The overall cryptocurrency market remains in the red on Sunday, the world’s biggest cryptocurrency Bitcoin (CRYPTO: BTC) is trading at $35,715.09 down 17.15% in the past 7 days.
BTC dropped below the key psychological level of $40,000 Friday. The bloodbath continued on Saturday as the apex crypto further dropped to a low of $34,349.25, before closing just above the $35,000 mark.
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Ethereum (CRYPTO: ETH), meanwhile, is trading at $2,493.99 down 25.02% in the past 7 days. The second-biggest crypto fell below the key $3,000 level on Friday.
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Almost all of the world’s 100 biggest tokens are currently trading in the red, as the overall cryptocurrency market cap sits at $1.6 trillion.
Binance Coin (CRYPTO: BNB) has slumped over 23%, and Cardano is down over 20% in the past seven days.
On Sunday, Dogecoin (CRYPTO: DOGE) was trading at $0.1386, after a decline of over 22% over the same period, while both Solana (CRYPTO: SOL) and Polkadot (CRYPTO: DOT) have crashed over 30%.
In the midst of the crypto market turmoil, Dogecoin co-creator Billy Markus is reminding his Twitter followers that, “crashes happen in Crypto.”
the last bubble burst, Ethereum capitulated all the way down 90% from its peak
— Shibetoshi Nakamoto (@BillyM2k) January 22, 2022
it took 3 total years to recover
not saying either will happen, but just for some perspective. crashes happen in crypto. a lot.
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Markus added that current market conditions simply reflect the underlying sentiment of those involved in crypto, expressing his frustration with community.
remember, people collectively decide the trade value of crypto by their purchasing and sales
— Shibetoshi Nakamoto (@BillyM2k) January 21, 2022
right now people have collectively decided it is less than what it thought last year
anyway i hate people
Responding to his tweet, one follower wrote, “The difference is now. It won't take 3 years to recover, with today's exposure it could happen in 3 months. Hell even 3 weeks with the right help.”
Another follower responded, saying, “I’m ready to buy it all up too! This is the discount I wanted.”
Markus also reflected on the market's performance last year, noting how far things have fallen so far in 2022.
i didn’t think i would miss 2021
— Shibetoshi Nakamoto (@BillyM2k) January 22, 2022
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