Crypto Market Slumps as BTC Price & ETH Price Fall Over 10% Post Shanghai Upgrade

KEY TAKEAWAYS

1. Top crypto tokens by market cap – Bitcoin price is up 0.3% trading around $27,700, Ethereum price is back at $1860, down about 0.2% in the past 24 hours.
2. Global crypto market cap is up about 0.2% in the past 24 hours, currently at about $1.13 trillion, according to data from CoinMarketCap.

CRYPTO MARKET TODAY AT A GLANCE

Additional Read: Bitcoin Price Prediction

TOP CRYPTOS TODAY BY MARKET CAP

While the overall crypto market has been on a strong upward journey ever since the beginning of the year, the past week has been one of weakness across the board. Ethereum has lost almost all the gains it had made after the Ethereum Shanghai Upgrade - Bitcoin has seen significant drawdowns in the past week too. In fact, in the past week alone, the overall crypto market capitalization has gone from around $1.25 trillion to around $1.13 trillion, losing over $100 billion in a week alone. This is the second biggest fall in the overall crypto market cap in 2023, since the crash resulting from the collapse of the Silicon Valley Bank and the subsequent depegging of the USDC stablecoin.

Total Crypto Market Cap | Source: TradingView

Alongside the near 10% fall in the overall crypto market, other altcoins in the market also suffered losses with the likes of Solana (SOL) and Polygon (MATIC) losing over 15% and 14% respectively. Others like Cardano (ADA), Dogecoin (DOGE) and Polkadot (DOT) suffered losses of about 11% each over the course of the past week. Price action over the past 24 hours have been muted, but the overall crypto market has been hit hard by the sky-high inflation numbers from the UK.

BITCOIN PRICE TODAY

BTC/USD | Source: TradingView

The king coin, Bitcoin has been on a very strong pullback rally since the beginning of 2023. It has seen undeterred growth in market cap dominance all through the year, except for a brief while during the collapse of the Silicon Valley Bank in March, which resulted in the depegging of the USDC stablecoin. But over the course of the past week, fuelled by high inflation numbers from the UK, triggered a fear of a continued high-interest rate regime has resulted in crypto assets bearing the brunt of losses.

Read: Why Did Bitcoin (BTC) Price Drop Below $30,000 Again?

But from a technical point of view, despite the over 10% crash in the past week, the BTC price is still reasonably well off. It is still trading above the support level of $27,500 (horizontal trendline marked in blue). However, it has fallen slightly below the higher high, higher low bullish price action pattern (diagonal trendline marked in blue), but as of writing the article, it doesn't seem to be too much of a threat. The RSI is reasonably well-positioned to support any recovery from current levels and the golden crossover of the 50 and 200-day moving averages are also on the bullish side.

ETHEREUM PRICE TODAY

ETH/USD | Source: TradingView

Ethereum's fall over the past week has been slightly more than the king coin, Bitcoin - falling well over 12% in a matter of days. In the past week, ETH's price has managed to lose all the gains it had made post the Ethereum Shanghai Capella Upgrade. But in the broader picture, ETH price is still reasonably bullish, and brief corrections here and there are natural in any kind of open market. Ethereum did have a slower start to 2023, ever since the Shapella Upgrade last week, ETH price did show a strong pullback rally but over the past week lost all those gains amid a broader market slump.

But from a technical point of view, like BTC, ETH price is still doing okay. ETH is also trading well above its golden crossover of the 50 and 200-day moving averages with a decent RSI of 45 to support any recovery from current levels. A recovery in the market sentiments can be expected to bring about a positive recovery in the largest altcoin by market cap.

Know more about Ethereum Shanghai Upgrade