After several days of trading sideways, bitcoin finally experienced some volatility that drove it south by roughly a grand.
Most altcoins have also turned red. Binance Coin is among the very few exceptions, as the asset has jumped to above $330.
Massive volatility came on Wednesday and Thursday last week when the primary cryptocurrency exploded from $27,000 to $30,000 before it returned to the former hours later on fake news. However, as First Republic’s problems worsened and the fake reports were refuted, BTC went on the offensive once again and neared $30,000.
Yet, the bears intercepted the move and didn’t allow any further increases. Just the opposite, BTC retraced by several hundred dollars and calmed at just over $29,000.
The landscape changed late Sunday when the asset pumped toward $30,000 once more, but the subsequent rejection drove it south hard. In a matter of hours, BTC slumped by almost two grand and fell to $28,300 (on Bitstamp).
As of now, it stands a few hundred dollars above that level, but it’s still 2.3% down on the day and sits under $29,000. Its market cap has declined to $550 billion, and its dominance over the alts has retraced slightly to 46.9% on CMC.
BTCUSD. Source: TradingView
As it typically happens when there’s more volatility with BTC, the altcoins feel it too. Ethereum also stood calmly in the past few days at $1,900, but a 3.3% daily drop has pushed it to $1,850 as of now.
Ripple, Cardano, Dogecoin, Polygon, Polkadot, Litecoin, Shiba Inu, and Avalanche have all declined by similar percentages. Binance Coin has managed to defy the overall sentiment. BNB has jumped by almost 4% in a day and stands well above $330.
More losses, though, are evident from ATOM, ICP, APE, as well as most other mid- and lower-cap alts. In contrast, PEPE skyrocketed by over 90% on a daily scale after a listing on OKX and entered the top 100 coins by market cap.
Speaking of the total crypto market cap, it lost roughly $30 billion daily and has slumped to well below $1.2 trillion.
Cryptocurrency Market Overview. Source: Quantify Crypto
The post Market Watch: Bitcoin Crashes by $1K Overnight, Crypto Markets Lose $30B appeared first on CryptoPotato.
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