After resisting a market-wide price decline for a few days, Bitcoin also joined the group with a 2% decline, taking it to $27,000.Thank you for reading this post, don't forget to subscribe!
Altcoins are once again in the red, which has hurt the total market cap – the metric is down by over $40 billion within 2-3 days.
BTC fell to $27K
The primary cryptocurrency was rejected at $28,000 last Thursday, which almost immediately pushed it to $27,200 on Friday. However, bulls stepped on the gas pedal on Saturday and made another move that took BTC to over $28,000.
Nevertheless, the effort did not meet with much success and Bitcoin fell back to under $28,000 where it had spent the weekend. Monday started with a similar lack of volatility, but the cryptocurrency began to lose ground later in the day.
Yesterday it jumped to almost $27,500. However, the last 24 hours were not good for the asset and Bitcoin fell to a 10-day low of $27,000.
It is currently around the same level, and its market capitalization has fallen below $530 billion. However, its dominance on alts is still over 50% on CMC.
BTCUSD. Source: TradingView
Alts buried in red
Alternative coins have been out of trend for the past few days, with red dominating almost all charts. Ethereum traded near $1,700 earlier this week, but has now settled at $1,550 after a 2% daily decline.
Binance Coin is close to breaking below $200 after a slight 1.5% daily loss. Ripple’s native cryptocurrency has fallen below $0.5 as its value has dropped by more than 3% within the last 24 hours.
Solana, Cardano, Dogecoin, Tron, Polkadot and Polygon are also in the red among large-cap stocks.
More losses come from companies like Avalanche and Cosmos. Both are down more than 5% to $9.3 and $6.6 respectively.
The total crypto market cap has seen a decline of $40 billion since the beginning of the trading week and has dropped to $1.050 trillion on the CMC.
Cryptocurrency Market Overview. Source: Quantify Crypto Special Offer (Sponsored)
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Cryptocurrency charts by tradingview.