sides. Therefore, we may see ETH trading sideways in the next few days,” Patel added.

A Reuters report said such sharp moves are common in the highly volatile cryptocurrency market. On June 15, Bitcoin plunged more than 15 percent as investors were spooked by the collapse of the so-called stablecoin, TerraUSD, and a major crypto lender working to freeze customer withdrawals.

Here are the top 10 cryptocurrencies and their prices on August 22, Monday (data from coinmarketcap.com at the time of this article)

Bitcoin $20,988.95 or 1.57% loss over the past 24 hours

Ethereum $1,522.21 or 3.23 percent loss in the last 24 hours

Assess a loss of $1.00 or 0.00 percent in the last 24 hours

USD Coin gained $1.00 or 0.00 percent in the last 24 hours

BNB $289.93 or 2.68 percent loss in the last 24 hours

Binance gains $1.00 or 0.05 percent in the past 24 hours

XRP $0.3339 or a loss of 2.71% in the last 24 hours

Cardano $0.4405, or 4.28 percent, over the past 24 hours

Solana $34.10 or 4.07 percent loss over the past 24 hours

Dogecoin $0.06588 or 4.95 percent loss over the past 24 hours

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