After failing to remain north of $38,000, bitcoin went down again and lost around $1,000 in hours. The alternative coins are in an even worse shape today, with massive price slides from Solana, Ripple, Polkadot, Terra, and others.
Ever since last Thursday, when BTC dipped to $35,500 for the second time in two days, the situation with the asset seemed significantly more positive.
It was regaining value gradually and tapped $37,000 a few days later. Moreover, it kept climbing during the weekend and tapped a high of $38,700 (on Bitstamp).
However, it failed to continue the momentum going and started to lose value. This resulted in bitcoin settling around $38,000, as reported yesterday, but the situation worsened in the following hours.
More precisely, bitcoin dumped below $37,000 in a violent candle. As of now, BTC stands just slightly above that line, and its market capitalization is set at $700 billion.
BTCUSD. Source: TradingView
The alternative coins were particularly impressive during the weekend, especially on Saturday, but the landscape is entirely different now, with red dominating almost all charts.
Ethereum went to a multi-day high above $2,600, but a 3.2% decline since then has pushed the second-largest crypto to just over $2,500. Binance Coin, Cardano, Dogecoin, and Chainlink have marked similar losses since yesterday.
However, Solana, Ripple, Polkadot, Terra, Avalanche, Shiba Inu, MATIC, and CRO have registered more significant price slides. SOL is down by 6%, XRP by 5.5%, DOT by 7%, AVAX by 8.5%, SHIB by 7%, MATIC by 7%, and CRO by 6.2%. Terra has lost the most again, with a double-digit drop to $45.
More losses are evident from Waves (-11%), Kadena (-11%), Fantom (-10%), Theta Network (-10%), Harmony (-9%), Kusama (-9%), and others.
The crypto market cap has declined by around $60 billion since yesterday and is just shy of $1.7 trillion.
Cryptocurrency Market Overview. Source: Quantify Crypto
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