The cryptocurrency market recently faced a downturn, with total market capitalization dropping by approximately 7.68% to $2.27 trillion. Bitcoin, the largest cryptocurrency, is currently trading at $67,279, down 7.69% over the past seven days but reflecting a 4.98% increase in the last 24 hours. Ethereum, the second-largest cryptocurrency, is trading at $3,527, down by 10.25% in the last seven days.
Bitcoin Price Plunge Below $67,000!
Bitcoin’s plunge below $67,000 marked a bearish start for April after a positive March, where it gained over 16% and reached a new all-time high of $73,754. However, recent corrections indicate a bearish reversal, with a loss of over 5.65% within 24 hours and 6% over the past week. The MACD indicator suggests further negative price action in the coming days.
Is Investing In Cryptocurrency Is Safe
Despite facing challenges like the post-Russia-Ukraine effects, Terra-Luna crash, FTX collapse, and tightened tax regulation, the crypto market has shown signs of recovery in 2023. Crypto investors recommend investing in stable digital currencies like Bitcoin and Ethereum in a SIP format, with a cautious approach. Experts advise allocating only a small portion, around 5%, of one’s overall portfolio to cryptocurrencies due to their high volatility. It’s essential to invest only what one can afford to lose, considering the unpredictable nature of the market.
