The recent plunges in Bitcoin have continued for the past 24 hours. The asset fell to a low of $42,000 on the 17th day. Altcoins are also in deep trouble, with most losses coming from Terra and Solana, Avalanche and Cardano from the larger-cap ones.
Bitcoin tested $42K
Bitcoin was struggling to reclaim $47,000 just a few days ago and spiked twice above that level in 48 hours. The bears won’t let any more increases, however.
Both were quickly rejected, but the second was met with a more severe correction. BTC dropped to $45,000 at first. But it slipped further to $43,000 yesterday.
The price of bitcoin went down once more after it bounced back from the $44,000 mark. The result was a plunge to $42,000, the lowest point of bitcoin since March 23rd.
The cryptocurrency is currently trading at a little over that line, but its market capitalization has fallen to $800 billion.
BTCUSD. Source: TradingView
ltcoins turn red
The altcoin market has gone red, much like bitcoin. Ethereum is one of the smaller losers with a 1.5% daily decline. The second-largest cryptocurrency, Ethereum, has fallen to $3,200. It is worth noting that ETH reached a three-month high of $3,500 only a few days ago.
Binance Coin and CRO have fallen by less than 5 percent. Dogecoin, Avalanche and Cardano have fallen by more than 5 percent since yesterday.
Solana is down 9%, and now struggles to make $110 after failing to make $130 earlier in the week. Terra is the worst performer, losing more than 10% per day and currently sits at $95. This is after Avalanche’s token swap of $200 million with Terra (AVAX).
In just four days, the cryptocurrency market capitalization lost $200 billion. This means that the metric is now below the $2 trillion mark for the first time since March.
Cryptocurrency Market Overview. Source: Quantify Crypto
Marla Brooks – Financial Analysis
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