Digital asset markets were in the red across the board on Monday. Ether (ETH) notched a low of $1,305, weakening around 8%, while ADA, the Cardano native token, shed 17% after hitting an all-time high of $1.48 and is currently trading around $1.21.
Bitcoin’s collapse may have something to do with the rising bond yields and declines in stock markets across the globe, among other factors. The U.S. 10-year Treasury yield was up 1.60% in a one-year peak as of Friday, Coindesk said.
Bitcoin has also retreated by almost 21% in the last seven days, with the cryptocurrency market, in general, losing around $400 billion since hitting new highs as doubts start to spread among traders.
The entire market valuation of all the crypto assets that are currently in circulation has dropped over 8% as of Sunday and is now at $1.25 trillion.
ADA is so far making headlines. It is currently the third-largest digital asset in terms of market cap. Tether (USDT), for its part, has secured the fourth spot, with binance coin (BNB) coming in next and trading at $197 per token.
Cardano and other potential competitors to ethereum, including polkadot — the sixth-biggest crypto in terms of market cap — are currently competing for NFT, DeFi, and stablecoin market share.
Bitcoin soared to about $20,000 in the final quarter of 2017 before retreating to $3,000 a year later. In 2020, bitcoin fell below the $4,000 mark in March before climbing again around the summer.
Meanwhile, BCA Research Inc’s Chief Global Strategist Peter Berezin said that “many companies have now cozied up to bitcoin in order to associate themselves with its ‘technological mystique.’”
Berezin added that “as ESG funds start to flee Bitcoin, its price will begin a downward spiral. Stay away,” Bloomberg quoted him as saying.
Image courtesy of Techquickie/YouTube
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