Amid a market bloodbath, cryptos were not spared, and Bitcoin has dropped nearly 10% in the past 24 hours as of the morning of May 6, according to CoinMarketCap.

                By                    Yaёl Bizouati-Kennedy

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Following a brief market rally after the Fed’s decision to hike rates by half a point, markets reversed violently, continuing to slip further on May 6.

On May 5, the Dow Jones Industrial Average posted its worst day since 2020, dropping 204 points — or 0.6% — the S&P 500 lost 0.6%, while the Nasdaq Composite lost 0.7%, CNBC reported.

Bitcoin was hovering around $35,500 on May 6, a sharp 9.7% drop in the past 24 hours, according to CoinMarketCap data. Around $129 billion of value was wiped off the cryptocurrency market in a 24-hour period, CNBC reported. The asset is also down 48.3% from its all-time high of $69,044, which it reached in November 2021, according to CoinGecko.

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Brookins added that if you have a long-term investing horizon, this might be a great time to start scaling into solid crypto assets, as Bitcoin is approaching its year-long low, which it’s unlikely to break again. “So if you are looking to buy and hold, then it’s always good to start scaling in carefully when there’s proverbial blood in the streets,” he added, while also pointing out the relative strength of Ethereum in this market — which is down about the same percentage-wise as Bitcoin, but well above its yearly low. This, he said, “goes to show that Ethereum might be gaining ground on Bitcoin for overall dominance of the market. Additionally, other aspects of the crypto market are still active, like NFTs and various DeFi protocols.”

Ether was down 5.3% in the past 24 hours, as of mid-morning May 6, and altcoins were largely down as well, according to CoinMarketCap.

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He nuanced his view, however, saying that the crypto ecosystem “is so much more than the price of Bitcoin these days.”

“It’s not truly time to panic until we start to see the other systems get abandoned, such as the DeFi protocols and the NFT marketplaces. As long as those are still seeing use, the crypto ecosystem will continue to grow, despite prices being down,” he added. “I’m very confident that the prices of Bitcoin and Ethereum won’t stay this low forever, but if you want to make a profit at an exponential scale, DeFi, for example, could be a good place to look here. There are a number of protocols that are seeing prices drop also, which means now might be a decent time to invest.”

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