Bloody Weekend Watch: BTC Fights for $40K, ETH Dumps Below $2.8K

As bitcoin fell below $40,000 for only the second time in two weeks, the bears are continuing to exert pressure on the crypto market. Altcoins are also in deep red, with Ethereum falling below $2,800, massive price drops by MATIC, Solana and Avalanche, and other altcoins.

Bitcoin Struggles to Surround $40K

Three days ago, the cryptocurrency landscape was much more bullish than it was three days ago. The asset had recovered from its recent dips to $42,000, and even challenged $45,000 but to no avail.

BTC fell to $44,000 as the bears returned to the scene. The situation continued to worsen on Thursday and Friday.

Bitcoin fell by $4,000 in a matter hours and broke below the January 2021 AATH of $42,000. Initially, bitcoin maintained the $40,000 mark, but BTC dropped below it shortly after and fell to $39,500, its lowest level since February.

Bitcoin is now at around $40,000. However, bitcoin’s market capitalization is now just above $750 billion. This comes days after it was close to $850 billion.

BTCUSD. Source: TradingView
ltcoins for the Downfall

BTC’s recent performance has been closely copied by alternative coins, so most of them are in the red. Ethereum is an excellent example. It was at $3,200 this week. However, it fell below $3,000 days later, and is now struggling to stay below $2,800 after another 5% daily decline.

Since yesterday, MATIC, Avalanche and Shiba Inu have all declined in similar proportions to yesterday. SOL is trading at $90, AVAX at $85, SHIB at $0.000028, MATIC at $1.6

On a daily basis, Binance Coin, Ripple and Cardano, Polkadot and Dogecoin all trade in the red.

It’s not surprising that the crypto market cap has dropped by $50 billion, despite most alts being lower- or mid-cap. This metric, which was at $2 trillion just days before, now stands at just $1.8 trillion.

Cryptocurrency Market Overview. Source: Quantify Crypto
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Marla Brooks

Marla Brooks – Financial Analysis My name is Marla Brooks, and I am the mainstream behind the”observednews.com”  for the powerful and most delicate insights into the latest activities in the financial analysis category. I started my journey as an independent financial consultant. I had approximately nine years of experience in this field. I am free soul so; my passion for exploring the world has taken me to the nations across the globe and given me the chance to report for a portion of the best news associations. Currently, I am a full-time editor as experienced in finance and started to use my abilities.

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