• Bitcoin dipped below $16.5K this week, charting a new 9-day low
• Solana continues to lose value rapidly, remaining beneath $10
• Bitcoin’s price action has been volatile throughout 2022
It has been an eventful year for the cryptocurrency markets. Bitcoin, the world’s largest digital asset by market capitalization, entered the year at nearly $50,000, but has since lost 65% of its USD value. In the past two months, Solana has been particularly volatile. The asset has seen substantial losses following the FTX and Alameda deterioration, and remains stuck beneath the $10 mark.
This week, Bitcoin dipped below the $16,500 mark to chart a new 9-day low. The bears seemed to take control of the market, pushing the asset lower. However, BTC did make a brief attempt to break above the $17,000 mark earlier in the week.
Solana’s losses have been even more severe. The asset has lost almost a quarter of its value in the past week. Despite the recent downturn in the markets, the asset has still managed to register gains of over 1000% since the start of the year.
Although the crypto markets have been volatile throughout the year, there is a sense of optimism among traders and investors. Many believe that the current market dip is nothing more than a “correction” and that Bitcoin and other cryptos still have plenty of room to grow in the coming months and years. The next few weeks will be pivotal in determining the direction of the crypto markets in the near future.