The market was relatively positive on Saturday but the bears returned to the scene and drove bitcoin down to $41,000. ETH dropped below $2,800, while the alternative coins also suffered.
Bitcoin Prices Drop Below $41K
It is safe to say that the last few days have not been good for the primary cryptocurrency. It was performing well up until Friday when it was hit by a new set ban statements from China. Bitcoin plunged from $45,000 to $41,000 in a matter of minutes.
BTC used Saturday to gain some ground and push above $43,000. But, it was short-lived and retraced below that level almost immediately.
The cryptocurrency traded at $42,000 for nearly a day, before the bears regained power minutes ago. The cryptocurrency dropped to $40,800 during this time. It has since bounced back and recovered a few hundred bucks, but is still around 1.3% lower than the day before.
Bitcoin’s market capitalization has fallen below $800 billion once again. However, its dominance has risen to 43% over alts as many of them have suffered more.
BTCUSD Source: TradingView
Sea of Red at Altcoin Street
The alternative coins are worse than the leader, as we have already mentioned. Ethereum lost 3% more value yesterday, and now stands at $2,800. Cardano, yesterday’s only altcoin with a larger cap, has fallen 5% to $2.17.
Dogecoin and Ripple have suffered similar losses. Solana Coin, Terra, Polkadot and Avalanche have all lost more than they had in one day. BNB is now at $320 and SOL at $126. DOT ($27%) AVAX ($63) and LUNA ($34).
Cryptocurrency Market Overview. Source: Quantify Crypto
Celer Network has seen its price spike by double digits again. However, many other alts of lower and mid-cap have failed. Huobi Token (16%), Filecoin (12%), Celo (11%), Fantom (11%), THORchain (10%) and Arweave (0%) are just a few examples.
The crypto market cap fell by almost $100 billion per day, and 200 billion more since Friday to $1.8 Trillion.
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