Bitcoin has fallen to $44,000 after failing to conquer it decisively. Now, the price is back at $42,000. Many alternative coins have also failed to recover in the last 24 hours with Ethereum struggling well below $3,000
Bitcoin falls to $42K
These past few days have been volatile for the primary cryptocurrency. The cryptocurrency had just rebounded from the $40,000 drop and was trading at $45,000 on Friday when it was hit by a new set FUDs from China. BTC plunged by 4000 in a matter of minutes.
Bitcoin rose to $43,000 on the weekend’s positive start. On Sunday, however, bitcoin plunged to $40,500, before a sudden surge in price drove it to over $43,000.
According to reports, the bulls took it further Monday and BTC reached a three-day peak of $44,300. It failed to hold that level and began to lose value over the next hours.
BTC is currently below $42,000 and its market capitalization is at $800 billion.
BTCUSD Source: TradingView
ltcoins are covered in red
Most altcoins fall when BTC goes south as it is a common occurrence. With a 6.5% drop, Ethereum is leading the negative trend. ETH was at $3,100 a few days back, but is now at $2,900.
Other large-cap alts are also in similar situations. Cardano (-5%) Binance Coin (-5%) Ripple (-4%) Solana (-33%), Polkadot (3%) Dogecoin (33%), Avax (4.5%), Luna (-3%) and Uniwap (5%) are all in a similar situation.
Cryptocurrency Market Overview. Source: Quantify Crypto
The lower- and middle-cap alternative coins suffer even more losses. Perpetual Protocol dropped by 15% to $15. Celer Network (-12%); Arweave -11%); Curve DAO Token -10%)), ICON -10%)), SushiSwap -10%)), Hedera Hashgraph -10%) and Algorand -10%) are the next.
The cumulative market capitalization for all cryptocurrency assets has fallen by $100 billion since yesterday’s peak, to $1.850billion.
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