Crypto On July 12: Bitcoin Drops Below $20,000 As Market Turns Red

The crypto market opened on a bearish note Tuesday as the leading cryptocurrency Bitcoin dropped below the $20,000 price level after a 2.89% price drop in the last 24 hours.

According to the data from CoinMarketCap (CMC), as of 12:17 a.m. ET, the price of 1 BTC was $19,958. On the other hand, Ether (ETH), the second-biggest cryptocurrency, dropped 5.6% in the last 24 hours and was priced at $1,088 as of 12:17 a.m. ET.

Despite the price fall in the last 24 hours, the price of BTC will reclaim $35,143.87 by the end of July, according to the median price estimate feature introduced by CMC in which 32,022 people took part. On the other hand, the same feature for Ether, in which 11,849 people voted, suggests that ETH will reclaim $2,789.81 by the end of July.

Furthermore, WalletInvestor believes that Bitcoin will rise to $24,648.70 by the start of August 1 while DigitalCoinPrice has predicted that BTC will be trading at an average price of $28,089.80 in August. Talking about the year-end forecast, BitcoinWisdom predicts that BTC will be ending the year 2022 at an average price of $27,989.

Almost every cryptocurrency was in red today, but the biggest losers included Solana (SOL), Dogecoin (DOGE), Near Protocol (NEAR), and Cosmos (ATOM). These tokens fell by 4.99%, 5.42%, 4.46% and 5.01%, respectively. The prices of these coins as of 12:33 a.m. ET were $33.77, $0.6242, $3.28 and $8.27.

Uniswap (UNI) crashed the most with a price drop of more than 9% in the last 24 hours while Polygon (MATIC) turned bullish with a 4% price surge in the same duration. The prices of these tokens as of 12:35 a.m. were $5.4 and $0.5816.