After struggling to remain above the coveted $20,000 line yesterday, bitcoin finally dipped below it earlier today. Most altcoins are also well in the red on a daily scale once more, with ETH, SOL, DOGE, and SHIB painting notable losses.
Bitcoin tried to recover some of the recently lost value last week and jumped from the 18-month low of $17,500 to around $21,000. It maintained that level for most of the weekend before the bulls initiated a leg up that resulted in charting a 10-day high at just over $21,800.
However, BTC failed to continue upwards and retraced to just under $21,000. It tried to reclaim that level in the following hours but was stopped in its tracks.
As such, it dipped towards $20,000 but managed to sustain above it yesterday. Today, though, the situation changed, and BTC found itself slipping below that round-numbered milestone hours ago. As of now, it trades around that line as well, and its market cap has plummeted further below $400 billion.
BTCUSD. Source: TradingView
Most altcoins continue to follow BTC, meaning that red is evident across almost all charts.
Ethereum set a multi-day high of its own during the weekend above $1,200 but has lost over $100 since then. A 6.5% daily drop has pushed the second-largest crypto to $1,130 now.
BNB is down to $220 after a 7.5% decline. More similar and even worse dips are evident from Ripple, Solana, Dogecoin, Polkadot, and Shiba Inu.
Cardano, Tron, and LEO are in the red as well, even though they have taken today’s retracement slightly better.
With the lower- and mid-cap altcoins in similar positions, the overall market cap of all crypto assets has dumped to $900 billion. This means that the metric has seen $60 billion evaporate in two days.
Cryptocurrency Market Overview. Source: Quantify Crypto
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