After several days of steady price drops, bitcoin plunged further yesterday. It fell below $40,000 for nearly a whole month. ETH is down to $3,000 and BNB at $400 respectively, while Cardano fell below $1.
BTC Drops Below $40K
Bitcoin was unable to surpass $47,000 last week, so the bears took advantage of the situation to regain nearly complete control over the market. They pushed the primary cryptocurrency to $45,000 first, and then to $43,000 over the next few days, according to last week.
BTC lost $42,000 yesterday, despite continuing to dive in its price. Although this was a worrying retracement, the situation deteriorated over the next several hours.
It continued to plummet in value, reaching $40,000 at one point. This was quickly lost. Bitcoin plummeted to $39,200 which was its lowest price in nearly a month.
BTC has since rebounded and gained around $1,000. It now sits just above $40,000, but its market capitalization is down to $765 billion.
BTCUSD. Source: TradingView
Deep Red Again – ltcoins
Altcoins have also not been enjoying the past few days. Many went through significant retracements yesterday. The situation is now very dire.
Binance Coin traded below $400 but now trades above it. Ripple and Terra are down up to 6%. Cardano is also down, while ADA has fallen below $1.
Solana is the largest-cap alt with a 7% daily drop. SOL is now slightly higher than $100. The market landscape for altcoins with lower and mid-cap sizes is almost identical. In fact, the total market capital has fallen by $70 billion over the past week. In just one week, the metric has seen $300 Billion disappear.
Cryptocurrency Market Overview. Source: Quantify Crypto
Marla Brooks – Financial Analysis
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