Cryptocurrency prices are once again experiencing a serious downturn: the major cryptocurrency, Bitcoin, has fallen to $62,000, while Ethereum is moving toward $3,000.
The other leading altcoins, XRP, Cardano (ADA), and Solana (SOL), have also seen sharp declines, according to CoinGape.
On Tuesday, April 16, the price of Bitcoin dropped 4.3 percent overnight, according to CoinGecko. At the time of writing, the price of BTC was $62,729. Meanwhile, the asset's trading volume rose 4.90 percent to $45 billion, with a market capitalization of $1.22 trillion.
Ethereum followed Bitcoin, falling 3.3% overnight to $3,065. ETH trading volume rose 2.92% to $22.78 billion.
The Ripple (XRP) cryptocurrency collapsed below $0.49. The asset's price fell 3.2% overnight to $0.48. XRP trading volume rose 3.90% to $2.43 billion.
Solana saw the biggest fall. The cryptocurrency's price came close to the $130 level. At the time of writing, SOL was trading at $134.37, down 12.2% overnight. SOL's trading volume decreased by 6.48% to $5.72 billion.
Interestingly, the growth leader was the Core project's CORE cryptocurrency. On such a day, the price of CORE rose by 65% to $2.83, and the trading volume increased by 326.46% to $699.24 million.
Crypto experts are assessing the prospects for further developments, and most warn of a new bearish rally, attributing it to the expectation of a Bitcoin halving event.
Halving means that the supply of new Bitcoins will be cut in half and is expected on April 20th. Historically, a halving event is considered a price-stimulating event, although there are doubts about a repeat in this cycle as Bitcoin already hit a record high in mid-March.
"As we get closer to that date, there could be some selling on the news," said Crypto.com CEO Chris Marsalek.
In the longer term, a halving would be significant and a "positive development for the crypto market," he added.
Recent research by Bitcoin financial services firm Unchained shows that Bitcoin's unique characteristics, including persistent scarcity and demand outstripping supply, position it as the best solution in any crisis.
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