Significant Price Drop Noted for Bitcoin and Ethereum? What Should Crypto Enthusiasts Know?

8:05 am, Tue, 16 November 21

Bitcoin and Ethereum, the top two digital assets in the world, were moving with bullish momentum despite slight price corrections seen here and there. However, the prices of both cryptocurrencies have plunged significantly now, somewhat shocking the crypto market.

There has been a 7% decrease in BTC’s price and an 8% decrease in ETH’s price in the last 24 hours. Despite the price drop noted for the two most prominent crypto assets, the year-to-date inflows have been reported. According to the report, the major institutional investors have a positive stance towards digital currencies, even though the prices have certainly taken a hit.

If you are also interested in buying crypto assets such as Bitcoin or Ethereum you can choose SwissBorg or Kraken (U.S. citizens) from the crypto exchanges list.

Up to €100 in Bonus

On the other hand, if you want to start crypto trading you can use PrimeXBT Covesting. It allows novice traders to mimic the trades of experts. Sign up with this link.

How Far Have the Prices Dropped and What’s the Status of Inflows?

Both Bitcoin and Ethereum had been doing quite well over the past few weeks as both the digital currencies claimed all-time highs and broke through major resistance levels.

The flagship crypto asset, BTC, is now trading at $61,234 (at the time of writing). This is around 11% lower than its all-time high at $69k, seen six days ago.

Here is a graph by CoinMarketCap showing the price of BTC over the last week.

btc-graph-16-11-2021

The prominent altcoin, ETH, is currently trading at $4,360 (at the time of writing) and its price movement over the last week is shown in the graph by CoinMarketCap below.

eth-graph-16-11-2021

According to crypto enthusiasts, there was a positive sentiment towards a major price surge seen for Bitcoin by the end of this year. However, this price correction has deflated the expectations.

Crypto analysts, such as Tony Sycamore, believe that the price of the flagship digital asset is yet to plunge, even more, going as low as the $59k price mark next.

Despite the downward momentum of BTC’s price, the inflows seem to be quite bullish. As per reports, the majority of the institutional investments in crypto were taken by Bitcoin investment products last week.

  • $98 million of inflows
  • $56 billion assets under management (AUM)

Institutional investment inflows seen for the altcoins are as follows:

  • $17 million of inflows for ETH investment products
  • $21 billion AUM for ETH investment products
  • $16 million of inflows for Cardano
  • $10 million of inflows for Solana
  • $5 million of inflows for Polkadot

Could Bitcoin and Ethereum Recover Soon?

Slight price corrections are generally healthy for the prices of digital assets like Bitcoin and Ethereum. However, a major price drop can cause quite the commotion in the market, as has been done now.

The largest digital currency, Bitcoin, was unable to hold on to the significant support levels and is now expected to be bearish in the short term. Despite the price drop, analysts and enthusiasts do expect BTC and ETH to see price increases soon.

Meanwhile, if you are interested in buying either of the cryptocurrencies, make sure you opt for the lowest fee crypto exchanges.

Want to trade Bitcoin or Ethereum? Sign-up on Phemex today with our link and claim a bonus of up to $4,100 on your initial deposit. (Bonus may vary based on deposit amount)

Claim up to $4100 in Bonus

100x Leverage