Bitcoin’s nosedives continued in the past 24 hours as the asset dipped as low as $53,000 – representing a near $9,000 drop from the latest ATH. BTC’s dominance over the market has also decreased as most alternative coins have halted the value losses.
As reported over the weekend, the primary cryptocurrency headed towards new highs and registered a new record at $61,800. As it all seemed quite bullish for BTC, the bears took control and completely reversed the price trajectory.
Yesterday bitcoin slumped to $55,000 in a $7,000 drop. Although it initially bounced off, the asset continued heading south shortly after, which led to an intraday low of $53,200 (on Bitstamp).
Nevertheless, the cryptocurrency has reacted positively since the latest drop and has added about $2,000 of value to its current level of over $55,000. With this increase, BTC’s market cap has reclaimed the coveted $1 trillion mark again.
However, bitcoin’s losses in the past 48 hours are significantly more damaging than the altcoin market.
Consequently, BTC’s dominance over the market has suffered. The metric comparing bitcoin’s market capitalization with all other cryptocurrencies has fallen below 61%, while it went as high as 62.5% on Saturday.
BTCUSD. Source: TradingView
After mimicking their leader during the weekend, most alternative coins have either stalled or painted some gains in the past 24 hours. Ethereum has stayed at approximately the same price level as yesterday – around the $1,800 mark.
Binance Coin is also calm around $250. Cardano has marked minor gains to $1.03, while Litecoin and UNI have decreased slightly. Polkadot is the most significant loser from the top ten with a 5% decline to below $34.
However, Ripple has added the most value – 15%. As a result, XRP has neared $0.50.
Cryptocurrency Market Overview. Source: Quantify Crypto
As usual, the situation within the lower and mid-cap altcoins is substantially more volatile. Orbs entered the top 100 after a 50% surge in a day and a whopping 650% increase in the past seven days to $0.27.
Siacoin (40%), Ravencoin (22%), Reserve Rights (17%), NEM (15%), Terra (15%), Ontology (15%), and Nexo (10%) follow.
In contrast, Harmony has lost the most value – 17%. Holo (-15%), Hedera Hashgraph (-14%), Chiliz (-12%), and Pundi X (-10%) are next.
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