The Bitcoin troubles have only intensified over the past 24hrs as the asset fell by a few thousand to $38,000, a 16-day low. Altcoins are also in trouble, with Ethereum at $2600, Cardano below $1 and AVAX under $80.
Bitcoin Drops Again
It is safe to say bitcoin has seen better days than it did a few years ago. The cryptocurrency saw a recovery from the latest dump at $42,000 on Tuesday and Wednesday and it jumped to almost $45,000 on Wednesday.
It was unable to keep going up as the bears took over. They pushed the asset south in a matter hours and BTC was struggling to stay above $40,000.
It initially managed to hold that level but the bears continued their pressure and drove it below it yesterday for the first time since February. In the hours that followed, the landscape changed dramatically and bitcoin fell to just above $38,000, the lowest point for the past two weeks.
Accordingly, bitcoin’s market capitalization fell to $725 billion from $850 billion a few days ago.
BTCUSD. Source: TradingView
ltcoins are Out
Yesterday, the alternative coins experienced a drop of 6.5% and this trend continues today. Ethereum dropped 6.5% daily and is struggling to stay above $2,600. It is worth noting, however, that Ethereum was at $3,200 this week.
Similar situations exist for the other larger-cap alts. Binance Coin is now below $380, Cardano is below $1 after a 6.5% drop, and Avalanche has fallen below $80 following an 8% decline.
Terra, Terra, Polkadot and Dogecoin are all deep in red, while Shiba Inu is at $0.000025.
Many altcoins with lower and mid-cap sizes are in worse shape than others, due to double-digit losses from BitTorrent (16%), Frax Share (13%), Gala (-11%) and Radix (-11%).
The crypto market cap has fallen by nearly $100 billion per day to $1.7 trillion.
Cryptocurrency Market Overview. Source: Quantify Crypto
Marla Brooks – Financial Analysis
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