Bitcoin Price Dips to $19,500 While Altcoins Continue to Bleed Out (Market Watch)

The cryptocurrency market continues to struggle, with its total capitalization shedding another $50 billion over the past 24 hours.

This comes as Bitcoin’s price plunged to a daily low of around $19,500, and other cryptocurrencies also feeling the heat.

Bitcoin Continues to Struggle

Bitcoin shed another percent off its dollar value in the past 24 hours and dropped to a low of around $19,520 (on Binance).

Source: Binance via TradingView

As seen in the chart above, the price has now recovered to about $19,900, but the cryptocurrency is still done some 6.5% in the past week.

It’s also worth noting, though, that BTC’s dominance – the metric commonly used to gauge its performance relative to that of the rest of the market – increased a bit in the past 24 hours. This means that BTC performed better than altcoins.

Slow Bleed for Altcoins

The altcoin market continues to bleed out for a few days in a row now. This, alongside Bitcoin’s decline, led to the total market capitalization dropping below $1 trillion and currently sitting at around $950 billion.

Over the past 24 hours, the altcoins charted slight decreases, failing to recover from last week’s drops.

Source: Quantify Crypto

As seen in the heatmap above, Ethereum is down almost 3%, trading at around $1450. ADA is down 3.7%, as well as XRP. BNB is also down almost 1%. AVAX is amongst the more considerable losers in the past day, down over 10%.

All in all, there aren’t a lot of cryptocurrencies that are well in the green, with LTC leading the charts with a slight 2% increase.

The cryptocurrency market has once again dropped into a state of Extreme Fear. The index is now at 24.

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