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
Marla Brooks – Financial Analysis
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