On Monday, April 17, bitcoin fell to $29,500. The cryptocurrency has been retreating since the beginning of Asian trades. Investors who bought BTC at prices above $30,000 started selling.
As a result, there was increased pressure on the asset, and due to a lack of support, the coin began to fall in price, according to Bloomberg. Ether (ETH) is also losing value, but it is still holding above $2,000. The other altcoins are suffering moderate losses.
Only Dogecoin (DOGE) and Solana (SOL) are strengthening. They are up more than 4% to $0.0921 and $25.28.
Bitcoin and ether are up 83% and 71% since the beginning of January. And BTC was more successful compared to ETH, which was more successful than the largest cryptocurrency in 2020 and 2021.
The Bloomberg Galaxy DeFi Index, which shows the returns of the leading decentralized finance protocols, increased only 0.1 points after last year’s 2,000-point collapse.
Tallbacken Capital Advisors head of research Michael Purves stressed that institutions turned their attention to bitcoin in 2020 when it surpassed $20,000. The key event was BTC’s rise to $69,000 in 2021. However, the cryptocurrency already lost its appeal last year, and now it must show explosive growth for big capital to pay attention to it again.