Bitcoin Dips Under $40K, Dragging Crypto Economy Below $2 Trillion

Bitcoin Sheds 8% Over the Last 24 Hours, Down 40% From November’s All-Time High

The price of bitcoin (BTC) dropped below the $40K zone for the first time in 122 days. BTC lost roughly 8% during the last 24 hours and during the last month, bitcoin has shed 21% against the U.S. dollar.The top trading pair with BTC on Friday is tether (USDT) with 51.86% of all trades. Tether is followed by the U.S. dollar with 21.75% and the stablecoin BUSD with 7.71%. BUSD is followed by EUR (4.86%), JPY (4.25%), KRW (3.05%), and USDC (1.69%).

The second-largest crypto asset, ethereum (ETH), is down 9.1% over the last 24 hours and 29.1% during the last month. ETH’s 24-hour price range has been between $3,271 and $2,809 per unit.

While ETH’s dominance is 17.7% it represents $340.9 billion out of the $1.94 trillion crypto economy. The most dominant trading pairs with ETH on Friday include USDT (48.83%), USD (22.75%), BUSD (9.34%), BTC (6.07%), EUR (4.38%), and KRW (3.32%).

Out of all 12,000+ crypto-assets in existence, only five coins are up in terms of weekly gains. Theta fuel, ftx token, bittorrent old, osmosis, and ecomi still hold single-digit seven-day price increases compared to the rest of the crypto economy.

This week’s biggest losers include loop ring, pocket network, kadena, harmony, and near. All five of these coins lost 25% to 33% of their value during the last week.